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Asia-Pacific markets looked set to trade on a cautious note Thursday, despite a relatively strong finish on Wall Street overnight after U.S. lawmakers passed a $1.9 trillion coronavirus relief package.

Australian shares were little changed in early trade, with the benchmark ASX 200 trading near flat. Shares of major miners Rio Tinto and BHP fell 1.22% and 2.48%, respectively.

Nikkei futures pointed to opening gains in Tokyo but the Japanese market has struggled to hold onto gains recent sessions.

Investors will shift focus to Europe where the European Central Bank is due to meet Thursday. ECB officials in recent weeks have reportedly described the rise in bond yields as “unwarranted tightening” and a situation that needs to be monitored closely.

“The ECB will also play down temporary strength in euro area inflation, focusing on the medium-term outlook,” the analysts said.

· European markets close higher, building on rally; U.S. inflation tame

European stocks closed higher Wednesday, building on the week’s gains, as U.S. inflation data eased some of the market’s concerns about rising prices.

The pan-European Stoxx 600 ended 0.4% higher, with chemicals up almost 1.8% to lead gains while mining stocks dropped 1.6%.