(fxcue news) - European stocks may open on a firm note Thursday as Micron Technology's better-than-expected revenue outlook raised hopes for robust chip demand. Asian stocks rallied, with Japanese markets leading regional gains as a weaker yen lifted export-related stocks. The dollar held firm following its sharpest rally since early June. Gold traded close to record highs as recent weak U.S. data bolstered the case for deeper interest-rate cuts by the Federal Reserve. Fed Chair Jerome Powell's speech later today will be scrutinized closely for fresh cues about the Fed's rate trajectory. On the data front, U.S. reports on weekly jobless claims, durable goods orders and personal income and spending are due this week. Traders also await the second-quarter GDP revision later in the day and Friday's crucial reading on the PCE index — the inflation gauge favored by the Fed - to assess the chances of a 50-bps cut in November. Federal Reserve Governor Adriana Kuglar said during her overnight appearance that she "strongly supported" last week's 50-bps rate cut and "will support additional rate cuts going forward." Closer home, market research group GfK is scheduled to release German consumer sentiment data for October later in the day. The forward-looking index is seen at -22.4 compared to -22.0 in September. The Swiss National Bank announces its monetary policy decision, with the central bank expected to cut its key rate to 1.00 percent from 1.25 percent. Oil extended overnight losses in Asian trading as demand woes and signs of a potential pick-up in Libyan production offset EIA data showing a substantially bigger-than-expected draw in U.S. inventories. U.S. stocks closed lower overnight as investors pondered over the health of the U.S. economy and chances of another super-sized interest rate cut at the Fed's next meeting in November. Housing data painted a mixed picture of the economy, with new home sales pulling back sharply in August while mortgage applications jumped to the highest level since 2022. The Dow dropped 0.7 percent to snap a four-session winning streak. and the S&P 500 slid 0.2 percent while the tech-heavy Nasdaq Composite finished marginally higher. European stocks snapped a two-day winning streak on Wednesday as energy stocks tracked oil prices lower, and Sweden's central bank signaled more easing after cutting its key interest rate for the third time this year. The pan-European STOXX 600 edged down 0.1 percent. The German DAX dipped 0.4 percent, France's CAC 40 shed half a percent and the U.K.'s FTSE 100 eased 0.2 percent.