(Updates with close of U.S. markets)
* Wall St treads water as investors await big earnings
* Copper hits 4-1/2-month high after China data
* Dollar touches 10-month low against currency basket
* Oil eases on signs of steady output from some producers
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. 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 .MIAPJ0000PUS hit a two-year high, as MSCI's gauge of stocks across the globe .MIWD00000PUS 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. 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 .DJI fell 8.02 points, or 0.04 percent, to 21,629.72, the S&P 500 .SPX lost 0.13 points, or 0.01 percent, to 2,459.14 and the Nasdaq Composite .IXIC added 1.97 points, or 0.03 percent, to 6,314.43.
Shares of BlackRock BLK.N fell 3.1 pct after the quarterly report from the world's biggest asset manager fell short of Wall Street's forecasts. expect that earnings for S&P 500 companies rose 8.2 percent in the second quarter, according to Thomson Reuters I/B/E/S.
Emerging market stocks rose 0.40 percent. pan-European FTSEurofirst 300 index .FTEU3 lost 0.04 percent. Shares of miners Anglo American AAL.L and Glencore GLEN.L gained, supported by the strong China data and rising copper prices. CMCU3 rose 1.08 percent to $5,989.75 a tonne, touching its highest level since early March, as the economic data from top consumer China helped reinforce expectations of strong demand. a bid across the complex on the Chinese data," said Macquarie analyst Vivienne Lloyd.
Among other commodities, U.S. crude CLcv1 fell 1.18 percent to $45.99 per barrel and Brent LCOcv1 was last at $48.39, down 1.06 percent.
Investors continued to await strong indications that an OPEC-led effort to drain a glut was proving effective but output increases in some top producers eased, keeping losses in check. gold XAU= added 0.4 percent to $1,234.02 an ounce. were also digesting U.S. data from Friday pointing to tame inflation and soft domestic demand that diminished prospects of a third interest rate increase from the Federal Reserve this year. for another Fed rate hike in December stand at a less than 50 percent.
Benchmark 10-year notes US10YT=RR last rose 2/32 in price to yield 2.3141 percent, from 2.319 percent late on Friday. dollar .DXY fell 0.05 percent against a basket of currencies, dropping to a 10-month low during the session, with the euro EUR= up 0.14 percent to $1.1483. markets are not convinced the Fed is going to be tightening rates anytime soon," said Vassili Serebriakov, FX strategist at Credit Agricole (PA:CAGR) in New York. "In that kind of an environment, the dollar is struggling."
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http://reut.rs/1WAiOSC Global currencies vs. dollar
http://tmsnrt.rs/2egbfVh Global interest rates
http://tmsnrt.rs/2iejmA8 Emerging markets in 2017
http://tmsnrt.rs/2ihRugV
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