Copper is often considered a barometer of industrial demand, so the slump leant extra gravitas to news the World Bank had cut its 2015 growth forecasts blaming sluggishness in the euro zone, Japan and some major emerging economies. Australia's main index fell 0.9%, with mining shares taking an added blow from the drop in copper

US session was marked by Retail Sales data. Retail and food services sales for December, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $442.9 billion, a decrease of 0.9% from the previous month, but up 3.2% above December 2013. It was also below expected increase of 0.2%. Total sales for the 12 months of 2014 were up 4.0% from 2013. Total sales for the October through December 2014 period were up 4.1% from the same period a year ago. Core Retail Sales also missed expectations on 0.1%, and decreased by 1.0%.

Focus of tomorrow's morning part of the session will be on Australian job figures. Increase of 5,3000 is anticipated with unemployment rate remaining unchanged around 6.3%. In the US session Unemployment Claims, PPI, Empire State Manufacturing Index and Philly Fed Manufacturing Index figures are scheduled for a release. Analysts predict 0.3% decrease in PPI, and rise to 299,000 in Unemployment Claims. Empire State Manufacturing Index is forecasted to increase to 5.3 points, while Philly Fed Manufacturing Index should decline to 20.3 points.

Figures to watch:

Employment Change/Unemployment rate (Thursday 1:30)

PPI (Thursday 14:30)

Unemployment Claims (Thursday 14:30)

Empire State Manufacturing Index (Thursday 15:15)

Philly Fed Manufacturing Index (Thursday 16:00)