(Bloomberg) -- A gauge of Asia-Pacific stocks slipped Friday even after surprisingly robust American economic data sent U.S. equity indexes to record levels. Yields on benchmark 10-year Treasury notes held a drop.Shares edged higher in China as figures showed economic growth soared from a year earlier but that quarter-on-quarter expansion slowed. Declines elsewhere weighed on MSCI Inc.’s regional benchmark.U.S. contracts slipped after the S&P 500 and Nasdaq 100 hit all-time highs overnight on better-than-expected retail sales and jobless claims figures. Financials weakened amid the slide in bond yields, even after Citigroup Inc. and Bank of America Corp. beat trading-revenue forecasts.Traders suggested foreign buying and geopolitical risks may have contributed to the rally in Treasuries, with many investors caught positioned for further weakness. The U.S. dollar edged higher after a series of declines.Equities reached all-time highs this week amid the rebound in global growth, confidence in continued policy support from central banks and some upbeat corporate-earnings reports. The rally in government bonds highlights persistent risks, however, with some countries facing spikes in Covid-19 infections and setbacks in their vaccine rollout.The bond market’s surge is “one of the more confusing dynamics in markets” at the moment, said Michael Arone, investment strategist at State Street Global Advisors. “Part of it is that you saw the 10-year make a very rapid move over a very short period of time, so this could be a pause before it starts to move higher again.”The China figures showed gross domestic product climbed a record 18.3% in the first quarter from a year earlier, but that quarter-on-quarter growth eased to 0.6%. Other data like industrial production and retail sales were also released.Overall they were mostly below expectations, which contributed to a “drag” on sentiment, according to Edward Moya, senior market analyst at Oanda.Elsewhere, crude oil held a recent advance, and copper is on course for the best week in about two months.Some key events to watch this week:China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksS&P 500 futures dipped 0.2% as of 12:10 p.m. in Tokyo. The index rose 1.1%.Japan’s Topix Index slipped 0.1%.Shanghai Composite Index added 0.2%.Hang Seng Index was little changed.South Korea’s Kospi Index edged down 0.1%.Australia’s S&P/ASX 200 Index was down 0.3%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.2%.The euro dipped 0.1% to $1.1952.The Japanese yen weakened 0.1% to 108.90.The offshore yuan fell 0.1% to 6.5350 per dollar.BondsThe yield on 10-year Treasuries was at 1.58%, after falling six basis points in the U.S. session.Australia’s 10-year yield was four basis points lower at 1.73%.CommoditiesWest Texas Intermediate crude was little changed at $63.40 a barrel.Gold traded around $1,761 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.