The monetary policy announcement from the European Central Bank is the top event due on Thursday. The ECB is widely expected to keep its main refinancing rate unchanged at 4.50 percent today. Markets anticipate the first rate cut in June as policymakers await to see fresh round of staff projections, GDP growth and wage growth figures for the first quarter.

The announcement is due at 8.15 am ET. The ECB Chief holds the press conference at 8.45 am ET.

Other major reports due on Thursday are industrial production from Italy and credit conditions survey results from the Bank of England.

At 2.00 am ET, Statistics Norway is slated to release Norway's monthly GDP data.

Half an hour later, inflation data for March is due from Hungary.

At 4.00 am ET, Italy's statistical office ISTAT publishes industrial output data for February. Production is expected to grow 0.6 percent on month, in contrast to the 1.2 percent decrease in January. At 4.30 am ET, the Bank of England is set to issue credit conditions survey results.

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