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European markets are expected to open higher on Wednesday as global market sentiment rebounds amid receding concerns over a trade war between the U.S. and China, and President Donald Trump’s criticism of the U.S. Federal Reserve.

The U.K.’s FTSE 100 index is expected to open 86 points higher at 8,418, Germany’s DAX up 457 points at 21,739, France’s CAC 84 points higher at 7,402 and Italy’s FTSE MIB 446 points higher at 35,906, according to data from IG.

Global markets rallied Tuesday on hopes of an eventual breakthrough in the trade standoff between the U.S. and China, sending U.S. stocks sharply higher. Trump indicated that final tariffs on Chinese exports to the U.S. “won’t be anywhere near as high as 145%.” However, he added that the duties “won’t be 0%.”

U.S. stock futures popped and Asia-Pacific markets also got a boost overnight after the president said he has “no intention” of firing U.S. Federal Reserve Chair Jerome Powell before his term ends next year.

Trump has repeatedly criticized Powell and demanded that interest rates be cut, raising fears that he would seek to remove him from his post at the central bank, which has traditionally operated with independence from government.

Investors in Europe will be keeping an eye on earnings from NatWest and Heathrow Airport on Wednesday. Data releases will include the latest purchasing managers’ index data on activity in the euro zone’s services and manufacturing sectors.