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U.S. equity futures edged higher and European stocks slipped as traders looked toward company results after mixed economic data out of China spurred declines for Asian shares. S&P/TSX 60 futures were slightly higher. Overall, it should be a subdued, but likely positive opening for Wall Street and Bay Street

Futures on the S&P 500 eked out gains while those for Nasdaq and the Dow also pointed to a firmer open. Banks rose on the Stoxx Europe 600 Index after Deutsche Bank AG surprised with an early forecast of strong earnings, countering a drop in telecommunications shares. Bank of America Corp. and BlackRock Inc. also reported better-than-expected earnings. Shares in Asia fell, with volumes down in most markets and Japan shut for a holiday.

The yen steadied after its biggest weekly slide in 10 months, while the Bloomberg Dollar Spot Index slipped for a third day. Treasuries dropped with European bonds. Commodities were lower, with West Texas Intermediate oil below $70 a barrel as Saudi Arabia was said to offer extra crude supplies. Emerging-market currencies climbed, while their shares fell.

With no fresh signs of a trade war escalation and President Donald Trump heading to a summit with Vladimir Putin, investors will no doubt be occupied with a slew of numbers. Specifically, economic data -- including Monday’s mixed figures from China -- and company earnings, with the likes of Bank of America Corp. and Goldman Sachs Group Inc. due to report. Later this week Federal Reserve Chairman Jerome Powell is expected to lay the groundwork for further tightening.

Data showing China’s economy and factory production growth had slowed hurt Asian markets at the start of the week, as investors fret an escalating trade battle between China and the United States may soon start to hurt the real economy .

But European shares mostly opened higher, although the gains were marginal. Germany’s DAX was the biggest riser, up half a per cent before giving up most of those gains. France’s CAC 40 rose 0.16 per cent and the pan-European STOXX 600 0.23 per cent.

Basic resources and autos were among the worst-performing sectors. Both rely on solid Chinese growth, but merger speculation concerning industrials helped outweigh the Chinese data.

The MSCI world equity index, which tracks shares in 47 countries, was flat on the day.

“The numbers were not way out of line and slower activity numbers were kind of priced in,” said Ian Williams, a strategist at Peel Hunt.

“Despite all the noise around China and Trump, you are going to get a real indication of macroeconomic health much more from company management. I suspect that’s what the focus will be for the next two to three weeks.”

U.S. banks kicked off the earnings season on Friday and this week sees dozens of European companies report their second-quarter numbers.

JP Morgan equity strategist Mislav Matejka said earnings results in both the U.S. and Europe would likely be strong, beating expectations by a good 4-5 per cent.

The data out of China showed its economy grew 6.7 per cent in the second quarter of 2018, cooling from the 6.8 per cent growth registered in each of the previous three quarters.

The gross domestic product figures were in line with market expectations, but the new data also showed slower-than-expected growth in China’s industrial output, pointing to slowing momentum and prompting some analysts to call for stronger government measures to support growth.

Taken together, the data show an economy continuing to slow under the influence of a multi-year crackdown on excessive financial risk, even as trade war headwinds gather.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.36 per cent.

“I would be incredulous if China’s GDP growth could continue at the level it’s been historically,” said Jim McCafferty, head of equity research, Asia ex-Japan at Nomura. “So I think there’s always been an anticipation of some gradual slowdown, but the slowdown of the growth rate is probably less than the market really wants to believe.”

Moves in currency markets were muted, with most major currencies stuck in a holding pattern.

Both the dollar and the yen, which tend to outperform when trade war worries flare as investors rush to buy assets perceived to be safer, were down on the day, suggesting investors were not too worried about the Chinese data.

China’s yuan weakened past the key 6.7 to the dollar level following Monday’s data release, but later recovered. In the offshore market, it rose 0.2 per cent in early European trading to 6.6989 yuan per dollar.

In commodity markets U.S. crude fell 0.76 per cent at $70.47 a barrel, pushed lower by easing concerns about supply disruptions and Libyan ports reopening. Brent crude fell 0.36 per cent at $75.06 per barrel.

Gold prices recovered from a seven-month low on a weaker dollar.

The Canadian dollar was also little changed, at 76.06 (U.S.).

With files from Bloomberg