The European Central Bank is likely to cut its interest rates on Thursday as inflation softened amid weaker economic growth. Markets expect the bank to lower the policy rates by 25 basis points. The deposit facility rate is likely to be reduced to 2.50 percent from 2.75 percent.

The policy announcement is due at 8.15 AM ET. ECB President Christine Lagarde will hold customary press conference at 8.45 am ET.

Other major reports due for the day are retail sales from the euro area and construction Purchasing Managers' survey results from Germany and the UK. At 3.30 am ET, S&P Global publishes Germany's construction PMI data.

At 4.30 am ET, the UK construction PMI survey results are due. Economists expect the construction PMI to rise to 49.5 in February from 48.1 in January.

At 5.00 am ET, Eurostat releases euro area retail sales data for January. Sales are expected to grow 0.1 percent on month, reversing a 0.2 percent fall in December.

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