(Updates with afternoon trading)
* Wall St flat 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) - A gauge of world stocks climbed to a third straight record high on Monday while copper prices surged to their highest levels in more than four months after robust growth data in China.
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.
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 was little changed as investors braced for a flood of second-quarter earnings reports later in the week. market from a big-picture perspective is just waiting on earnings," said Walter Todd, chief investment officer at Greenwood Capital Associates in Greenwood, South Carolina. "Can companies continue to follow through with what was a very good earnings season in Q1? I think that's what investors are looking for."
The Dow Jones Industrial Average .DJI rose 1.59 points, or 0.01 percent, to 21,639.33, the S&P 500 .SPX remained unchanged to 2,459.27 and the Nasdaq Composite .IXIC dropped 4.54 points, or 0.07 percent, to 6,307.93.
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 0.37 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 1.32 percent to $6,004.50 a tonne, touching its highest level since early March. a bid across the complex on the Chinese data," said Macquarie analyst Vivienne Lloyd.
Among other commodities, U.S. crude CLcv1 fell 0.88 percent to $46.13 per barrel and Brent LCOcv1 was last at $48.58, down 0.67 percent on the day.
Output increases in some top producers eased, but investors continued to await strong indications that an OPEC-led effort to drain a glut was proving effective. 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. 10-year notes US10YT=RR last rose 3/32 in price to yield 2.3105 percent, from 2.319 percent late on Friday.
"We're still trading off the weak inflation and retail sales data from Friday, although the market is trying to figure what to do next," said Gennadiy Goldberg, interest rates strategist, at TD Securities in New York. dollar .DXY fell 0.02 percent against a basket of currencies, dropping to a 10-month low during the session. The euro EUR= up 0.1 percent to $1.1478. Global assets in 2017
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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