European markets are heading for a cautious open Thursday, with major bourses set to open nearly flat as investors await monetary policy announcements from the Bank of England, Swiss National Bank and Sweden’s Riksbank.

The flurry of European activity comes after the U.S. Federal Reserve on Wednesday held its key rates, while indicating two quarter percentage point cuts are likely later this year despite the uncertainty presented by U.S. President Donald Trump’s trade policy.

Trump’s volatile tariff announcements and threats will also be considered by global central banks for their potential impact on global growth, inflation and currency markets. The Bank of England is widely expected to hold rates at its March meeting despite weak economic growth, while market pricing suggests a potential cut in Switzerland — after its annual inflation rate fell to just 0.3% in February. The Riksbank is seen holding rates steady.

The regional Stoxx 600 index has closed higher for the last four sessions, rebounding from last week’s 1.22% loss.

Germany’s DAX snapped a winning run on Wednesday as investors appeared to “buy the rumor, sell the fact” after lawmakers voted to allow exemptions to its debt rules, unlocking hundreds of billions in defense, infrastructure and climate spending. The potential for the reform had so far driven strong gains in German industrial, manufacturing and defense names this month.

Europe is quiet on the data and earnings front Thursday, though stateside, results are due from Nike, FedEx and Micron Technology.

U.S. futures were higher overnight as the major averages looked to build on a Wednesday rally fueled by the Fed’s outlook.

Asia-Pacific markets were mixed after China’s central bank kept interest rates steady.