* Caution ahead of oil producers' meeting caps stocks
* China economy grows 6.7 pct in Q1 as expected
* Shares steady after 2.5 pct weekly rise, at 2016 highs
* Oil dips ahead of Doha meet after 11 pct April jump
By Marc Jones
LONDON, April 15 (Reuters) - Reassuring Chinese GDP data
helped stocks, commodity markets and the dollar consolidate
strong weekly gains on Friday, as the focus turned to a meeting
of top oil producers about a potential output freeze.
Moves in most markets were small in Europe but urges to lock
in some profit was beginning to kick in after a 2.5 percent
weekly rally in world shares .MIWD00000PUS , a strong run by
the dollar and an 11 percent surge in oil prices this month.
European shares .FTEU3 edged down 0.4 percent as traders
top-sliced some the 3.5 percent gains they have made this week
with Wall Street's main markets ESc1 expected to drop slightly
from 4-month highs when they reopen later.
The dollar .DXY had eased off the pedal too, having made
more than 1 percent against both the yen JPY= and the euro
EUR= this week, something of a turnaround after a weak start
to the year. FRX/
Traders were waiting for IMF and G20 meetings in Washington
later for signs from financial leaders on the next stages of
their efforts to drag most of the developed world out of a
debilitating cycle of debt and very low inflation.
Speculation was also still circling about whether top oil
producers led by Saudi Arabia and Russia will be able to hammer
a deal in Doha, Qatar on Sunday to curb output which is
currently churning out around 2 million barrels of excess oil a
day.
"This week we had some interesting movements especially in
euro/dollar and dollar/yen and a widespread rebound in market
sentiment," said Rabobank economist Philip Marey, adding that
Thursday's surprise move by Singapore's central bank to ease
policy had fuelled hopes of another round of global stimulus.
Data from China overnight had drawn approval as it showed
the country's giant economy grew at 6.7 percent in the first
quarter year-on-year, bolstering hopes its slowdown may be
bottoming out. ECONCN
The major currencies seen as most dependent on China were
the main gainers. The Australian AUD= and New Zealand dollars
NZD= rose 0.3 and 0.9 percent respectively, also helped by
sizable week's gains in key metals like copper. CMCU3
In a sign of re-emerging risk appetite, the Baltic Dry index
.BADI which reflects global shipping and trade and seen as
somewhat of a bellwether of the global economy, was on course
for a ninth straight weekly rise, its best run since 2003.
"Chinese economic data is showing signs of stabilisation,
including recent PMI numbers, as well as the latest figures on
industrial production and retail sales," said Suan Teck Kin,
economist at the United Overseas Bank in Singapore.
NEVER-ENDING STORY
Nerves about Greece's finances were also resurfacing amid
signs that its bailout programme may be showing cracks again.
Greek bond yields were set to record their biggest weekly
rise in two months as investors start to fret about delays to
Athens' bailout package and over the extent to which the IMF
will participate in a new deal. GVD/EUR
The head of IMF, Christine Lagarde had reiterated on
Thursday the euro zone needed to write off some of Athens' debt
and rework plans to get the country back on track.
"We will not walk away," Lagarde said during a
question-and-answer session. "Our form of participation may vary
depending on the commitments of Greece and the undertaking of
the European partners, but we will not walk away."
Japan's Nikkei .N225 , one of the biggest losers of 2016 so
far, closed 6.5 percent higher for the week following the drop
back in the yen.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS crept up 0.1 percent. That index has gained
about 3.6 percent on the week during which it hit a five-month
high, helped by a slight thaw in pessimism over the Chinese
economy and an earlier surge in crude oil prices.
It is part of a global rise. Both the MSCI All World index
.MIWD00000PUS and the S&P 500 .SPX have hit their highest
points of the year this week and Emerging Market stocks have
racked up their best gain in a month this week.
With oil traders waiting cautiously for the Doha oil
producer meeting, U.S. crude oil CLc1 dropped back below $41 a
barrel, while Brent sagged to $42.85 a barrel LCOc1 .
The strong week for risk assets meant safe-haven gold was on
course for a weekly loss, while sterling, which has been
buffeted by UK Brexit vote uncertainty all year, was on course
for a small weekly rise at $1.4190 GBP=D4 .
It had been dampened on Thursday after Bank of England
policymakers voted unanimously to keep interest rates at a
record low of 0.5 percent.