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NEW YORK (Reuters) -Global stock markets rose to record highs while U.S. Treasury yields and the U.S. dollar fell on Wednesday as data showed U.S. consumer prices rose less than expected in April, suggesting inflation has resumed a downward trend in the second quarter. The CPI report raised expectations that the Federal Reserve will cut interest rates two times this year. The Dow and S&P 500 registered record closing highs for the first time since March 28 and the Nasdaq posted a record closing high for the second session in a row, while the MSCI world stock index was also set for a sec...

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.38%, scaling a fresh 15-month high earlier in the session. Japan's Nikkei gained 0.58%.

US stocks fell sharply on Thursday after data confirmed the stickiness of inflation in the first quarter despite a drop in economic growth which pushed bond yields to their highest in six months.

US stocks finished mixed on Wednesday and were rangebound for most of the session as investors continued to pour over economic data and assess its impact on monetary policy.

UK economic data will likely steal the show next week, with a barrage of leading indicators scheduled for release, including the all-important consumer price index (CPI) for December as markets continue to speculate over when the Bank of England will begin to loosen monetary policy.