Here is what you need to know on Thursday, March 16:

Following Wednesday's intense flight to safety that was triggered by renewed fears over Credit Suisse collapsing after failing to receive additional financial support, market mood seems to have started to improve early Thursday. The European Central Bank (ECB) will announce its policy decisions later in the day and the US economic docket will feature February Housing Starts, Building Permits and the Federal Reserve Bank of Philadelphia's Manufacturing Survey for March.

ECB Preview: Banking jitters give arguments for doves.

Bloomberg reported early Thursday that Saudi National Bank's, Credit Suisse's biggest investor, Chairman, Ammar Al Khudairy said the panic surrounding Credit Suisse was unwarranted. Al Khudairy added that regulators were ready to "plug holes when they appear" while noting that the bank was unlikely to need more capital. More importantly, the Swiss National Bank (SNB) and the Swiss Financial Market Supervisory Authority (FINMA) came out with a statement late Wednesday, saying that Credit Suisse met the capital requirements imposed on banks and that they will provide liquidity if necessary. After having lost over 3.5% on Wednesday, Euro Stoxx 50 was up more than 1% in the pre-market trade. Furthermore, Credit Suisse shares are reportedly indicated more-than-20% higher opening on Swiss exchange.

In the meantime, the US Dollar Index, which rose more than 1% on Wednesday, stages a technical correction and trades in negative territory at around 104.50. The benchmark 10-year US Treasury bond yield is up more than 1% on the day following Wednesday's sharp decline. Finally, US stock index futures are up marginally in the early European session.