Global equity markets were little changed on Wednesday as Wall Street eked out new closing highs, while the dollar rose on U.S. producer prices data for August that suggested a robust economy.

The yields on European and U.S. government debt rose, with prices for the U.S. benchmark Treasury note hitting a 2-1/2-week high.

Oil prices gained after the International Energy Agency (IEA) said a global supply surplus was starting to shrink, even as U.S. data showed another surge in crude inventories due to Hurricane Harvey.

The three major Wall Street equity indexes posted record closes for the second consecutive session as gains in consumer discretionary and energy stocks offset losses in Apple, pulled lower over concerns about its new iPhone X.

MSCI's gauge of more than 2,400 stocks worldwide edged downward after consecutive record closes the past three sessions.

European equities pared earlier losses to edge higher thanks to gains in oil and banking stocks, which offset weak chipmakers and a fall in miners.

Chipmakers in Europe that supply Apple (AAPL.O) were among the worst performers, with AMS (AMS.S) down 3.9 per cent and Dialog Semiconductor (DLGS.DE) off 1.6 per cent. STMicro (STM.MI) edged up 0.1 per cent.

Chipmakers have been the best-performing among Europe's tech stocks this year, accounting for a large chunk of the sector's outperformance. AMS shares have gained 165 per cent in the year to date.

MSCI's all-country world stock index dipped 0.16 per cent, but the pan-European FTSEurofirst 300 index gained 0.2 per cent and the Euro STOXX 50 added 0.3 per cent.

On Wall Street, the Dow Jones Industrial Average rose 39.32 points, or 0.18 per cent, to 22,158.18. The S&P 500 gained 1.89 points, or 0.08 per cent, to 2,498.37 and the Nasdaq Composite added 5.91 points, or 0.09 per cent, to 6,460.19.

The launch of Apple's iPhone X will test whether inflation is going to be weak as investors gauge demand for a product whose price starts at US$999, said Mike Bell, global markets strategist with JP Morgan Asset Management in London.

"If it's relatively healthy, I think it shows that there is still quite a lot of pricing power for U.S. companies and consumers have confidence," Bell said.

The dollar index, which tracks the currency against a basket of six major rivals, was up 0.60 per cent at 92.431.

The index rose after the U.S. Labor Department said its producer price index for final demand increased 0.2 per cent in August after slipping 0.1 per cent in July. The rebound was driven by a surge in the cost of gasoline.

The euro fell 0.69 per cent to US$1.1883 while the Japanese yen weakened 0.36 per cent versus the greenback at 110.56 per dollar.

U.S. benchmark 10-year Treasury notes fell 7/32 in price to yield 2.1970 per cent. Their German counterpart, 10-year Bunds, rose 3 basis points in price to yield 0.404 per cent.

Oil prices jumped after the IEA report but then pared gains. U.S. crude rose US$1.07 to settle at US$49.30 per barrel and Brent rose 89 cents US to settle at US$55.16 a barrel.

"A sharp rebound in U.S. oil production compared with last week has limited gains in crude prices as concerns grow that oil output is recovering faster than refining capacity coming online," said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.

U.S. gold futures for December delivery settled down 0.4 per cent at US$1,328.