BEIJING—Global stocks and Wall Street futures advanced Wednesday after Federal Reserve chairman Jerome Powell said U.S. monetary policy would return to normal and interest rates might be raised earlier than planned. London and Frankfurt opened higher. Shanghai, Tokyo, and Sydney advanced. Wall Street’s benchmark S&P 500 index rose 0.9 percent on Tuesday after Powell said policy “in all likelihood” will return to normal as bond purchases and other stimulus wind down. Speaking before the Senate Banking Committee, he said ultra-low rates might be raised earlier than planned if necessary to cool inflation that is at a four-decade high. “Wall Street now has a better understanding on how the Fed will normalize policy,” Edward Moya of Oanda said in a report. “After Powell’s testimony, some investors feel they got the all-clear signal to buy the dip.” In early trading, the FTSE 100 in London rose 0.5 percent to 7,529.16. The DAX …