BEIJING (AP) -- Global stocks and Wall Street futures rose Wednesday as investors waited for U.S. inflation data for signs of how fast the Federal Reserve might pull back stimulus.
London and Frankfurt opened higher. Shanghai, Tokyo and Hong Kong advanced.
U.S. inflation data Thursday are expected to show inflation rose to a four-decade high of 7.3% in January, adding to pressure to control prices. Traders expect the Fed to hike rates at least four times this year, starting next month.
Wall Street's rebound "suggests an attempt by the equity bulls to regain some control," Yeap Jun Rong of IG said in a report. "Much will depend on the upcoming U.S. inflation data to ease some concerns about tightening ahead."
In early trading, the FTSE 100 in London rose 0.6% to 7,612.25 and the DAX in Frankfurt added 0.7% to 15,359.40. The CAC 40 in Paris advanced 0.9% to 7,095.45.
On Wall Street, the future for the benchmark S&P 500 index was up 0.3%. That for the Dow Jones Industrial Average was 0.2% higher.
On Tuesday, the S&P 500 rose 0.8% and the Dow gained 1.1%. The Nasdaq composite advanced 1.3%.
Smaller company stocks outpaced the broader market in a potential sign that investors are optimistic about economic growth. The Russell 2000 index of smaller stocks rose 1.6%.
In Asia, the Shanghai Composite Index advanced 0.8% to 3,479.95 and the Nikkei 225 in Tokyo gained 1.1% to 27,579.87. The Hang Seng in Hong Kong was 2.1% to 24,829.99.
The Kospi in Seoul rose 0.8% to 2,768.85 and Sydney's S&P-ASX 200 added 1.1% to 7,268.30.
India's Sensex gained 0.8% to 58,316.17. New Zealand and Southeast Asia markets rose.
Markets have been volatile since Fed officials said in mid-December that plans to withdraw stimulus would be accelerated to cool inflation that is at multi-decade highs.
European and other central banks also are looking at when to withdraw stimulus.
The president of the European Central Bank, Christine Lagarde, said this week any rate hikes would be gradual. Investors expect the ECB to adopt a more hawkish policy at its March meeting after the board said last week inflation risks were rising.
Higher rates can depress stock prices by dampening economic activity and making it more expensive to borrow money to finance trading.
Economists expect Thursday's data to show U.S. inflation accelerated to a four-decade high of 7.3% in January.
On Tuesday, the yield on the 10-year U.S. Treasury note, or the difference between its market price and the payout at maturity, rose to 1.96%, its highest level since the start of the pandemic, from Monday's 1.91%.
Technology companies accounted for a big slice of the S&P 500's rally. Apple rose 1.8%.
Chipmaker Nvidia rose 1.5% after announcing it terminated its plan to buy chip designer Arm from SoftBank.
Retailers and other companies that rely on direct consumer spending helped lift the market. Amazon rose 2.2% and Home Depot gained 1.1%.
In energy markets, benchmark U.S. crude lost 43 cents to $88.93 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.96 the previous session to $89.36. Brent crude, the price basis for international oils, retreated 34 cents to $90.44 per barrel in London. It lost $1.91 on Tuesday to $90.78.
The dollar declined to 115.36 yen from Tuesday's 115.54 yen. The euro advanced to $1.1424 from $1.1413.