Most of world’s stock markets climb

The world’s stock markets were mostly higher Wednesday, with shares in Hong Kong and South Korea closing at record highs.

European market indexes were buoyed by shares of hotel companies after Hilton Hotels Corp. agreed Tuesday to be bought by private equity firm Blackstone Group for $26 billion.

Oil prices continued to rise.

U.S. financial markets were closed in observance of the Fourth of July holiday.

In Asia, Hong Kong’s Hang Seng index inched up 0.3% to a record 22,218.55, boosting its year-to-date gain to 11.3%.

South Korea’s composite index jumped 1.8% to a record 1,838.41. It is up 28% this year.

Japan’s Nikkei-225 index added 0.1% to 18,168.72 and is up 5.5% this year.

Most stock markets worldwide rallied in the first half of the year amid strong growth in the global economy.

The U.S. Standard & Poor’s 500 index is up 7.5% year to date.

In European trading Wednesday, Britain’s FTSE-100 index advanced 0.5% to close at 6,673.10 ahead of a meeting today of Bank of England policymakers.

The bank is expected to raise its benchmark short-term interest rate to a six-year high of 5.75% from 5.5%. Policymakers have said they’re concerned that the economy’s strength could fan inflation pressures.

The German DAX stock index rose 0.3% to 8,075.26, nearing the record high of 8,090.49 reached June 20. France’s CAC-40 index rallied 0.5% to 6,098.08.

The European Central Bank also meets today but is expected to hold its key short-term rate steady at 4%. However, many analysts believe that the ECB will tighten credit further in late summer or early autumn.

Hotel stocks dominated in Europe after Hilton’s agreement to sell itself to Blackstone. The takeover offer of $47.50 a share was 40% above Hilton’s closing share price Monday.

“European hotel stocks were all boosted by the news as speculation mounted that other hoteliers may be targets also,” said Victoria Savage, a trader at CMC Markets in London.

Intercontinental Hotels Group rose 3.9%, Accor jumped 10.3% and Millennium & Copthorne was up 4%.

In Tokyo, Imperial Hotel Ltd. jumped 10.2%, adding to a gain of 11.4% on Tuesday after a Nikkei business newspaper report that private equity firm Cerberus Capital might sell its 40% stake in the hotel chain to a Japanese real estate developer.

In energy trading, crude oil futures in London edged up to a 10-month high above $73 a barrel after another attack on an oil facility in Nigeria lent support to the market. August Brent crude futures added 7 cents, to $73.05 a barrel.