Market overview: US service sector cools off in February

1500: The Institute for Supply Management’s non-manufacturing purchasing managers’ index retreated from a reading of 53.5 in January to 53.4 in February. That was better than the 53.1 which economists had pencilled in.

1445: Markit's services sector purchasing managers' index slipped from a reading of 49.8 in January to 49.7 in February (consensus: 50.0).

1444: Sainsbury cautioned investors it might not go ahead with a formal bid for Home Retail Group.

1330: Three-month copper futures are rising by 1.2% to $4,824.50 per metric tonne on the LME.

1330: Weekly US unemployment claims increased by 6,000 over the seven days ended on 27 February (consensus: 270,000).

1330: Non-farm labour productivity decreased at a 2.2% annual rate in the fourth quarter of 2015, according to the US Bureau of Labor Statistics. Together with a 1.1% rise in hourly compensation, the fall in productivity drove unit labour costs up by 3.3%.

0930: Activity in Britain's services sector slowed in February to the least since March 2013, with Markit's purchasing managers' index for the sector retreating from 55.6 to 52.7. Nevertheless, that was better than the consensus forecast for a reading of 52.3.

0900: Markit's Eurozone services sector PMI edged higher from 53.0 in January to 53.3 (consensus: 53.0). Back in the equity space, Admiral and CRH are pacing gains following their latest full-year figures, while the likes of Persimmon are taking it on the chin on the heels of the latest house price figures.

0850: French service sector activity cooled in February by more than economists had projected, with the Markit PMI for the sector retreating from 49.8 in January to 49.2 (consensus: 49.8).

0844: UK stocks have begun the session slightly lower, alongside a dip in crude oil futures, with some market commentary pointing out the ongoing close correlation between the two. To take note of, on Wednesday famously-bearish fund manager Marc Faber told CNBC he expected a short-term rally in equity markets. Also overnight, the Caixin Chinese services sector PMI slipped from 52.4 in January to 51.2. According to Halifax, UK home prices dropped 1.4% month-on-month in February (consensus: 0.0%). Markit's UK services sector PMi is scheduled to be released at 09:30, followed by a similar survey out Stateside later in the afternoon.