Europe seen higher as ECB decision looms

European markets are expected to open higher on Thursday ahead of the European Central Bank's (ECB) policy meeting amid expectations it will announce a full-scale bond-buying program to save the euro zone economy.

Global markets are poised for the ECB to announce some form of government bond-buying following its meeting on Thursday, in an attempt to stimulate the deflation-hit euro zone. The announcement will come at 12:45 GMT and will be followed by a press conference at 13:30 GMT, headed by ECB President Mario Draghi.

There is speculation about the size and scale of any such bond-buying scheme. On Tuesday, sources told CNBC that the ECB is planning to announce a 50 billion euros ($58.3 billion) a month QE program. Others have said the program will be worth a total 500 billion euros.

But there is speculation over the finer details. Some believe the program could involve risk-sharing between the ECB and national central banks in the euro zone, with the latter expected to buy government bonds as well. Some analysts have warned that this would dilute any effect of QE while others, such as noted investor Dennis Gartman, think markets could be disappointed by whatever program announced from Mario Draghi, as it may not be enough to stimulate growth.

In Asia Thursday, stock markets were mostly higher, with Tokyo and Shanghai wavering between gains and losses, amid bets that the ECB could launch an aggressive stimulus package.

Investors are also following the reaction from business leaders at the World Economic Forum in Davos, Switzerland on Thursday. Speaking to CNBC from Davos, the secretary general of the Organization of Petroleum Exporting Countries (OPEC) said Wednesday that oil prices were likely to remain around their current levels – near $48 per barrel – for around a month before rebounding.