World shares advance after Fed steps up stimulus pullback

By ELAINE KURTENBACH
AP Business Writer

Stocks have climbed in Europe and Asia, tracking Wall Street’s gains, after the Federal Reserve said it would accelerate its pullback of economic stimulus. Shares surged in Paris, Frankfurt, London and Tokyo. New York futures and oil prices also advanced. The Fed said it would likely raise interest rates three times next year to tackle rising inflation and will shrink its monthly bond purchases at twice the pace it previously announced, in line with ending them altogether in March. While the U.S. is hastening its efforts to counter inflation, analysts said central banks in Europe were not expected to follow suit.