A look at the day ahead in U.S. and global markets from Mike Dolan

A rare positive surprise from Chinese industry and retail has unnerved interest rate and energy markets some more, upping the stakes at this week's major central bank meetings.

Although stock markets continue to sidestep the rebound in borrowing rates over the past week - moves seeded by both stubborn inflation readouts and brighter growth and earnings signals - the prospect of a more significant Chinese recovery may add pressure to the delicate balance.

China's factory output and retail sales beat expectations in the January-February period, according to official data released on Monday, marking a solid start for 2024 and offering relief to policymakers fearful of the drag from the ongoing property bust.

Industrial output rose 7% in the first two months - the quickest growth in almost two years. Retail sales slowed to 5.5% from 7.4% in December but also slightly beat forecasts.

Chinese stocks