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European stocks seen mixed after global sell-off on recession fears

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European stocks are set for a mixed open Thursday as fragile calm returns to markets following a global sell-off as bond markets stoked fears of an impending recession.

Global markets were routed on Wednesday as the U.S. 2-year/10-year Treasury yield curve inverted for the first time since 2007, while the U.K. 2-year/10-year curve inverted for the first time in over a decade. Yield curve inversions are traditionally seen as indicators of an oncoming recession. German and French bond yields also hit record lows.

Stateside, the Dow Jones Industrial Average dropped over 800 points, posting its worst day of 2019 and falling to a two-month low. Weak economic data out of Germany and the euro zone compounded fears within Europe, with the German economy contracting in the second quarter. Asian tumbled on Thursday afternoon, led by the Japanese Nikkei 225, which fell 1.56%. Investors are closely watching geopolitical developments after U.S. President Donald Trump on Wednesday tied a potential U.S.-China trade deal to the humane resolution of protests disrupting Hong Kong. The announcement came after reports of Chinese paramilitary forces assembling along the Hong Kong border.

In other trade war developments, U.S. officials said on Wednesday that no concessions were made by Beijing after President Trump postponed 10% tariffs on over $150 billion worth of Chinese imports. U.S. Commerce Secretary Wilbur Ross told CNBC that the move was not a "quid pro quo" arrangement.

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