European markets are expected to open higher on Wednesday morning, as investors reacted to a string of robust economic data and monitored the release of a fresh set of rules for the continent’s financial sector.

The FTSE 100 is poised to open up by 8 points at 7,645, while the DAX is seen up 56 points at 12,909 and the CAC 40 is set to open 13 points higher, according to IG.

In Asia, stocks soared to record highs on Wednesday after a slew of upbeat manufacturing surveys appeared to show a synchronized upturn in the global economy. Industry surveys from India to Canada showed quickening activity on Tuesday.

In corporate news, Europe’s largest airline Ryanair is due to publish passenger figures for the month of December. The airline said Tuesday that a subsidiary company, Ryanair UK, had applied for a British air operating certificate in order to ensure it would be able to keep operating in the country post-Brexit.

On the data front, investors will likely monitor the much-anticipated introduction of a colossal piece of European Union (EU) legislation on Wednesday. The revamped version of Europe’s Markets in Financial Instruments Directive — often referred to as Mifid II —is due to come into effect on January 3, impacting every corner of the continent’s financial services system.

In commodities, oil prices came off record highs in the previous session after major pipelines in Britain and Libya restarted and U.S. production surged to its strongest rate in more than four decades. Brent crude traded at around $66.58 a barrel on Wednesday morning, up 0.02 percent, while U.S. crude was seen at $60.40, up 0.05 percent.