European Economics Preview: ECB Rate Decision Due

Interest rate decision from the European Central Bank is due on Thursday, headlining a busy day for the European economic news.

At 3.00 am ET, retail sales figures from Hungary and Czech Republic are due. Hungary's retail sales are forecast to grow 5.8 percent year-on-year in July after increasing 6.2 percent in June. Annual growth in Czech retail sales is seen slowing to 7.2 percent in July from 11.1 percent a month ago.

In the meantime, consumer and producer prices are due from Turkey. Turkey's inflation is seen at 6.82 percent in August.

At 3.30 am ET, Sweden's central bank is scheduled to announce its interest rate decision. The bank is expected to maintain its key rate at -0.35 percent.

Final services PMI figures are due from France at 3.50 am ET and Germany's data at 3.55 am ET. At 4.00 am, Markit releases final PMI for Eurozone. The euro area composite PMI is expected to match the flash estimate of 54.1.

At 4.30 am ET, U.K. CIPS/Markit services PMI is due. Economists forecast the index to rise to 57.7 in August from 57.4 in July.

Half an hour later, Eurostat is set to publish Eurozone retail sales figures for July. Sales are forecast to grow 0.5 percent month-on-month in July reversing a 0.6 percent fall in June.

At 7.45 am ET, the European Central Bank is slated to announce the outcome of the governing council meeting. The bank is expected to keep its refinancing rate unchanged at 0.05 percent.

Thereafter, ECB President Mario Draghi is set to hold customary press conference at 8.30 am ET.