Click chart for more premarket data. LONDON (CNNMoney)
Here are five things you need to know before the opening bell rings in New York:
1. Stocks are surging: U.S. stock futures are rallying as investors cheer the latest economic assessment from the Federal Reserve.
According to minutes released Wednesday from the Fed's December meeting, the central bank is predicting solid economic momentum in the coming year, despite concerns about global risks.
Major European markets are rising by more than 1% as traders expect the European Central Bank will be forced to pump money into the system soon to prevent a vicious circle of deflation and recession. Steadying oil prices are also supporting the markets. Oil is trading around $49 per barrel.
Over in Asia, most markets closed the day with gains.
2. The latest economic data: The Bank of England is set to release its latest interest rate decision Thursday. It is expected to keep interest rates unchanged at record low levels.
Meanwhile, official data on eurozone business sentiment will be released in the morning, alongside the latest data on Greek unemployment.
In the U.S., the Department of Labor will post weekly jobless claims at 8:30 a.m. ET.
Related: Fear & Greed Index
3. Stock market mover -- Tesco: Shares in British grocery giant Tesco (TSCDY) are surging by 7% after the firm reported its latest quarterly results.
Tesco said its business was improving. It also announced it would be closing 43 unprofitable stores and moving its headquarters to help save the company about £250 million ($376 million) per year.
Related: CNNMoney's Tech30
4. Expecting earnings: Family Dollar (FDO) will report quarterly earnings before the opening bell. Bed Bath & Beyond (BBBY) will report after the close.
5. Wednesday market recap: The Dow Jones industrial average gained 213 points, while the S&P 500 rose 1.2% and the Nasdaq closed 1.3% higher. This follows a string of heavy losses over the previous trading sessions.
First Published: January 8, 2015: 4:58 AM ET
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