European stocks set to open higher

European stocks closed little changed on Wednesday as the European Union’s legislative body halted work on the final approval and implementation of the EU-U.S. trade deal until further notice

European stocks look set to open on a buoyant note Thursday after U.S. President Donald Trump dropped plans to impose tariffs on several European countries over Greenland, adding a “framework” for a potential agreement with respect to the entire Arctic Region has been reached.

Trump didn’t detail the parameters of the so-called “framework” but media reports said the framework involves mineral rights and the Golden Dome.

Greenland holds large quantities of rare earth elements, many of which are crucial for technologies including mobile phones and electric vehicles.

Denmark ruled out negotiations over ceding the semi-autonomous island to the U.S.

European stocks closed little changed on Wednesday as the European Union’s legislative body halted work on the final approval and implementation of the EU-U.S. trade deal until further notice, and U.S. President Trump insisted in his speech at the World Economic Forum in Davos, Switzerland, that he would not use force to acquire Greenland.

In economic news, trading later in the day may be impacted by reaction to typically closely watched numbers on consumer price inflation, although the data for October and November may be seen as old.

In Asia, stocks traded higher as Greenland-related geopolitical and trade tensions eased and long-dated Japanese debt rebounded from its losses, helping ease concerns over bond selloff.

Oil prices were marginally higher, and the U.S. dollar held on to overnight gains against major peers while Treasuries were steady after a $13 billion auction of 20-year bonds in the U.S. drew strong demand.

Gold was down 0.7 percent at $4,798 an ounce after soaring to a new high in the previous session.