The U.S. Federal Reserve on Wednesday raised the benchmark interest rate a quarter point, noting that inflation is moving closer to the central bank's two percent target.

But in announcing the first move since President Donald Trump took office, the Fed gave no hint that rates might have to rise more quickly if the White House pushes through its pro-growth policies, including tax cuts and spending programs.

Britain's finance minister Philip Hammond announced a shock U-turn over planned tax hikes for the self-employed on Wednesday, one week after unveiling the measure in his flagship budget.

Protesters against plans to end Brazil's generous pension system occupied the finance ministry in the capital Wednesday and paralyzed commuter traffic in the financial center Sao Paulo.

Brazil's prosecutor general sought Tuesday to open probes against scores of politicians in a dramatic widening of an already vast graft scandal shaking Latin America's biggest country.

Although the names of those being targeted remained sealed, Brazilian media quoted anonymous sources confirming expectations that the list contained a Who's Who of the political elite.

OPEC countries are complying with a landmark deal to reduce a worldwide glut in oil, but global supplies nevertheless increased in February, the International Energy Agency said on Wednesday.

"The implementation of the OPEC production agreement appears in February to have maintained the solid start seen in January. For the first two months of the deal the compliance rate averaged 98 percent," the IEA said in its latest monthly report, adding that "global oil supplies rose in February as (both) OPEC and non-OPEC producers pumped more." 

Saudi Arabia is aiming for a major boost in female employment in the conservative Islamic kingdom but women need not go to an office, the labor ministry said.

From the shock vote to leave the European Union to parliamentary approval for starting the withdrawal process, here are some key moments on the path to Brexit:

The U.S. Federal Reserve was due to begin a two-day meeting Tuesday, having signalled it is likely to raise the benchmark interest rate as the world's largest economy gains steam.

Any increase in the key federal funds rate would come a bit earlier than had been expected at the start of the year, with central bankers prodded to move by continued strong job creation and accelerating inflation.

The Bank of England says it's newly appointed deputy governor, Charlotte Hogg, has resigned.

The move comes after a controversy ensued because of allegations of the appearance of impropriety for failing to disclose in a timely manner that her brother held a senior position at London-based bank Barclays.

Asian traders moved cautiously Tuesday ahead of a much-anticipated Federal Reserve policy meeting, which they hope will provide clarity on the US central bank's interest rate plans for the rest the year.

While a string of upbeat economic readings in recent months have made a hike at Wednesday's gathering an odds-on bet, there is uncertainty about its outlook, dampening buying sentiment of late.