Stock market today: World shares mixed before Fed decision

European shares opened higher Wednesday following losses in Asia ahead of a decision on interest rates by the Federal Reserve.

European shares opened higher Wednesday following losses in Asia ahead of a decision on interest rates by the Federal Reserve.

U.S. futures rose while oil prices were little changed. Markets in Japan and China were closed Wednesday for holidays.

As worries over struggling banks and a slowing economy pile up, a political stalemate has left the U.S. edging ever closer to what would be a catastrophic default on government debt.

U.S. President Joe Biden invited the top four congressional leaders to face-to-face talks at the White House next week to try to resolve the impasse over the debt.

The Federal Reserve was expected to wrap up a two-day policy meeting later in the day by raising its key rate by a quarter percentage point to 5%-5.25% to try to finally tamp down inflation.

In European trading, Germany's DAX climbed 0.6% to 7,425.17 and the CAC 40 in Paris advanced 0.5% to 7,425.17. Britain's FTSE 100 gained 0.5% to 7,813.37. The futures for the S&P 500 and the Dow Jones Industrial Average edged 0.2% higher.

Markets in Japan and China were closed Wednesday for holidays. In Hong Kong, the Hang Seng index lost 1.4% to 19,661.11. South Korea's Kospi shed 0.9% to 2,501.40 and the S&P/ASX 200 in Sydney declined 1.1% to 7,184.90.