Here are the top 5 things to know ahead of today’s trading day:
1. ECB updates on focus
The European Central Bank's latest interest rate decision is due at 12:45 GMT on Thursday. Most of the focus will likely be on President Mario Draghi's press conference 45 minutes after the announcement.
The ECB is expected to keep its ultra-loose monetary policy on hold despite rising inflationary pressures. However, some analysts have warned the central bank may sound unexpectedly hawkish, as economic growth and inflation are picking up.
2. Oil drops below $50 first time in 2017
Oil prices extended steep declines from the prior session on Thursday, with the U.S. benchmark falling below the $50-level for the first time since the start of December after data showed another massive increase in U.S. crude supplies.
Oil sank more than 5% in the prior session after the U.S. Energy Information Administration said crude supplies surged by 8.2 million barrels last week to yet another all-time high of 528.4 million.
It was the ninth straight weekly build in U.S. stockpiles, feeding concerns about a global glut.
3. Gold falls near $1,200 mark
Gold futures extended a dive into an eighth consecutive session Thursday, sending the yellow metal to the lowest level since the start of February amid increasing confidence the Federal Reserve will raise interest rates at its upcoming policy meeting next week.
The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced.
4. Global stocks mostly lower
U.S. stock market futures pointed to a lower open on Thursday morning, after three down days in a row, as investors await U.S. jobs data and the European Central Bank's policy decision.
In Europe, stocks struggled in mid-morning trade, as investors reacted to a plunge in oil prices and looked ahead to a rate decision from the European Central Bank.
Earlier, in Asia, markets ended mixed, with the Shanghai Composite in China closing down around 0.8%, while Japan's Nikkei tacked on about 0.3%, boosted by a weaker yen.
5. China data sends mixed signals
China's producer price index jumped more than expected by 7.8% in February from the previous year, the fastest pace since September 2008, the National Statistics Bureau (NSB) said on Thursday.
In contrast, consumer prices slowed from a year ago, to 0.8%, its slowest pace since January 2015, largely due to falling food prices.
Cooling inflationary pressures could reduce the risk that the nation's central bank would have to respond more forcefully.