* Stocks gain on low inflation, delay in tight bank rules
* Dollar turns from 2-1/2-month high before Fed statement
* Oil rises 3 pct to top $73 on U.S. crude stocks drop
* Bonds firm on in-line CPI ahead of Fed statement (Updates with U.S. markets, changes byline, dateline, previous LONDON)
By Herbert Lash
NEW YORK, Dec 16 (Reuters) - Equities rose worldwide on Wednesday after a benign reading of U.S. inflation and news that global regulators will delay stricter rules on banking capital, while oil rose on a sharp fall in U.S. crude inventories.
Investors' appetite for risky assets jumped but trading volumes remained low as they awaited a statement after the U.S. Federal Reserve ends its last monetary policy meeting of 2009.
The Fed -- the U.S. central bank -- is expected to reiterate a pledge to keep benchmark interest rates low for an extended period even as it acknowledges signs of economic healing. For details see: [ID:nN11491543].
Shares of major Japanese banks surged and European bank shares <.SX7P> rose 1.3 percent on relief that banks will have more time to adjust to new rules being drafted by the Basel Committee on Banking Supervision. [ID:nnTOE5BF01O]
Three people with knowledge of the matter said the committee would stick to a plan to gradually implement changes starting in 2012, and give banks a transition period.
U.S. stocks rose after a moderate increase in consumer prices last month bolstered expectations the Fed would keep its accommodative monetary stance to foster growth. [ID:nN1662944]
Sectors underpinning the advance of U.S. stocks included energy, whose components jumped in sync with oil prices after data showed U.S. crude inventories fell more than expected last week.
Before 1 p.m. (1800 GMT), the Dow Jones industrial average <.DJI> was up 28.50 points, or 0.27 percent, at 10,480.50. The Standard & Poor's 500 Index <.SPX> was up 6.39 points, or 0.58 percent, at 1,114.32. The Nasdaq Composite Index <.IXIC> was up 14.31 points, or 0.65 percent, at 2,215.36.
New U.S. home construction rose less than expected in November, damping speculation the Fed may be forced to raise rates after a recent strong run of U.S. data, which helped send the euro to a 2-1/2-month low on Tuesday.
The dollar fell as traders' inability to push the euro below $1.45 prompted traders to square positions ahead of the Fed statement later in the day. [ID:nN1659169]
"I don't think the Fed will want to say too much that rocks the boat at this time of the year," said Firas Askari, head of FX trading at BMO Capital Markets in Toronto.
The dollar was down against a basket of major currencies, with the U.S. Dollar Index <.DXY> down 0.24 percent at 76.777.
The euro
The U.S. Energy Information Administration, the statistical arm of the Department of Energy, said crude inventories declined by 3.7 million barrels last week, eclipsing analysts expectations for just a 1.8 million barrel fall. [EIA/S]
"This report was bullish across the board, with the big draw in crude oil and distillates," said Mike Zarembski, senior commodities analyst for OptionsExpress in Chicago.
U.S. light sweet crude oil
Gold rose towards $1,140 an ounce as the euro hit session highs against the dollar as risk appetite sharpened.
Spot gold prices
Industrial metals rallied with copper rising to its highest in a week on a weaker dollar and as investors bet on improved metals demand next year. [ID:nLDE5BF0N0]
Nickel touched its highest in about a month, while zinc rose over 4 percent to hit a two-week high. Aluminum climbed towards its 14-month high struck this week.
U.S. Treasury debt prices traded higher after the data on consumer prices and housing starts soothed concerns over a feared resurgence in inflation. [ID:nN1663897]
The benchmark 10-year U.S. Treasury note
The Nikkei share average closed at a seven-week high, up 0.9 percent <.N225>, leading Asian stock markets on speculation banks may not have to raise more capital in the near term.
The MSCI index of Asia Pacific stocks outside Japan was down 0.8 percent <.MIAPJ0000PUS>, weighed by the materials and consumer staples sectors. (Reporting by Ellis Mnyandu, Steven C. Johnson, Richard Leong and Ellen Freilich in New York and David Sheppard, Atul Prakash, Tamawa Desai and Jan Harvey in London; Writing by Herbert Lash; Editing by James Dalgleish)