1. Global markets alarmed

U.S. stock market futures pointed to a muted open on Thursday morning, as investors stayed cautious ahead of an upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping.

Wall Street shares reversed a rally and slipped on Wednesday, with the Dow posting its largest intraday downside reversal in 14 months, after the Fed minutes showed the central bank was concerned the stock market may be overvalued.

The U.S. dollar index was little changed at around 100.50 in New York morning trade, while the 10-year U.S. Treasury yield was at around at 2.35%.

In Europe, stocks were mostly lower, with Germany's DAX down around 0.5%, while London's FTSE 100 slumped 0.6%.

Earlier, in Asia, markets ended mixed, with the Shanghai Composite in China closing up about 0.3%, while Japan's Nikkei sank 1.5%.

2. Trump-Xi summit ahead

The main focus of the market on Thursday is the highly-anticipated meeting between U.S. President Donald Trump and Chinese President Xi Jinping later in the day at Trump's Mar-a-Lago retreat in Florida.

The two-day summit between the world's two most powerful leaders is expected to cover differences over trade, currencies and North Korea.

Trump has repeatedly criticized China's economic policies and pledged to label China a currency manipulator on the first day of his administration, but so far he has not.

3. Fed with hawkish remarks

Investors continued to digest minutes from the Federal Reserve's March policy meeting released on Wednesday, which was viewed as relatively hawkish.

The minutes showed most policymakers thought the central bank should start unwinding its massive balance sheet later this year, much sooner than many had expected.

The Fed currently holds $4.5 trillion in bonds and actions to trim the balance sheet could have a major impact on markets given its magnitude. Fed Chair Janet Yellen indicated that such a move would be akin to a rate hike.

The Fed's next policy meeting is scheduled for May 2-3 while investors currently expect another rate hike in June.

4. Draghi sends the Euro falling

European Central Bank President Mario Draghi said on Thursday that he sees no need to deviate from the ECB's current policy path, which includes bond buying at least until the end of the year and record-low rates until well after that to stimulate inflation

Draghi reiterated that the current monetary policy stance was still appropriate and the bank needed to see more signs that inflation was approaching its target before making any policy changes.

The euro sank to a 3-week low of 1.0629 against dollar in wake of Draghi's remarks. It was last at 1.0660.