Global shares ease ahead of the ECB's rate decision, while US futures edge higher

• Global shares eased on Thursday, ahead of the outcome of the ECB's rate meeting.
• The dollar edged up, while 10-year Treasury yields held steady above 3%.

Global shares dipped on Thursday, led by modest losses in European stocks ahead of the European Central Bank's upcoming monetary policy meeting at which it is expected to announce its first rate hike in 11 years.

The pan-European STOXX 600 was down 0.94%, while the Paris' CAC 40 tumbled 0.97% and Frankfurt's DAX 40 slipped 0.99%.

At the same time, US futures rose, suggesting that the benchmark indices may pare some of the previous day's losses, ahead of weekly jobless data and before Friday's key read on consumer inflation.

Futures on the S&P 500 rose 0.4%, while those on the Dow Jones and Nasdaq gained 0.3% and 0.5% respectively.

"Overall there is a 'wait and see' mood pervading financial markets, as investors brace for a jolt of tightening from the European Central Bank, ending the long easy-money era," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

"All eyes will be on what moves are flagged next, with the start of interest rate hikes expected in July, but just how fast and how high the ECB will go in trying to keep a lid on surging prices isn't clear," she added.

As the eurozone grapples with record-high consumer inflation, ECB officials have all but confirmed in recent weeks that a hike is coming in July. Chief economist Philip Lane said last week that 25 basis point increases in July and September were the most likely pace.

Though the central bank indicated it would implement a gradual approach to its rate hikes, a sentiment of uncertainty still looms against a backdrop of a more hawkish approach from central bankers in Australia and India this week.

Meanwhile, investor concerns over inflation persist in the US, which have only been aggravated by a rise in commodity prices.

WTI oil futures edged higher at $122 per barrel on Thursday, while Brent crude oil held at $123 a barrel.

"There are expectations oil will surge even higher as supply concerns take hold, amid the entrenched war in Ukraine and the expectation for demand to rebound in China as Coronavirus curbs are lifted," Streeter said.

Natural gas prices in Europe meanwhile surged by as much as 40% on Thursday, after a fire at a key US export terminal shut off exports.

The dollar barely budged, holding unchanged on the day, leaving the euro steady at $1.0716, while the yield on the 10-year US Treasury note hovered around its previous close at 3.02%.

In Asia, stocks eased, with Shanghai's CSI 300 falling 1.1%, Hong Kong's Hang Seng dropping 0.66%, and the Nikkei 225 closing just 0.04% higher.