Wall Street dips after US wholesale inflation data, oil climbs

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LONDON/WASHINGTON, Sept 10 (Reuters) - U.S. stocks fell and yields rose on Thursday following another rise in key U.S. inflation data that added to market anxiety, while the ECB…

LONDON/WASHINGTON, Sept 10 (Reuters) - U.S. stocks fell and yields rose on Thursday following another rise in key U.S. inflation data that added to market anxiety, while the ECB lifted its interest rates for a second time this year and the U.S. and Iran clashed in the Strait of Hormuz.

Oil prices remained a concern for investors after Brent crude climbed above $100 a barrel on Wednesday for the first time since July, raising fears of renewed inflation pressure just as bond yields in major economies hover near multidecade highs.

Wall Street declined again with the Dow Jones Industrial Average and S&P 500 off 0.6% and the Nasdaq Composite down 0.65%. MSCI's gauge of stocks worldwide was down 0.66%.

The European Central Bank's decision to raise its key interest rate to 2.50% from 2.25% on Thursday came as little surprise given the recent signals, and barely moved the region's stock markets [.EU] and the euro.

Germany's 10-year bond yield rose 5 basis points to 3.50%, the highest since the heat of the euro zone crisis in April 2011, while France's OAT yield was at another post-2008 high of 4.33%.

Away from the euro zone, Britain's 10-year yields surpassed post-2007 highs at 5.39% and benchmark 10-year U.S. Treasury yields ticked up to 4.96%.

Investors were also digesting signs of looser U.S. fiscal policy after President Donald Trump promised to pay every U.S. adult a $5,000 "Trump dividend" if his party wins November's congressional elections. The Treasury Department had also announced a $6 billion buyback of longer-dated U.S. bonds that disappointed some investors.

Heading into Thursday's Producer Price Index report, a majority of economists polled ​by Reuters expected the Fed to hold interest rates steady at its September 15-16 meeting and for the rest of this year, but those expectations swung to a rise in rates this month with the release of another firm report. Attention will now turn to Friday's U.S. consumer price update.

In the commodity markets, Brent crude futures…

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