NEW YORK (CNNMoney)
Investors are beginning to believe that politicians in Washington can resolve the fiscal cliff stand-off after weeks of gridlock. U.S. stocks rose Tuesday amid signs that a deal is taking shape and stock futures were firm on Wednesday.
European shares gained ground in early trade, shrugging off news that UBS has to pay $1.5 billion to settle claims in the U.S., U.K. and Switzerland related to rigging Libor benchmark interest rates. The settlement was widely trailed in media before Wednesday's announcement.
Aside from the fiscal cliff talks, investors will get an update Wednesday on the nascent housing market recovery, with data due at 8:30 a.m. ET from the Census Bureau on housing starts and building permits.
In other corporate news, firms including FedEx (FDX, Fortune 500) and General Mills (GIS, Fortune 500) are scheduled to report quarterly results before the opening bell. FedEx is often seen as a bellwether for the broader economy due to the nature and global scope of its business.
After the closing bell Tuesday, tech giant Oracle (ORCL, Fortune 500) reported quarterly results that beat analysts' forecasts for profits and revenues, which sent shares higher in after-hours trading.
Fear & Greed Index
European markets rose in morning trading, while Asian markets ended broadly firmer, with Japanese stocks continuing to lead the way on expectations of new measures to stimulate the economy. The Bank of Japan is expected to announce an increase in its asset-purchase scheme on Thursday.
The dollar was steady against most major currencies, and continued to firm against the yen, which has been hit by the talk of further monetary stimulus. 
First Published: December 19, 2012: 3:54 AM ET
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