Asian stocks were set for a muted open on Thursday as global markets calmed after an elevation in trade tensions between the U.S. and China triggered a sell-off earlier in the week.

Nikkei futures traded in Chicago were lower by 0.18 percent compared to the benchmark’s last close. Australian SPI futures, meanwhile, were up 0.16 percent at the end of the previous session.

Stateside, the Nasdaq composite rose 0.72 percent to close at a record 7,781.51 and the S&P 500 advanced 0.17 percent to finish at 2,767.32. Gains came amid corporate deal-making news and followed declines seen earlier in the week on the back of an escalation in U.S.-China trade tensions.

The Dow Jones industrial average, however, slipped 0.17 percent, or 42.41 points, to close at 24,657.80.

Concerns over trade relations between the world’s two largest economies eased somewhat. Analysts attributed the calmer state of markets overnight to the lack of substantial new developments on the U.S.-China trade spat.

U.S. President Donald Trump on Monday requested the U.S. Trade Representative to identify $200 billion in Chinese products that would be subject to an additional 10 percent tariff. China responded that it would retaliate with countermeasures if the U.S. went through with those threats.

In other trade-related news, the U.S. could be making some progress on its relations with other trading partners. German automakers are proposing to terminate the European Union’s import tax on U.S.-made cars, the Wall Street Journal reported Wednesday.

Also of note, Federal Reserve Chair Jerome Powell said that the case for continued interest rate increases is “strong.” Powell’s comments came after the Fed last week raised interest rates by a quarter percentage point.

On the commodities front, U.S. crude futures gained 1.8 percent to settle at $66.22 per barrel while Brent crude futures slipped 0.5 percent to settle at $74.74.

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

• 9:30 a.m.: Reserve Bank of Australia bulletin
• Taiwan’s central bank will also make its interest rate decision later in the day