The Stoxx Europe 600 Index opened lower, with miners leading the decline as iron ore prices tumbled. Futures on the S&P 500 edged higher. Japanese shares eked out modest gains, while those in Hong Kong and Shanghai swung between gains and losses after data showed China’s economic growth, industrial production and retail sales all better-than-expected. The yield on China’s 10-year sovereign notes climbed to its highest level since November.

China’s economy held up in the first three months as policy makers boosted stimulus to sustain growth, and that should help ease concerns about flagging global output. But the resilience suggests that pro-cyclical policies are taking effect, raising doubts over the possibility of additional measures. Traders are also busy digesting corporate earnings, with Morgan Stanley and BNY Mellon among companies reporting on Wednesday.

“Given the recent decent data flows, it makes sense for the Chinese central bank to refrain from additional easing measures for the time being and to wait and see whether the current policy is sufficient to stabilise the economy,” said Commerzbank AG Senior Emerging Markets Economist Hao Zhou. “Further reductions in reserve requirement ratios are therefore unlikely for the time being.”

Elsewhere, oil climbed after a report showed a surprise drop in crude inventories. The New Zealand dollar retreated after inflation slowed more than forecast, while the Australian dollar rose after the Chinese figures.

Earnings season rolls on this week, with reports due from: Morgan Stanley, American Express, PepsiCo, Honeywell, Alcoa and Taiwan Semiconductor among others. A swathe of financial markets will close across the Western world for the Good Friday holiday, including in the US, UK and Germany.

These are the main moves in markets

Stocks
The Stoxx Europe 600 Index dipped 0.1% as of 8:06 a.m. London time, the first retreat in more than a week. Futures on the S&P 500 Index rose 0.1%. The MSCI All-Country World Index advanced less than 0.05%. The UK’s FTSE 100 Index declined 0.3%. The MSCI Emerging Market Index jumped 0.3% to the highest in 10 months.

Currencies
The Bloomberg Dollar Spot Index dipped 0.1%. The euro gained 0.2% to US$1.1309, the strongest in more than three weeks. The British pound climbed 0.1% to US$1.3057. The Japanese yen rose less than 0.05% to 111.98 per US dollar.

Bonds
The yield on 10-year Treasuries climbed one basis point to 2.60%, the highest in more than four weeks. Germany’s 10-year yield rose two basis points to 0.09%. Britain’s 10-year yield rose two basis points to 1.24%. Japan’s 10-year yield rose one basis point to -0.01%.

Commodities
West Texas Intermediate crude increased 0.6% to US$64.46 a barrel, the highest in a week. Gold advanced 0.1% to US$1,278.31 an ounce, the first advance in a week. The Bloomberg Commodity Index climbed 0.3%.