European Shares Seen Up On Optimism Over Phased Reopenings

European stocks look set to open higher on Wednesday amid optimism over the phased reopening of businesses in some countries.

After Italy announced a timetable for reopening its economy and daily life beginning on May 4, the French and Spanish governments also announced plans to ease anti-virus controls, allow restaurants and other businesses to reopen gradually.

Elsewhere in the United States, some governors are pushing to reopen their states despite warnings by health experts that moving too fast might lead to new outbreaks.

As the number of confirmed coronavirus cases in the United States topped 1 million, President Trump said the U.S. is looking at "a lot more money" in damages from China for Covid 19.

He called out China for failing to tame the coronavirus at its very origin, saying it has left 184 countries "going through hell".

Lawmakers in the U.S. House of Representatives will not return to Washington next week as planned for work on the next virus aid package due to the continuing risk of coronavirus infection, Democratic leaders said.

Germany's coronavirus infection rate has reportedly edged up, prompting the head of the country's infectious diseases institute to urge people to maintain rigorous social distancing despite a slight easing of restrictions on public life.

Asian markets gained ground after Google's parent company Alphabet Inc beat analysts' estimate for quarterly revenue.

AMD reported solid first quarter financial results, while Ford Motor Co. posted a $2 billion first-quarter net loss. Starbucks said that 90 percent of its domestic company-operated stores will be open by early June.

Traders look ahead to the Federal Reserve's monetary policy announcement later today for guidance on the future path of interest rates.

Some economists have suggested the Fed could take steps toward yield curve control, announcing targeted asset purchases as part of an effort to pin down longer-term yields.

Gold prices ticked higher on a weaker dollar, while oil prices jumped after U.S. stockpiles rose less than expected.

In economic releases, U.K. shop prices declined at a faster pace in April amid lockdown as non-food prices fell most since 2006, data from the British Retail Consortium showed earlier today. The BRC-Nielsen shop price index fell 1.7 percent year-on-year in April.

U.S. stocks ended lower overnight as few U.S. states allowed some businesses to reopen following lockdowns to curb the coronavirus pandemic and the Trump administration unveiled a plan to ramp up testing.

The Dow Jones Industrial Average slipped 0.1 percent and the S&P 500 shed half a percent, while the tech-heavy Nasdaq Composite declined 1.4 percent.

European markets advanced on Tuesday as investors reacted to volatility in oil prices, a host of corporate earnings and reports about reopening of businesses in some virus hot spots.

The pan European Stoxx 600 climbed up 1.7 percent. The German DAX rallied 1.3 percent, France's CAC 40 index gained 1.4 percent and the U.K.'s FTSE 100 added 1.9 percent.