US inflation hits four-decade high and markets point higher

NEW YORK (AP) — U.S. futures rose after U.S. inflation data leaped to a four-decade high. London, Frankfurt, Tokyo and Seoul fell. Shanghai and Hong Kong advanced after authorities in Shanghai said they would ease a shutdown of China’s business capital. Investors are waiting for a new round of corporate results to see how profits are affected by soaring inflation. Markets are uneasy about plans by the Federal Reserve and other central banks to try to cool inflation by rolling back ultra-low interest rates. Investors are anticipating a more aggressive shift from the Fed as it tries to rein in inflation. The central bank has already announced a quarter-percentage point raise of its key interest rate.