European markets are expected to open slightly higher on Wednesday morning, as the long-awaited U.S. tax overhaul wound its way through Congress.

The FTSE 100 is poised to open little changed at 7,537; while the DAX is seen up 50 points at 13,264 and the CAC 40 is set to open 15 points higher, according to IG.

The U.S. Senate comfortably approved sweeping tax legislation on Wednesday, allowing President Donald Trump to move a step closer to claiming his first major legislative victory. The tax bill will now go back to the House for a final vote later in the session.

The proposed U.S. tax legislation would slash corporate tax rates to 21 percent, down from 35 percent, with investors betting this will boost company profits and trigger share buybacks. However, while Republicans argue the tax cuts will support economic growth; critics of the bill say the package is a deficit-bloating giveaway to the super-rich.

In recent weeks, global markets have fluctuated in response to mixed expectations about Trump’s ability to push through the signature tax overhaul.

In commodities, oil prices edged higher on Wednesday morning, supported by an ongoing outage of the North Sea pipeline system as well as prolonged OPEC-led production cuts. Brent crude traded at around $63.96 a barrel, up 0.25 percent, while U.S. crude was seen at $57.73, up 0.31 percent.