U.S. stocks closed mixed on Thursday as investors digested the release of House Republicans’ tax-reform plan. President Donald Trump also nominated Jerome Powell, a Federal Reserve governor, to be the next head of the central bank.

Trump announced Powell would become the chairman of the Federal Reserve when current Chair Janet Yellen steps down at the end of her term next year. The move had been mostly expected by investors.

Powell is seen by markets as a “continuity candidate” whose thinking is “very much allied to the status quo data-driven style at the Fed,” David de Garis, director of economics at National Australia Bank, said in a morning note.

Also on Thursday, House Republicans released details of a highly-anticipated tax-reform plan although market moves were relatively subdued. The corporate tax rate would be reduced to 20 percent from 35 percent under the plan, which also aims to lower the number of income tax brackets.

“Currency and stock markets have adopted a largely wait and see response both to news that Jerome Powell will be nominated as Fed Chair and to the release of US tax reform proposals,” Ric Spooner, chief market analyst at CMC Markets, said in a note.

Elsewhere, the Bank of England raised interest rates by 25 basis points on Thursday — its first time hiking rates in more than a decade. While policymakers voted seven to two to increase the benchmark rate to 0.5 percent, the move was seen as relatively dovish by markets.

In response, the British pound fell to trade as low as $1.3052, compared to levels around the $1.32 handle in the rest of the week. Sterling traded at $1.3055 at 6:42 a.m. HK/SIN.

U.S. stocks closed mostly higher on Thursday as investors parsed through tax reform details. The Dow Jones industrial average rose 0.35 percent, or 81.25 points, to close at 23,516.26, the S&P 500 edged up 0.02 percent to end at 2,579.85 and the Nasdaq composite bucked the positive trend to close lower by 0.02 percent at 6,714.94.

Down Under, the S&P/ASX 200 edged up 0.17 percent in early trade.

Asian corporates on the earnings calendar include Sands China.

Markets in Japan are closed for Culture Day.

China Huishan Dairy Holdings, which saw its stock fall 90 percent in March, has reached a deal with more than half of its Chinese creditors on a debt restructuring plan representing above two-thirds of the outstanding amount it owes, the company said in a filing to the Hong Kong Exchange.

The dollar index, which tracks the U.S. currency against a basket of six rivals, was little changed following the developments stateside. The index traded a touch softer at 94.685 at 6:43 a.m. HK/SIN.

The greenback also edged down slightly against the Japanese yen to trade at 114.04.

Here’s the economic calendar for Friday (all times in HK/SIN):

• 8:30 a.m.: Australia September retail sales
• 9:45 a.m.: Caixin October services and composite PMI
• 12:00 p.m.: Malaysia September trade data