World shares were mostly higher on Wednesday as investors awaited a decision by the Federal Reserve on interest rates and an update on U.S. consumer prices.
European markets saw gains, with Germany's DAX rising 0.6% and the CAC 40 in Paris climbing 0.5%. In London, the FTSE 100 was up 0.7%.
Asian markets were mixed, with Tokyo's Nikkei 225 index losing 0.7% amid concerns about inflation and falling wages in Japan. The Bank of Japan is set to issue a policy decision on Friday.
Inflation concerns were also evident in Japan, where producer prices rose 2.4% in May while real wages adjusted for inflation fell for the 25th consecutive month in April.
Elsewhere in Asia, Hong Kong's Hang Seng index sank 1.3%, while the Shanghai Composite index rebounded, gaining 0.3%. South Korea's Kospi rose 0.8% and Taiwan's Taiex jumped 1.2% on gains in technology shares.
On Wall Street, the S&P 500 and Nasdaq composite index both hit record highs, driven by gains in tech stocks. Apple surged 7.3% after highlighting its push into artificial intelligence technology.
The Dow Jones Industrial Average lagged, slipping 0.3%.
The Federal Reserve is set to wrap up a policy meeting, with expectations for one or two rate cuts this year. The U.S. will release updates on consumer and wholesale prices, with inflation remaining a key concern for policymakers.
Traders are hoping for a slowdown in the economy that avoids a recession, with mixed data on the economy complicating the Fed's goal of taming inflation back to its target rate of 2%.
Consumer stress, particularly among lower-income groups, and signs of cooling in the job market are adding to economic uncertainties.
In commodity markets, benchmark U.S. crude oil climbed to $78.46 per barrel, while Brent crude rose to $82.35 per barrel. The U.S. dollar strengthened against the Japanese yen and the euro.
