Premarket: Running out of steam

European stocks paused for breath after climbing for several days, with concerns over Greek debt and Chinese manufacturing dominating the market.

Miners led the losers on Britain's FTSE 100, which was flat overall. France's CAC 40 fell 0.5 per cent, while Germany's DAX declined 0.3 per cent.

U.S. stock futures were slightly lower. Dow futures dipped 0.1 per cent, or 13 points, to 12,574, while S&P 500 futures declined 3.1 points, or 0.2 per cent, to 1,307.30.

The market is still concerned about a Greek sovereign debt default as Athens negotiates terms of a debt restructuring with its private bondholders, who are being asked to agree to a 100-billion euro ($129-billion U.S.) writedown.

In addition, international debt inspectors have arrived in Athens to assess whether Greece is taking enough steps to secure bailout funds. They will scrutinize Greece's public finances to make sure it is on track with painful austerity reforms.

The euro fell from a two-week high against the U.S. dollar, down 0.5 per cent at $1.2903.

Investors were also examining a Chinese manufacturing survey for January. The HSBC flash manufacturing purchasing managers index stood at 48.8, little changed from a 48.7 reading in December. The reading was still below the 50 level, indicating a contraction.

Copper fell, trading at $8,287.75 a tonne.

Gold slipped back below $1,650 an ounce. U.S. gold futures for February delivery were down $8.00 an ounce at $1,646.70.

U.S. crude oil declined 89 cents to $99.50 a barrel.

The Canadian dollar dipped to 98.65 U.S. cents.