China maintains its position, oil is growing, stocks – mixed dynamics

China’s economy held up in the first three months as policy makers boosted stimulus to sustain growth, easing concerns about flagging global output. That should provide comfort for stock bulls and damp demand for bonds. But clouding the issue is doubt about the possibility of additional measures, as the resilience suggests that pro-cyclical policies have already taken effect. Traders are also busy digesting corporate earnings, with Morgan Stanley and BNY Mellon among companies reporting on Wednesday.

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 data.

The Stoxx Europe 600 Index dipped 0.2 percent as of 9:24 a.m. London time, the first retreat in more than a week. Futures on the S&P 500 Index rose 0.1 percent. The MSCI All-Country World Index advanced 0.1 percent to the highest in more than six months. The U.K.’s FTSE 100 Index declined 0.2 percent. The MSCI Emerging Market Index jumped 0.3 percent to the highest in 10 months. West Texas Intermediate crude increased 0.7 percent to $64.51 a barrel.