Australia

Australian shares are slated to open higher this morning following gains on Wall Street. A jump in crude oil prices boosted energy shares as most global markets rose on Tuesday. Meanwhile, investors awaited the June US consumer-price index report, hopeful that inflation continued to ease last month.

ASX futures were 35 points or 0.5% higher as of 7:00am on Wednesday, suggesting a positive open.

US stocks scored back-to-back gains on Tuesday as investors waited on an inflation update due Wednesday from the June consumer-price index.

The Dow Jones Industrial Average posted a near 317-point gain, advancing 0.9%. That marks its biggest daily percentage gain since June 15, according to FactSet. The S&P 500 index closed up 0.7%, while the Nasdaq Composite Index gained 0.6%. Canadian stocks also rose, with the benchmark S&P/TSX Composite closing up 0.3%.

In commodity markets, Brent crude oil gained 2.3% to US$79.48 a barrel while gold added 0.4% to US$1,932.28.

Australian government bonds were lower, with the 2 Year yield declining to 4.18% and the 10 Year yield also declining to 4.18%. US Treasury notes were higher, with the 2 Year yield increasing to 4.88% and the 10 Year yield rising to 3.97%.

The Australian dollar increased to 66.84 US cents from its previous close of 66.72. The Wall Street Journal Dollar Index, which tracks the US dollar against 16 other currencies, leaned lower to 96.27.

Asia

Chinese shares ended higher with sentiment buoyed by hopes of more stable China-US ties after Treasury Secretary Janet Yellen's visit. Beijing's latest supportive measures for the property sector also lifted the market. Shares of Chinese developers gained slightly following Chinese authorities' announcement of new loan-relief measures for companies, but many analysts believe the policies are too incremental to revive the sector. Poly Developments & Holdings Group increased 0.3%. Auto shares led the gains. BYD Co. rose 2.2% and Great Wall Motor added 2.3%. The benchmark Shanghai Composite Index was 0.55% higher at 3221.37, the Shenzhen Composite Index added 0.8% and the tech-heavy ChiNext Price Index also rose 0.8%.

Hong Kong stocks ended the session higher, with the benchmark Hang Seng Index rising 1.0% to settle at 18659.83. Macau casino operators led gains. The tourism sector rallied as investors looked ahead to 2Q results, which are expected to be strong, as mainland Chinese visitors are predicted to return to the gaming-tourism hub. Galaxy Entertainment jumped 4.3% and Sands China was up 3.1%. Exporters further supported the market. Techtronic Industries rose 4.1% and Shenzhou International added 3.5%.

The Nikkei Stock Average of Japan closed flat at 32203.57 as gains in electronics and mining shares helped offset losses in banks and automakers. Advantest rose 4.3% and Sumitomo Metal Mining gained 2.6% while Resona Holdings shed 2.4% and Toyota Motor dropped 2.2%. The broader market index Topix fell 0.3% to 2236.40.

India's benchmark Sensex index rose 0.4% to close at 65617.84, tracking gains across most regional equity markets amid hopes that the Fed is nearing the end of its rate-increase cycle. Attention was focused on Wednesday's US inflation report, which could go some way to indicating whether there will be any more rate increases beyond this month, Michael Hewson, chief market analyst at CMC Markets, said in an email. Among the best performers on the index, Sun Pharmaceutical Industries rose 2.5%, Maruti Suzuki India added 1.8% and Tata Motors was 1.6% higher.

Europe

European stocks gained as rising crude prices boosted oil shares. The pan-European Stoxx Europe 600 advanced 0.7%, the German DAX gained 0.8%, and the French CAC 40 climbed 1.1%. Brent crude oil increased 1.9% to $79.19 after OPEC forecast a 23% rise in global demand for all forms of energy by 2045.

"Crude oil prices are slightly higher on the back of optimism that further stimulus measures out of China will see a pick-up in demand," CMC Markets analyst Michael Hewson wrote. "There's also increasing evidence that recent output cuts are now starting to have an effect with a tightening of supply."

In London, the FTSE 100 added 0.1% to 7282 points, in line with its global peers. Basic resources-exposed stocks supported the market as investors awaited US inflation data and the start of earnings season, Michael Hewson explained. The upward trend in UK wages has increased the expectations of further rate hikes, he added.

Unite group shares closed up 3.0% and outperformed the index, followed by Land Securities and JD Sports, up 2.7% and 2.45%, respectively. BP shares jumped 1.25% and Shell shares gained 0.65%.

North America

US stocks scored back-to-back gains on Tuesday as investors waited on an inflation update due Wednesday from the June consumer-price index.

The Dow Jones Industrial Average posted a near 317-point gain, advancing 0.9%. That marks its biggest daily percentage gain since June 15, according to FactSet. The S&P 500 index closed up 0.7%, while the Nasdaq Composite Index gained 0.6%. Canadian stocks also rose, with the benchmark S&P/TSX Composite closing up 0.3%.

Stocks have been on the upswing ahead of a key inflation reading for June, with the consumer-price index expected to show further progress in retreat from its peak above 9% last summer. The Federal Reserve has indicated it likely has a few more rate hikes on tap this year to help bring inflation down toward its 2% annual target.

Investors will also be tuning into second-quarter earnings this week. Delta Air Lines and PepsiCo are among the S&P 500 companies slated to report results on Thursday. JPMorgan Chase, Wells Fargo and UnitedHealth Group are set to report Friday.