(Bloomberg) -- Global equities steadied after days of declines as uncertainty over the health of the US economy and the pace of possible Federal Reserve interest rate cuts persist.

Europe’s Stoxx 600 index was little changed, with chemical stocks and miners posting the biggest losses after iron ore fell to the lowest since 2022. US futures contracts held steady, while Asian equities erased most gains after declines in Hong Kong and Japan.

Traders are looking toward weekly jobless claims data due later today and Friday’s nonfarm payrolls reports to assess whether the US economy is heading for a soft-landing as the Fed prepares to start easing policy.

Swap traders have ramped up bets on the pace of rate cuts after a Wednesday reading on US job openings trailed estimates and the Fed’s Beige Book survey showed flat or declining economic activity. Rates pricing now foresees at least 100 basis points of easing this year, including one jumbo cut of 50 basis points.

“We think that the US soft landing scenario is intact but acknowledge that the next two-three months could be a tricky period,” Eddy Loh, chief investment officer at Maybank Group Wealth Management, said on Bloomberg Television. “If the Fed were to cut 50 basis points, the market could perceive it as a negative because that means the Fed is seeing something in the economy.”

Treasury yields were little changed after tumbling Wednesday on the data showing a slowdown in the US labor market. The dollar held steady.

Iron ore slumped to trade near $90 a ton as China’s main steel industry group advised mills to be cautious in boosting output too quickly to avoid snuffing out a post-summer recovery.

Key events this week:

Some of the main moves in markets:

Stocks

Currencies

Cryptocurrencies

Bonds

Commodities

This story was produced with the assistance of Bloomberg Automation.

--With assistance from Chiranjivi Chakraborty.