Global stock markets struck fresh record highs on Tuesday as expectations of more cuts to US interest rates offset escalating geopolitical tensions.

Data showing US producer prices unexpectedly fell in August helped push the S&P 500 and Nasdaq Composite into record territory.

The US producer price index (PPI) dipped 0.1 percent on a month-on-month basis, according to Department of Labor data -- when analysts had expected a 0.3-percent increase.

Briefing.com analyst Patrick O'Hare said the data will ease the market's angst about the effect of tariffs fuelling inflation in consumer prices.

"This report will keep the market locked on its view that there will be at least 75 basis points of rate cuts by the Fed before the end of the year," he said.

Wall Street had notched fresh highs Tues

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