Global stocks edged lower on Thursday, as investors waited for fresh clues on the timing of the first increase in U.S. interest rates in nearly a decade. The Stoxx Europe was 0.3% lower mid-morning, tracking losses in Asian bourses earlier in the day. Futures pointed to a 0.5% opening loss for U.S. markets. Futures levels do not always mirror prices at the opening bell. The more downbeat tone for markets follows a recent rally in global stocks, after the release of weak U.S. economic data pushed back investors’ expectations over the timing of the first increase in interest rates by the Federal Reserve since 2006. �Markets are taking a breather after a nice rebound which was due [after a sharp selloff],� said Jeroen Blokland, a portfolio manager at Robeco, which oversees €273 billion ($307 billion) in assets. Advertisement The release of the minutes of the Fed’s meeting in September, when the central bank decided to keep interest rates anchored to ultralow levels, is expected to offer investors with more insight over the Fed thinking. Low interest rates have boosted global stocks in recent years. “Fed minutes will be under fierce scrutiny tonight,� Mr. Blokland said. Looking ahead, the release of the bulk of third-quarter earnings is also likely to weigh on investment decisions. �The market is gearing up for the earnings season,� said Wouter Sturkenboom, an economist at Russell Investments, which oversees $265.8 billion in assets. He said expectations of U.S. releases have been revised lower, leaving room for an upside surprise. “In Europe the situation is different. We expect solid numbers,� he said. Later Thursday, the Bank of England will announce its monetary policy decision, with investors largely expecting the central bank to keep rates on hold. The likelihood of a more hawkish tone from the central bank diminished after disappointing economic data last week, said UniCredit strategist Vasileios Gkionakis. The pound was up about 0.2% against the dollar ahead of the decision. Investors in Europe are also waiting for accounts of the European Central Bank’s monetary policy meeting due later in the day. Data showed Thursday that German exports registered their steepest fall in nearly seven years, adding to pressure on the central bank to extend its stimulus program for the economy. Earlier in the day Hong Kong’s Hang Seng Index lost 1%. Japan’s Nikkei Stock Average was also down 1%, pulling back from a winning streak that has boosted Japanese shares to their highest level in almost a month. China’s Shanghai Composite Index rose 3% Thursday, as it caught up with a rally in global equities after a week-long holiday. In currencies markets, the dollar fell slightly against the yen to trade around ¥119.71. The euro was up 0.7% against the dollar at $1.1312. Brent was trading around $52.02 a barrel, up 0.4% on the day, while gold fell 0.4% at $1141,50 an ounce.

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