Signs of trade-talk progress lifted global stocks early Thursday.

European, Japanese and Chinese indexes rose, while U.S. stock futures were mixed, with contracts for the Dow industrials falling.

Analysts said the terms of the likely deal were better than investors initially expected. “This would be in line with our bullish base case,” Deutsche Bank researchers said.

Despite the optimism, EU countries approved Thursday a package of retaliatory tariffs in case no agreement is reached. The list covers more than $100 billion worth of annual U.S. goods exports to the bloc.

Away from trade, President Trump is keeping up his pressure on Federal Reserve Chair Jerome Powell. This afternoon, Trump and his advisers are set to tour the construction site where the Fed is renovating its headquarters. The president has criticized the $2.5 billion building works, alongside the bank’s interest-rate policy under Powell.

American Airlines and Blackstone posted earnings Thursday morning, among others. Tesla shares slid in premarket trading after the EV maker posted a drop in quarterly profit, while Alphabet shares rose after Google’s parent company reported record sales.

Also coming up are early July readouts of purchasing managers indexes covering manufacturing and services. Overseas, the European Central Bank is expected to keep rates on hold in its policy decision Thursday.

Stock futures were mixed. Dow futures fell, while contracts for the tech-heavy Nasdaq-100 gained. S&P 500 futures were little changed.

Global markets largely rose. Japan’s Nikkei 225 advanced 1.6%. The Stoxx Europe 600 and Hong Kong’s Hang Seng Index saw smaller gains.

Treasury yields rose. The 10-year yield inched topped 4.4%.

European bond yields also rose, on hopes for a EU-U.S. trade deal. Lower tariffs could diminish the need for the ECB to cut rates.

International oil prices advanced. Brent crude futures gained roughly 1%.

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