Here's a quick snapshot of how we are starting the day in Europe:Eurostoxx +0.1%Germany DAX +0.1%France CAC 40 +0.2%UK FTSE flatSpain IBEX +0.6%Italy FTSE MIB +0.5%Regional equities are attempting a modest rebound at the open after yesterday’s sharp selloff, with Spain and Italy leading early gains with some light moves higher elsewhere.That being said, the recovery remains tentative. With Brent crude holding above $100, the inflation threat is still firmly in focus. Meanwhile, global bond yields also remain elevated as we get into the second half of the week.The focus and attention now turns squarely to the ECB, which is widely expected to raise key interest rates by 25 bps later today.ECB preview: A rate hike expected as markets focus on Lagarde, inflation and future policyECB preview: What major banks and analysts expect from Lagarde and interest ratesAcross the Atlantic, US futures are also keeping steadier today but this looks to be more of a bit-part breather more than anything else. Treasury yields are still holding near multi-year highs as traders are awaiting the US inflation data tomorrow before turning the focus on next week’s Fed decision.S&P 500 futures are up by 0.2% with Dow futures up by 0.4% currently. Meanwhile, Nasdaq futures are sitting lower by 0.1% on the day.Overall, the opening sentiment can be summed up as being cautiously positive. This looks more like a relief bounce after Wednesday’s selloff than a convincing return to risk-on trading. The ECB decision and, more importantly, Lagarde’s language on further tightening should determine whether the rebound we're seeing has legs to run. This article was written by Justin Low at investinglive.com.