European markets are subdued as global economic anxiety dominates sentiment.

By midmorning, the pan-European Stoxx 600 was down 0.2%, with telecoms down 1.2% and oil and gas companies up 0.5%.

Next week, the Federal Reserve is likely to increase interest rates by 50 basis points. Despite the fact that this would be a lesser rise than recent rate hikes, investors are growing increasingly concerned about the central bank's ability to prevent a recession in 2019 in its effort to combat inflation.

U.S. stock futures were marginally lower on Thursday morning, following the S&P 500's fifth consecutive day of losses, as Wall Street considered the likelihood of a market decline.

Overnight, sentiment increased in the Asia-Pacific region. The Hang Seng index in Hong Kong increased by more than 3 percent on Thursday after a local news site claimed that the city is exploring additional softening of Covid regulations, including as dropping its outside mask rule and eliminating required testing for arrivals. In the meantime, the bulk of other markets in the region declined marginally.

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