The U.S. Senate began the process of re-opening the government after the longest-ever shutdown, sparking a rally in U.S. stock futures and global markets. Despite potential delays in the process and short-term funding, stock futures rose 1% and Treasury bond yields reached their highest in over a month. Risk appetite increased, with the dollar falling and gold, oil, and bitcoin prices rising.

The reopening of the government could lead to a deluge of delayed U.S. economic data, causing potential volatility in the markets. The Fed’s VIX volatility gauge slipped from last week’s highs, but futures predict a two-thirds chance of another interest rate cut next month. The Fed’s balance sheet runoff ending next month may provide some cushion for Treasury markets amid heavy government debt sales.

Japan’s yen weakened as Prime Minister Sanae Takaichi proposed a new fiscal target and urged caution on interest rate hikes, putting pressure on the Bank of Japan. Chinese stocks rose after better-than-expected inflation data, but China’s car sales fell unexpectedly in October, ending an eight-month growth streak due to weakening consumer sentiment.

Pfizer secured a $10 billion deal for obesity drug developer Metsera after a bidding war with Novo Nordisk. Pfizer’s stock rose 1% after hours, while Novo Nordisk climbed 3% in Europe. The U.S. earnings season is winding down, and today’s market events include U.S. Treasury bond sales and corporate earnings reports.

Consumer surveys hit near 3-1/2 year lows amidst fears of the government shutdown fallout. Today’s events to watch include U.S. Treasury note sales, corporate earnings from companies like Tyson Foods, and Brazil hosting the UN climate summit. China’s major commodity imports softened in October, with iron ore being an exception.

Read more at Yahoo Finance: Morning Bid: A re-open rally