Europe and Asia lower

On Thursday U.S. equity futures advanced while stocks in Europe followed Asian peers lower as investors began to switch their attention away from the Federal Reserve and back to earnings and the outlook for global trade. The dollar gave back some of its recent gains.

Contracts for the S&P 500, Dow Jones, and Nasdaq all pointed to a higher open after the main gauges slid on Wednesday. European shares retreated following their rally a day earlier, with telecom and insurance companies leading the decline and most industry groups in the red. In Asia, Hong Kong stocks underperformed just as Chinese smartphone maker Xiaomi Corp. filed for what’s expected to be the world’s biggest IPO since 2014. The yield on 10-year Treasuries fell and the greenback pulled back from its highest since January. The euro climbed, even as European inflation unexpectedly weakened in April.

Investors are also digesting the outcome of the latest Fed gathering. The U.S. central bank kept rates on hold as expected on Wednesday, admitting inflation is near target without suggesting any need to accelerate its gradual hiking path.

Elsewhere, West Texas oil rose as traders weighed a rise in stockpiles against concern about U.S. sanctions on Iran.

The Stoxx Europe 600 Index dipped 0.3 percent as of 6:36 a.m. New York time, the largest decrease in more than a week. Futures on the S&P 500 Index rose 0.2 percent, the biggest advance in a week. The MSCI All-Country World Index decreased less than 0.05 percent to the lowest in more than a week. The U.K.’s FTSE 100 Index dipped 0.1 percent, the first retreat in more than a week. Germany’s DAX Index sank 0.2 percent, the first retreat in more than a week. The MSCI Emerging Market Index decreased 0.6 percent to the lowest in more than a week. The MSCI Asia Pacific Index declined 0.1 percent to the lowest in a week.