Markets in Europe are set for a higher open on Thursday morning after President Donald Trump unveiled much-awaited tax plans.

The FTSE 100 is seen higher by 5 points at 7,314; the CAC 40 is set to start 8 points higher at 5,289 and the DAX 30 is expected to begin the trading day up by 28 points at 12,688.

Trump announced the biggest tax reform for the U.S. in thirty years on Wednesday, proposing tax cuts for most citizens. However, the plan received some criticism for favoring the wealthier and raised doubts over its impact on the country’s deficit. U.S. bond yields jumped on the news and the dollar was trading 0.23 percent higher against a basket of foreign currencies at about 6:00 a.m. London time.

Meanwhile, South Korean authorities said Thursday that they foresee further provocative actions from neighboring North Korea in mid-October. Asian stocks were mixed on Thursday as a result.

Back in Europe, investors will monitor comments from Brexit negotiators Thursday afternoon as the fourth round of talks comes to an end. In Germany, Chancellor Angela Merkel seems closer to forming a government after Wolfgang Schaeuble decided to become president of the parliament and thus allowing another party to take the Finance Ministry.

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