US, global shares higher on Chinese economic support

NEW YORK (AP) — U.S. markets are poised to follow global shares higher Wednesday after Chinese leaders promised more support for the slowing Chinese economy, while investors awaited the outcome of a meeting of the Federal Reserve. Futures for the Dow industrials were up 1.2% and S&P 500 futures gained 1.3% after Hong Kong’s benchmark surged 9% overnight. Benchmarks rose in Paris, Frankfurt and London. U.S. futures also advanced and oil prices were higher. Investors are awaiting a decision by the U.S. Federal Reserve, which is expected to increase its key short-term rate by 0.25 percentage points at a policy meeting later Wednesday.