European markets are set to open to mixed trade on Thursday after the U.S. Congress approved an overhaul of the U.S. tax code that will cut corporate tax rates.

London’s FTSE is expected to open 9 points higher at 7,526, the German DAX up 20 points at 13,074 and the French CAC down 3 points at 5,344.

International markets have offered something of a muted reaction to the passage of the tax bill in the U.S. on Wednesday.

U.S. equities closed little changed on Wednesday and on Thursday, Asian shares traded lower after the tax bill was passed for a second time by House Republicans on Wednesday. They had voted for a second time after their first vote on the bill ran into a procedural snag.

The Senate had approved the bill in the early hours of Wednesday.

The sweeping changes to the tax code will see the corporate tax rate drop from 35 percent to 21 percent but the bill’s critics say it favors the wealthy and analysis shows it will add nearly $1.5 trillion to the U.S. deficit.

The bill now goes to President Donald Trump’s desk to be signed into law, although the exact timing of that ceremony is unclear.

Markets in Asia also digested the news that the Bank of Japan held its monetary policy steady with inflation still far from the targeted 2 percent despite a growing economy.

In focus for European markets on Thursday, Catalonia goes to the polls today for a regional election following several months of political turbulence and uncertainty. Spain’s government sacked the regional government in Catalonia after it declared independence in October. Polls show the vote is too close to call between secessionist and pro-unity parties. Results are due late Thursday evening.

Meanwhile in the U.K., Prime Minister Teresa May is facing another setback after the resignation of her most senior minister, Damian Green, following a pornography scandal. May reportedly forced Green to resign on Wednesday after an internal investigation found that he had made misleading comments about pornography found on computers in his parliamentary office, Reuters reported.

There are no major earnings or data releases from Europe on Thursday.