By Caitlin Ostroff

-- U.S. futures lower

-- Eurozone PMI slightly beat forecasts

-- Jackson Hole symposium to start

Global stocks slipped as minutes from the European Central Bank showing broad support for prolonged stimulus measures failed to ease recession concerns.

The Stoxx Europe 600 was down 0.2% midday, holding on to most of its earlier losses after the ECB minutes signaled stimulus measures that could include interest-rate cuts and new asset purchases.

The minutes came after earlier eurozone data on activity in the manufacturing and services sectors for Germany and France showed small rises, beating forecasts.

In the U.S., futures for the S&P 500 were flat, and Dow Jones Industrial Average futures edged up 0.1%. The contracts don't necessarily predict moves after the opening bell.

Although the German economic data were better than expected, Florian Hense, an economist for Berenberg Bank, said he remained concerned about a potential recession amid threats to German exports from the Trump administration's talk of tariffs on European car manufacturers.

"The numbers today neither discredit that nor really confirm it," he said. "What it confirms is that the domestic side of the economy is still holding up pretty well."

The German 10-year bund was yielding minus 0.634%, up from Wednesday afternoon's minus 0.677%. Bond yields and prices move in opposite directions.

Asian stocks were mixed, with the Shanghai Composite up 0.1%, Hong Kong's Hang Seng down 0.8% and Japan's Nikkei 225 up 0.1%.

In currencies, the Chinese yuan slipped against the U.S. dollar to its lowest levels since 2008. One U.S. dollar recently bought 7.0853 onshore yuan, compared with 7.0942 in the offshore market.

The 10-year Treasury yield edged down to 1.574% from 1.577% on Wednesday, while the 2-year Treasury yield slipped to 1.559% compared with 1.569%. Investors closely watch the gap between the two yields, as recessions often have followed when the yield on the longer-term note has higher than that of the shorter-term bond, as it did briefly last week.

Thursday also marks the first day of the Jackson Hole symposium, where central bank leaders from across the globe will meet to discuss issues facing world economies. Amid recent data pointing to a slowdown, analysts will be watching for cues on central bank policy moving forward.

Data to be released near the start of that meeting include initial U.S. jobless claims and U.S. preliminary manufacturing figures.

Minutes released Wednesday from the Federal Reserve's latest meeting showed officials saw their move to cut interest rates last month as a "recalibration," rather than the start of a more aggressive easing cycle.

In commodities, global benchmark Brent crude oil gained 0.4% to $60.54 a barrel. Gold prices slipped 0.5%.

(END) Dow Jones Newswires

August 22, 2019 08:14 ET (12:14 GMT)

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