European markets are expected to open slightly higher on Thursday morning, as investors turn their attention to the States, awaiting more developments concerning tax reform and geopolitics.

The U.K.’s FTSE 100 is expected to open 12 points up at 7,359, while the German DAX is set to open 36 points higher at 13,033 and the French CAC up 8 points at 5,382, according to IG.

In Europe’s previous session, stocks closed marginally lower as investors reacted to a sharp decline in technology stocks. A similar trend was seen on Wall Street and in Asia overnight. Consequently, the muted trade seen elsewhere in the world is likely to have an influence on the European session Thursday.

Brexit will continue to linger at the back of investors’ minds. A spokesperson for Theresa May, stated that the British prime minister would discuss the desired “end state” when it comes to Brexit with her leading team of ministers before the year is out, according to Reuters.

Meanwhile, lawmakers from the British parliament’s Upper House have said that the U.K. should avoid the worse-case scenario of having a “no deal” outcome when it comes to Brexit.

News Stateside is expected to shake up sentiment. President Donald Trump and his administration announced Wednesday that the U.S. recognized Jerusalem as the capital of Israel and said that the American Embassy would be moved there, even though officials recently said the relocation could take “years.”

The announcement was met with backlash from Arabs and Muslims from across the Middle East, in addition to the United Nations and European Union voicing their concern about the decision and the repercussions it would have on the peace-making process between Israel and Palestine.

Meanwhile, tax reform remains high on the agenda for investors worldwide. On Wednesday, the U.S. Senate voted to go to a conference committee with the House, in order to negotiate a plan when it comes to overhauling the current tax system. The Senate voted 51-47 in favor of forming a conference committee, as Republicans hope a tax proposal can be agreed upon by the Christmas holiday.

In individual stocks news, AXA is expected to host a shareholders’ meeting in Rennes.

Looking to data, gross domestic product growth data for the euro area is due out in morning trade. Meanwhile, the European Central Bank is expected to hold a general council meeting in Frankfurt on Thursday.