* MSCI all-country index hits one-week high
* Commodity-linked stocks rise on strong mineral, metals prices
* Emerging markets stocks rise most in nearly 4 weeks
* Sterling up nearly 1 percent on possible Brexit hold (Updates to U.S. market open, recasts focus to stock markets, adds quotes)
By Dion Rabouin
NEW YORK, Oct 18 (Reuters) - A gauge of major equity markets around the globe rose to a one-week high on Tuesday as rising commodity prices and solid earnings reports helped pull shares in Asia, Europe, and the United States higher.
Wall Street stocks rose, led by a slew of stronger-than-expected quarterly reports, including those from Netflix and UnitedHealth.
"The markets are expecting an inflection point as we move from the third to the fourth quarter, and so what they will be parsing in management guidance is for a view that earnings turn positive in the fourth quarter," said David Donabedian, chief investment officer of Atlantic Trust Private Wealth Management.
The Dow Jones industrial average rose 57.29 points, or 0.32 percent, to 18,143.69, the S&P 500 gained 10.1 points, or 0.47 percent, to 2,136.6 and the Nasdaq Composite added 43.10 points, or 0.83 percent, to 5,242.93.
The STOXX Europe 600 Basic Resources index was the top sector gainer in the pan-European STOXX 600 index, as copper rose along with other minerals including gold , after the dollar eased from seven-month highs.
The MSCI all-country stock index, which tracks equity returns in 46 countries, rose to 413.87, its highest since Oct. 11.
A report on U.S. consumer prices showed underlying inflation moderated slightly in September, raising concerns it may take longer than expected for inflation to reach the Federal Reserve's 2-percent target.
Fed Chair Janet Yellen said Friday that the U.S. central bank could allow inflation to run above the target.
Attractive pricing on an expected bond issuance from Saudi Arabia pushed U.S. Treasury yields higher on Tuesday, with benchmark yields near four-month peaks as bond dealers sold U.S. government debt to hedge for the Saudi bonds.
Benchmark U.S. 10-year Treasury notes were last down 2/32 in price to yield 1.775 percent.
"The Saudi deal. That's the word on the street," Aaron Kohli, interest rates strategist at BMO Capital Markets in New York, said of the factor that propelled bond yields higher.
MSCI's emerging market index rose 1.58 percent, its biggest gain in nearly four weeks, backed by the expected slower rate of tightening from the Fed and the bump in commodities prices.
Many emerging market countries hold external debt priced in dollars. That debt will be less costly to repay if the Fed is slower to raise interest rates, keeping the value of the dollar constrained.
The dollar was well off its seven-month high against a basket of major currencies, but was flat overall on the day at 97.870.
The day's major mover in currencies was sterling, which rose to a six-day high against the dollar of $1.2310 after a British government lawyer said it was "very likely" the UK parliament would have to ratify the country's eventual exit agreement with the European Union.
Sterling last stood at $1.2292, still up 0.9 percent on the day. British government bond yields fell to just over 1.1 percent.
"It shows that political uncertainty is a more significant driver for the pound than the data. The market is short pounds and is coming off a string of hardline comments from the government. This has provided some relief," said Kamal Sharma, G10 strategist for Bank of America Merrill Lynch in London.
Reporting by Dion Rabouin; Editing by Nick Zieminski