European stock index futures pointed to a rise in equity markets on Thursday, with investors waiting for rate decisions from the European Central Bank and the Bank of England later in the day. The Dow Jones industrial average dropped 26.30 points, to end at 10,270.55. The Standard & Poor’s 500 Index fell 6.04 points, to end at 1,097.28. On the other hand the Nasdaq Composite Index edged up just 0.85 of a point, closing at 2,190.91. The Nikkei closed down 48.35 points at 10,355.98, while the broader Topix lost 0.5 percent to close at 911.09.

Yesterday, data showed that in January the pace of US job losses in the private sector dampened as employers reported the smallest payroll decline in almost two years, on the other hand the dominant services sector grew marginally. A report by ADP Employer Services showed that last month the US lost 22,000 private sector jobs. The Institute for Supply Management’s non- manufacturing businesses index rose to 50.5 from 49.8 in December.

Due for release today is the AUD Building Approvals m/m, AUD Retail Sales m/m, GBP Halifax HPI m/m, GBP Asset Purchase Facility, GBP MPC Rate Statement, GBP Official Bank Rate , EUR Minimum Bid Rate, CAD Building Permits m/m, EUR ECB Press Conference, USD Unemployment Claims, CAD Ivey PMI, USD FOMC Member Hoenig Speaks.

By Greg Secker