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| - Stock markets rose and the dollar pushed higher Wednesday with eyes on the Federal Reserve's policy update and US President Joe Biden, who is expected to unveil a huge spending plan. European and Asian indices climbed as investors reacted to some strong earnings updates, notably from banks, ahead of the key events in the United States later Wednesday including Biden's first speech to Congress. Oil prices edged higher a day after OPEC and its oil-producing allies, including Russia, said they would stick to an agreement for progressive production increases over three months from May. The main focus was in the US, where Biden was Wednesday set to call for a reversal of his predecessor Donald Trump's tax cuts for the wealthy to pay for a huge middle class families spending programme, senior administration officials said. Biden will use his speech to a joint session of Congress to unveil the $1.8-trillion American Families Plan, funded by ending Trump's tax cuts and closing loopholes used by the most wealthy to escape paying their share, they added. Wall Street provided a tepid lead overnight despite another day of forecast-beating US earnings, which analysts said indicated the latest rally may have run out of steam. While in some countries vaccines are rolling out, lockdowns are easing and economies are recovering, there is a growing concern that frightening spikes in others -- particularly India and Brazil -- could deal a blow to the global rebound. Adding to the mix is the long-running worry about inflation, with many observers warning that the expected surge in economic activity and demand will put massive upward pressure on prices that will force central banks to hike interest rates from their current ultra-low levels. With that in mind the outcome of the Fed's meeting will be pored over for an idea about its plans for monetary policy as the recovery in the world's top economy gathers pace. Fed boss Jerome Powell is expected to repeat his mantra that borrowing costs will be kept at record lows until unemployment has been tamed and inflation is consistently running hot. Still, many feel the bank might not be able to stick to that if prices continue to surge. "The economic outlook now is starkly different from when the Federal Reserve last met in March," said CMC Markets analyst Michael Hewson. Still, the outlook remains positive, with analysts at Varde Partners saying in a report: "We see a strong backdrop to the economy and more evidence that there will be a material demand rebound in the second half. "There have been no major signs of economic or consumer resilience or resolve falling away in the meantime. "Rates remain the biggest risk factor to markets in our view, away from the obvious of a step change in the pandemic," they added. London - FTSE 100: UP 0.3 percent at 6,968.57 points Frankfurt - DAX 30: UP 0.3 percent at 15,301.30 Paris - CAC 40: UP 0.5 percent at 6,304.03 EURO STOXX 50: UP 0.1 percent at 4,015.06 Tokyo - Nikkei 225: UP 0.2 percent at 29,053.97 (close) Hong Kong - Hang Seng Index: UP 0.5 percent at 29,071.34 (close) Shanghai - Composite: UP 0.4 percent at 3,457.07 (close) New York - Dow: FLAT at 33,984.93 (close) Euro/dollar: DOWN at $1.2072 from $1.2095 at 2110 GMT Pound/dollar: DOWN at $1.3881 from $1.3911 Euro/pound: UP at 86.96 pence from 86.90 pence Dollar/yen: UP at 108.92 yen from 108.68 yen West Texas Intermediate: UP 0.3 percent at $63.10 per barrel Brent North Sea crude: UP 0.2 percent at $66.54 per barrel dan-bcp/rfj/rl
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