European shares down after a mixed session in Asia

European shares slipped on Wednesday, with U.S. futures pointing to an almost flat opening after a mixed session in Asia as earnings misses and concern over global trade kept markets in check. The dollar erased an earlier decline.

Contracts on the S&P 500, Dow and Nasdaq were steady, with Tesla Inc. shares set to be closely watched after Elon Musk suggested taking the company private. The Stoxx Europe 600 Index edged lower after earnings reports from Glencore Plc. and Novo Nordisk failed to generate fresh optimism. Asia’s benchmarks gave up some earlier advances, as shares in China notched the biggest declines.

The dollar recovered while the pound hit the lowest since October against the euro as traders sought protection against a no-deal Brexit. Treasury yields held steady before the biggest-ever 10-year note auction, and Italian bonds climbed. Adding to previous moves to ease pressure on the yuan, the People’s Bank of China urged some lenders to prevent any “herd behavior” and momentum-chasing moves in the currency market, according to people familiar with the matter.

Global trade tensions welled up again as the U.S. said it will begin imposing 25 percent duties on an additional $16 billion in Chinese imports in two weeks. It will be the second time Washington slaps tariffs on Chinese goods in about a month. Even so, exports from the second-biggest economy grew faster than expected in July and imports surged, signaling the trade war has yet to take a toll on shipments as it has on equities.

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The Stoxx Europe 600 Index fell 0.1 percent as of 6:05 a.m. New York time. The MSCI AllCountry World Index rose less than 0.05 percent. Futures on the S&P 500 Index was unchanged.

Gold rose 0.1 percent to $1,212.13 an ounce. West Texas Intermediate crude rose 0.1 percent to $69.27 a barrel.