consumer price data to back the Federal Reserve's conviction that rising inflation will be transitory.
The MSCI world equity index, which tracks shares in 49 countries, gained 0.1per cent. Wall Street futures were flat. U.S. stocks rallied to record highs on the data, with 10-year U.S. Treasury yields also dipping to a three-month low. Falling expectations that higher inflation could lead to early Fed tightening prompted a flattening of the U.S. yield curve, with the spread between the 10-year and 2-year yield at its narrowest since late February on Friday.
"We still think consumers are going to help prices higher, when these economies reopen properly, that people can start travelling again, spending again," said Jeremy Gatto, portfolio manager at Unigestion.
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