(Bloomberg) -- U.S. futures rose and global stocks hit all-time highs on Friday as record growth figures from China added fuel to bets on the economic recovery. The dollar slipped.Contracts on the S&P 500 and the small-cap Russell 2000 Index climbed, while Chinese shares outperformed in Asia after a report showed the nation’s economy soared in the first quarter. The Stoxx Europe 600 Index was poised for a seventh week of advances, its longest streak since May 2018, as investors continued to boost cyclicals such as carmakers and banks, while defensive sectors lagged.The data from Beijing added to Thursday’s string of positive economic figures out of the U.S., pushing the MSCI All-Country World Index to a fresh record. Treasuries extended Thursday’s gain.Along with healthy corporate earnings, China’s first-quarter gross domestic product numbers are giving fresh impetus to the reflation trade. In the U.S., Thursday’s retail sales and weekly jobless claims data signaled an accelerating recovery in the world’s biggest economy. Investors will look for further confirmation as the reporting season picks up pace next week, with around 80 S&P 500 members and more than 50 Stoxx 600 firms announcing.“As the economic reopening accelerates in the coming months, we believe the bull market remains on a solid footing,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “We maintain a cyclical bias and prefer U.S. consumer discretionary, energy, financials and industrials.”Elsewhere, copper remained on course for the best week in about two months and oil was poised for its biggest weekly advance in five. Bitcoin slipped.These are some of the main moves in financial markets:StocksFutures on the S&P 500 Index climbed 0.2% as of 8:25 a.m. New York time.The Stoxx Europe 600 Index jumped 0.6%.The MSCI Asia Pacific Index increased 0.3%.The MSCI Emerging Market Index gained 0.5%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%.The euro jumped 0.1% to $1.1983.The British pound gained 0.1% to $1.3798.The onshore yuan was little changed at 6.52 per dollar.The Japanese yen weakened 0.1% to 108.84 per dollar.BondsThe yield on 10-year Treasuries declined one basis point to 1.57%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield advanced one basis point to -0.28%.Britain’s 10-year yield jumped two basis points to 0.757%.Japan’s 10-year yield increased less than one basis point to 0.093%.CommoditiesWest Texas Intermediate crude climbed 0.1% to $63.51 a barrel.Brent crude increased 0.2% to $67.10 a barrel.Gold strengthened 1% to $1,781.48 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.