European markets were on were muted on Thursday, the second to last session before the Christmas break, with U.S. markets poised to open flat as benefits of the proposed tax changes in the U.S. are likely already priced in.

London's FTSE 100 was up 0.21%; France's Cac 40 was down 0.13% and Germany's Dax lost 0.19%. Spain's Ibex was down 0.14% as Catalan goes to polls in a snap election that was called after the region declared independence in October.

Nokia (NOK) - Get Nokia Oyj Sponsored ADR Report was one of the best performing stocks in Europe, gaining 2.68% to €3.98, after it said revenues would be boosted by a licensing agreement with China's Huawei. The Finnish telecoms equipment group said that it had signed a "multi-year patent licence agreement" with the devie maker. 

Wall Street futures were pointing to a fall at on Thursday with Dow Jones futures down 0.01% and S&P 500 mini futures gaining 0.07%, after all the main indexes dipped on Wednesday. The Dow Jones Industrial Average fell 0.11%, the S&P 500 lost 0.08% and the Nasdaq lost 0.04%, after the House of representatives gave final approval to the GOP tax reform bill.

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The largest overhaul to the U.S. tax code in 30 years now just awaits President Donald Trump's signature. The proposed changes will see the corporate tax rate fall to 21% to 35%, which could be boost company earnings and see higher dividends and stock buybacks.

Treasury yields climbed to a nine-month peak, spooked by the blowout in government debt needed to fund the giveaways. The yield on 10-year Treasuries gained three basis points to 2.50%, its fifth straight advance.

Asian markets were mixed on Thursday. Japan's Topix closed 0.08% up at its highest level since November 1991, while the Nikkei lost 0.11%.

The Hang Seng gained 0.45% and China's CSI 300 gained 0.93%.

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