While the process of re-opening government could yet take several days and the proposed Senate bill would only fund government through January, U.S. stock futures jumped about 1% ahead of Monday's bell and Treasury long bond yields briefly touched their highest in over a month. 

The dollar edged lower as risk appetite appeared to be rekindled, although gold, crude oil prices and bitcoin climbed.

The prospect of a deluge of delayed U.S. economic data over the coming weeks is likely to make for noisy and potentially volatile trading, even though there's a chance some reports may never be released in full, due to data-collection issues.

Wall Street's VIX volatility gauge, however, slipped back lower from last week's highs and settled at about 18.6 on Monday.

The messy economic picture for the Federal Reserve is unlikely to clear up any time soon, with futures currently seeing about a two-thirds chance of another interest rate cut next month.

Although the planned end of the Fed's balance sheet rundown from next month ostensibly cossets Treasury markets to some degree, they have to navigate another heavy week of government debt sales - starting with about $58 billion of 3-year notes on Monday.

Overseas, Japan's yen weakened again after new Prime Minister Sanae Takaichi said she would work on a new fiscal target over several years to allow more flexible spending - essentially watering down the country's commitment to fiscal consolidation. Takaichi also called for the Bank of Japan to go slow on interest rate hikes, raising pressure on a central bank sizing up its next hike ahead of December's policy decision.

Chinese stocks advanced after better-than-feared inflation news at the weekend, which saw annual consumer price growth return to positive territory and producer price deflation easing somewhat in October. While reduced deflation fears may be some relief, they may also cut across pumped-up stimulus hopes to some degree.

But there was other worrying news there about the state of domestic demand. China's car sales fell unexpectedly in October from a year earlier, snapping an eight-month growth streak, as consumer sentiment weakened amid reduced tax exemptions and government subsidies.

The U.S. earnings season starts to peter out this week meantime and Monday's diary is thin. 

In company news, drugmaker Pfizer clinched a $10 billion deal for obesity drug developer Metsera, capping a fierce biotech bidding war between the New York-based pharma giant and Danish rival Novo Nordisk. Pfizer stock was up 1% out of hours and Novo Nordisk rose 3% in Europe on Monday.

The return of U.S. economic data when Washington reopens may do little to clear up a macro picture that is clouded by the dash for artificial intelligence and compounded by trade distortions.

Federal Reserve officials are doing their best at the guessing game on what comes next - but it is just that. The more humble in the Fed's ranks concede that it's impossible to tell.

Cleveland Fed boss Beth Hammack, a known hawk and a voting member of the Fed's policymaking council next year, said the AI investment frenzy and related stock price surges complicated matters by creating something of a dual economy, with higher earners and asset holders doing well even as cost-of-living pressures weigh on the rest.

In short, she reckons the Fed is walking a policy high wire and can't lean much in either direction. "When you see this bifurcation, it's really difficult for monetary policy," Hammack told the Economic Club of New York last week.