By Caitlin Ostroff 

-- U.S. futures lower

-- Eurozone PMI slightly beat forecasts

-- Jackson Hole symposium to start

Global stocks were treading water after economic data for Europe came in above expectations, ahead of minutes from the European Central Bank that will provide hints about its stimulus plans.

The Stoxx Europe 600 fell 0.3% after data on preliminary purchasing managers indexes -- a measure of activity in the manufacturing and services sectors -- for Germany and France posted small rises, beat forecasts.

The German DAX slipped 0.2%, while the French CAC 40 fell 0.3%.

In the U.S., futures for the S&P 500 and Dow Jones Industrial Average fell 0.3%. The contracts don't necessarily predict moves after the opening bell.

Although the German 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."

Germany's manufacturing figures were still at their second-lowest since June 2013, according to Melanie Debono, a European economist for Capital Economics, in a note.

Based on its historical relationship with economic growth, Ms. Debono said, the German PMI suggested that after contracting in the second quarter, the economy may have entered a technical recession in the third quarter. While the services sector appeared to be holding up well, the manufacturing recession was dragging on.

"All in all, the surveys suggest that growth in the single-currency area has remained lackluster and support the case for further policy easing," she said.

The ECB will publish minutes from its July meeting later Thursday, which will be scrutinized by investors for new policy measures.

The German 10-year bund was yielding minus 0.664%, slightly 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 on Thursday, 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% on Thursday, 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 have often 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 central bank's latest meeting showed Fed 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 05:55 ET (09:55 GMT)