China Data Boosts Copper; World Stocks Hit Record

By Lewis Krauskopf

NEW YORK, July 17 (Reuters) — Copper prices surged to their highest levels in more than four months after robust data supporting China’s economic growth, while a gauge of global stocks marked a record high for a third straight session.

China’s economy expanded at a faster-than-expected 6.9 percent clip in the second quarter, setting the country on course to comfortably meet its 2017 growth target.

The U.S. dollar fell to a 10-month low against a basket of currencies before steadying, while oil prices shed about 1 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan hit a two-year high, as MSCI’s gauge of stocks across the globe gained 0.08 percent and set a record.

Wall Street ended little changed as investors braced for a flood of second-quarter earnings reports later in the week.

«Our view is that right now the equity market is a one-legged stool that’s driven by earnings and we’re pretty optimistic about earnings but if that should falter, the market will falter,» said Dave Donabedian, chief investment officer of CIBC Atlantic Trust Private Wealth Management.

The Dow Jones Industrial Average fell 8.02 points, or 0.04 percent, to 21,629.72, the S Editing by Andrea Ricci and Nick Zieminski)

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