European Shares Seen Mostly Higher At Open

(RTTNews) - European stocks are seen opening broadly higher on Wednesday as traders hope for the end of the longest government shutdown in U.S. history.

A spending bill aimed at reopening the government heads to the House, where it is expected to be passed as soon as Wednesday afternoon.

Investors also await speeches from several Fed officials, including Stephen Miran and Christopher Waller for additional clues on the rate outlook, heading into next month's FOMC meeting.

Economists currently bet on a quarter-point cut against the backdrop of a sharply deteriorating labor market and cooling inflation.

Closer home, investors will monitor closely German inflation data to gain further impetus on the European Central Bank's (ECB) policy outlook.

On the earnings front, Cisco, Disney and Applied Materials are among the prominent companies due to report their financial results this week.

Asian markets were mixed, giving up some early gains as concerns persist about a potential Artificial Intelligence (AI)-driven market bubble.

The dollar index was steady while gold drifted lower after three consecutive sessions of gains. Oil prices were moving lower after gaining about $1 on Tuesday.

U.S. stocks ended mixed overnight as jitters about AI-related stocks offset reports of progress toward ending the longest government shutdown in U.S. history.

Adding to signs of a deteriorating labor market, a weekly update of ADP's preliminary payroll figures showed that private employers shed an average of 11,250 jobs a week in the four weeks ending October 25.

Meanwhile, U.S. President Donald Trump warned of an economic and national security disaster if the Supreme Court ruled against his use of an emergency powers to impose sweeping tariffs.

The Dow rallied 1.2 percent to notch a record close amid expectations that the shutdown will end this week.

The S&P 500 rose 0.2 percent while the tech-heavy Nasdaq Composite shed 0.3 percent after Japan's SoftBank Group sold its entire stake in Nvidia Corp for $5.83 billion to help bankroll AI investments.

European stocks closed at a record high on Tuesday amid U.S. shutdown relief and BOE rate-cut bets.

The pan European Stoxx 600 jumped 1.3 percent. The German DAX rose half a percent, France's CAC 40 surged 1.3 percent and the U.K.'s FTSE 100 climbed 1.2 percent.