PARIS, April 5 (Reuters) - European stocks were seen rising on Thursday, halting a steep two-session drop as investors start to look at potential bargains, although gains could be limited with no positive catalyst in sight while investors will remain cautious ahead of the Easter break. At 0624 GMT, futures for Euro STOXX 50, for Germany's DAX and for France's CAC were up 0.5-0.6 percent. The euro zone's blue chip Euro STOXX 50 index tumbled 2.5 percent on Wednesday, suffering its second steepest sell-off of the year and hitting its lowest level since mid-January as poor demand at Spain's debt auction sparked fears of a new escalation in the euro zone debt crisis. The index has now surrendered half of its gains made since the European Central Bank's first massive liquidity injection in mid-December. "This correction is morphing into a real change in trend, although we still need confirmation. The most disciplined investors have seen their tight stop losses triggered already and they are out. It's very complicated to stay long now, especially ahead of the long Easter weekend," said David Thebault, head of quantitative sales trading, at Global Equities. The Euro STOXX 50, which on Wednesday tested the 50 percent Fibonacci retracement of the recent three-month rally, at 2,397 points, but managed to close a hair above it, will face resistance at 2,448 points, the 23.6 percent retracement of the latest pull-back. On the downside, the first key support level is at 2,384 points, the index's 200-day moving average. Investors will focus on the Bank of England on Thursday. All 56 economists polled by Reuters last week said they expected the BoE to leave interest rates and the target for its asset purchases unchanged, and most economists think the bank will not expand its quantitative easing programme this year. -------------------------------------------------------------------------------- MARKET SNAPSHOT AT 0623 GMT LAST PCT CHG NET CHG S&P 500 1,398.96 -1.02 % -14.42 NIKKEI 9,767.61 -0.53 % -52.38 MSCI ASIA EX-JP 521.42 -0.16 % -0.81 EUR/USD 1.3151 0.09 % 0.0012 USD/JPY 82.22 -0.24 % -0.2000 10-YR US TSY YLD 2.234 -- 0.01 10-YR BUND YLD 1.812 -- 0.01 SPOT GOLD $1,625.91 0.41 % $6.66 US CRUDE $102.23 0.75 % 0.77 GLOBAL MARKETS-Shares sag as debt worry stings risk appetite Wall St down on stimulus doubts, Spain debt sale Nikkei hits 4-week low on renewed euro zone worries Brent rises near $123; eyes U.S. jobs report Euro, Aussie nurse losses after sell-off, still vulnerable METALS-London copper gains, Shanghai cuts losses after data Gold rebounds; dashed easing hopes, euro weigh TREASURIES-Bonds edge up in Asia as stocks slip COMPANY NEWS: SANOFI The drugmaker said the U.S. Food and Drug Administration had granted priority review for its Zaltrap drug for the treatment of colorectal cancer but that a late-stage study showed the drug did not meet its targets in the treatment of prostate cancer. DAIMLER, VOLKSWAGEN, BMW, FIAT The German carmakers are against any sort of European Union intervention that would help companies shut down excess automotive factories, carmakers' lobby group ACEA president Sergio Marchionne said. Fiat CEO also said European new car sales will decline for the fifth year in a row. HENKEL, L'OREAL The consumer goods group's cosmetics division is winning market share in Europe, Hans van Bylen, head of the division, told Handelsblatt. TELECOM ITALIA Italian lawmakers on Wednesday approved legislation to open up the country's telecoms market despite concerns from the European Commission and telecoms operators such as Telecom Italia that it may undermine the national regulator's independence and power CREDIT SUISSE Swiss bank Credit Suisse said on Tuesday it had completed the repurchase of 4.7 billion Swiss francs ($5.12 billion)of its own debt as part of its efforts to comply with new global capital adequacy rules. EDF, EDISON The French power group raised doubt over its plan to take control of Italian power producer Edison after Italy's market regulator Consob said EDF needed to raise the price it had proposed to buy out the shareholders of Edison. THALES The French defence electronics group said it had completed the acquisition of Tampa Microwave, a privately held company specialising in tactical satellite communications terminals. Financial details were not disclosed.