Thursday, the European Central Bank is expected to cut its key interest rate by 50 basis points to a fresh low of 1%. It is also expected that the ECB may introduce new tools to ease credit strains as traditional measures have reached their limits. The central bank is set to announce its decision at 7.45am ET.

At 2.00am ET, the Nationwide Building Society is scheduled to issue UK house prices for the month of March. House prices are forecast to decline 18.1% year-on-year in March, following a 17.6% decline in February. Month-on-month, a 1.5% decline is expected.

At 2.45am ET, the French PPI is due. Producer prices are predicted to decline 3.5% in February from the previous year and 0.4% from January.

Thereafter, the Hungarian Central Statistical Office is set to release a final trade balance report for January at 3.00am ET. The preliminary estimate showed a deficit of EUR 192 million in January compared to EUR 79.4 million deficit in the previous month.

At 4.00am ET, the Italian deficit to GDP for the fourth quarter and Norwegian unemployment reports are due.

At 4.30am ET, the Bank of England is slated to issue the first quarter credit conditions survey.

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