Global shares hit a record high and the dollar weakened on Wednesday as investors cheered mild inflation data, and expectations of a U.S. rate next month buoyed demand for riskier assets. The MSCI All Country World Index of shares climbed for a second day and reached 951.

Shares charged higher Wednesday in Europe and Asia after U.S. stocks hit new records when data showed inflation across the United States improved slightly last month. Tokyo's benchmark Nikkei 225 added to its record set a day earlier.

Stock markets rose and the dollar fell Wednesday on growing prospects of cuts to US interest rates after soft inflation data, with Japan's Nikkei hitting a fresh record high.

Global share markets hit a record and the dollar was subdued on Wednesday, as investors cheered mild inflation data and signs of resilience in major economies, and expectations of a U.S. rate buoyed demand for riskier assets. Fiona Jones reports.