Europe uncertain ahead of central bank meeting

European equities are expected to open mixed Thursday as investors await the outcome of the European Central Bank's (ECB) policy meeting.

European investors are preparing for the ECB's meeting at which it could announce exactly when it will start its 1 trillion euro ($1.1 trillion) bond buying program. The euro fell to an 11-year low prior to the meeting.

On Wednesday, euro zone composite purchasing manager's index (PMI) data showed that euro zone business activity continued to expand in February, although at a slower rate than expected.

Investors will also be digesting news that China has set its gross domestic product (GDP) growth target at 7 percent for 2015 - the lowest in 11 years - focusing on quality over quantity as it overhauls its growth model. Asian stocks traded lower on Thursday, following the news.

In fellow BRIC nation Brazil, interest rates were hiked to a six-year high on Wednesday in a bid to combat inflation, but the country's economy appears to be veering close to recession.

Investors will also keep an eye on the Bank of England Thursday, which will announce its latest interest rate decision. The MPC maintained the Bank Rate at the historic low of 0.5 percent in February – rates have been unchanged since March 2009 – and kept the size of its quantitative easing Asset Purchase Programme at £375 billion.

Data releases Thursday include Italy's final fourth quarter growth rate, Greece's unemployment rate for December and Russian inflation data for February. Earnings are due from Carrefour, Continental, Adidas, Piraeus Bank, Aviva, London Stock Exchange and Schroders.