Spain will sell up to 5 billion euros ($6.3 billion) of 2015 and 2016 paper. Italy offers up to 4.75 billion euros of five-year bonds on Friday.

The European Central Bank's monetary policy meeting will be another focus, with the ECB expected to hold rates steady at a record-low 1 percent while pressing governments to strengthen efforts on the crisis.

In terms of domestic economic news, the spotlight shines on the first Bank of England Monetary Policy Committee meeting of 2012, although no change to British interest rates or the quantitative easing programme was anticipated.

London's benchmark stock index looked set to climb 9-11 points, or 0.2 percent, according to financial bookmakers, after ending down 0.5 percent, or 25.88 points, at 5,670.82 on Wednesday.

James Hyerczyk, analyst at Autochartist, said that on the positive side, the FTSE 100 had a strong volume surge on Tuesday when it rallied to the high of the week at around 5,711.90. This was countered by the index stopping short of the Jan. 4 top at 5,719.80 and failing to muster a follow-through rally Wednesday. "The fact that it formed an inside range indicates investor indecision and impending volatility," he said.