European stocks and US equity futures posted small moves as investors geared up for a busy week of data, including the Federal Reserve’s preferred measure of inflation.

Miners were a drag on Europe’s Stoxx 600 index as it pulled back 0.3% from Friday’s record close. Rio Tinto Plc and Anglo American Plc led declines in the basic resources sector amid concerns over Chinese demand. Contracts for the S&P 500 were little changed after Wall Street’s rally stalled at the end of last week, weighed down by profit taking in megacap tech stocks. The dollar was steady, while Treasuries extended gains.

Shares in UK homebuilders dropped after Britain’s top antitrust enforcer opened an investigation into eight companies in the sector to probe the potential sharing of competitively sensitive information.

Investor focus this week is set to shift from earnings to a slate of economic data, including Thursday’s so-called core personal consumption expenditures price index, an indicator closely watched by the Fed. Fourth-quarter US GDP numbers are due Wednesday, while traders will track comments from a host of central bank officials for clues on the path for interest rates.

“There is a lot of economic data coming in this week, which will be more decisive for whether investors will stay in a risk-on mood,” said Tatjana Puhan, chief investment officer at Copernicus Wealth Management. “We should factor in the possibility that if the US economy remains strong for a few more months and US corporate earnings as well, we should see at least in the US market a further potential for positive momentum.”

In Asian trading, MSCI Inc.’s Asia Pacific index erased an earlier advance as Hong Kong and mainland China stocks declined. Concern over China was a focus after 11 Chinese companies lost their credit ratings Friday at Moody’s Investors Service.

Expectations of additional Chinese stimulus measures were fueled by weak borrowing by local governments, stirring speculation that Beijing may pick up their slack and take on more debt. Whether or not existing stimulus bodes well for the economy will be scrutinized when China publishes purchasing managers’ data later this week.

Japanese equities were outperformers, with the Nikkei-225 Stock Average extending record highs. Japan trading house stocks rose after Warren Buffett said in his annual shareholder letter that the companies follow investor-friendly policies that are “much superior” to firms in the US. Buffett’s Berkshire Hathaway rose as much as 5.5% in US premarket trading on Monday after the firm said its cash pile scaled a new record.

On the outlook for equities, strategists at Goldman Sachs Group Inc. said stock markets have room to extend gains beyond their recent record highs if the economic outlook remains upbeat and investors pour money into recent laggards. The S&P 500’s run to an all-time peak has left investor positioning “extremely” concentrated in the so-called Magnificent Seven, the team led by Cecilia Mariotti wrote in a note.

While that does create the risk of a pullback, there’s also “space for bullish sentiment and positioning to be further supported, especially if we start seeing a more meaningful rotation out of cash and into risky assets and laggards within equities,” the strategists wrote.

Meanwhile, Thursday’s headline and core PCE are both set to come in at a hot 0.4% month-over-month pace — versus 0.2% prior for both — driven in large part by residual seasonality.

“Despite the high monthly reading, base effects will likely allow annual core inflation to edge down to 2.8% in January (vs. 2.9% prior) and continue to fall to 2.5% or lower by mid-year, supporting our baseline expectation for a first Fed rate cut in May,” Tom Orlik, chief economist, wrote in a note.

Federal Reserve Bank of New York President John Williams said in an interview published Friday that the economy is headed in the right direction, and it will likely be appropriate to cut rates later this year. A slew of Fed speakers this week are likely to reiterate Williams’s comments that the central bank doesn’t feel pressure to begin cutting rates anytime soon. Investors are also braced for the impact from heavy Treasury and corporate issuance and month-end positioning.

In commodities, oil followed a weekly drop with further losses as traders awaited fresh clues about global demand and balances in March and beyond. Iron ore fell to the lowest since October — after dropping almost 9% last week — with hopes for a rebound in Chinese steel demand following the Lunar New Year holidays fading.