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World stocks were muted Wednesday as hopes of more steps to prop up China’s growth were offset by pessimism over Europe’s debt crisis.

Benchmark oil hovered above $106 per barrel while the dollar rose against the euro and the yen.

In early European trading, Britain’s FTSE 100 fell 0.1 percent to 5,922.03. Germany’s DAX lost 0.4 percent to 6,880.81 and France’s CAC-40 slid marginally to 3,462.40.

Benchmarks in Asia fared better and Wall Street appeared headed for a higher opening. Dow Jones industrial futures rose nearly 0.1 percent to 12,957 and S&P 500 futures were 0.1 percent higher at 1,361.40.

Earlier in the day, the Nikkei 225 index in Tokyo added 1 percent to close at 9,554 — its highest finish in more than six months, as a weakening yen boosted the prospects of Japan’s critical export sector.

Hong Kong’s Hang Seng rose 0.3 percent to 21,549.28. South Korea’s Kospi added 0.2 percent to 2,028.65. Benchmarks in Australia, mainland China, Taiwan and Malaysia rose, while New Zealand, Singapore, India and Indonesia fell.

The preliminary reading of HSBC’s China manufacturing index rose from 48.8 in January to 49.7 in February. But the number was still below the 50-level that signifies expansion, suggesting that the Chinese central bank may loosen credit — a move typically welcomed by markets.