Wall Street indexes close higher
China39;s central bank cuts rates after disappointing data
Oil falls about 3, safehaven gold drops 1
Benchmark 10year yields weaken

New York, Aug 15 Reuters Global equities and the U.S. dollar advanced on Monday despite weakerthanexpected economic data in China that prompted its central bank to cut its lending rate, stoking concerns of a global recession.

The People39;s Bank of China unexpectedly cut key interest rates after the world39;s secondlargest economy reported July data on industrial output and retail sales that missed most analyst estimates. 

China39;s strict COVID19 restrictions have hobbled activity at its main manufacturing hubs and popular tourist spots, including Shanghai, even as a deepening downturn continues in the property market. read more

Markets reversed earlier session losses and were slightly higher. The MSCI world equity index, which tracks shares in 50 countries, was up 0.23. Overnight in Asia, MSCI39;s broadest index of AsiaPacific shares outside Japan had closed 0.34 lower.

You39;ve been seeing a slowing trend in China amplified by the lockdowns, said Tom Plumb, portfolio manager at Plumb Balanced Fund in Wisconsin.

The credit problems they39;ve had especially with real estate developers, that39;s going to tie their hands for how aggressive they can go back to stimulation. But I think it39;s a sign they39;re going to try to be more accommodative.

The U.S. dollar strengthened following news of the…