MSCI Global Equities Gauge Edges Up Amid Inflation Focus

Global equity indices and bond yields edged up on Wednesday as investors focused on inflation data and developments in the Middle East. The MSCI global equities gauge rose by 0.04%, while U.S. Treasury yields increased after the release of hotter-than-expected inflation figures.

The U.S. Department of Labor reported that annual inflation held steady at 8.5% in July, above the Federal Reserve's 2% target for a record 65th consecutive month. Consumer spending decelerated modestly, while personal incomes rose faster than inflation.

James Ragan, co-chief investment officer at D.A. Davidson, noted that the market has been looking for a reason to pull back, but the data would unlikely lead to a rate change at the Fed's September meeting.

The Dow Jones Industrial Average fell 113.52 points, or 0.21%, to 53,463.88, while the Nasdaq Composite dropped 21.10 points, or 0.08%, to 26,130.20. The dollar index rose 0.24% to 99.15.