U.S. futures are mostly higher as Wall Street prepares for the latest consumer inflation report, one of the last before the midterm elections. Economists expect consumer prices to have risen 3.6% in September compared with a year earlier, up from 3.4% in August, according to a survey by FactSet. The U.S. Labor Department will release the report Wednesday morning.
Inflation has fallen sharply from a 9.1% peak in 2022 but has ticked higher since the war in Iran began in late February. Elevated inflation remains a political problem for Republicans in Congress and a challenge for the U.S. Federal Reserve, which aims for stable prices.
Gas prices have declined slightly in recent weeks but remain higher than a month ago, averaging US$4.33 per gallon on Wednesday, according to AAA. Brent crude gained 0.6% to $106.37 a barrel, while U.S. crude rose 1.2% to $95.30 a barrel.
Investors will also monitor earnings reports Wednesday. Bank of America reported a decline in third-quarter profit after the Treasury Department imposed $1.2 billion in fines on the bank for alleged violations of anti-money laundering and sanctions laws. Shares fell over 4% before the market open.
In Europe, France’s CAC 40 climbed 0.5%, the German DAX rose 0.6%, and Britain’s FTSE 100 added 0.2%. Asian markets were lower. The U.S. dollar rose to 158.47 Japanese yen, while the euro fell to $1.1189.