European indices are trading mixed after four days of gains fuelled by expectations that the ECB will embark into quantitative easing after its upcoming policy meeting on January 22^nd. An interim ruling by the European Court of Justice stated that QE is "in principle" in line with European legislation.

The FTSE 100 index is currently trading +0.57% quoted at 6,658.01 points. Market participants are awaiting a set of U.K. data including Claimant count, Unemployment Rate and the Bank of England minutes due at 0930 GMT. Germany's DAX 30 lost -0.42% trading at 10,214.63,. France's CAC 40 declined by -0.23%, currently trading at 4,435.89 points.

U.S. Building Permits and Housing Starts are due at 13:30 GMT and may show an improving U.S. economy, according to economists' forecasts.