(fxcue news) - European stocks are likely to open higher on Tuesday after a top Federal Reserve official said that he is leaning toward supporting an interest rate cut when the Fed meets later this month. Speaking at George Washington University, Christopher Waller, a key member of the Fed's Board of Governors, said that the central bank will likely reduce its key rate at the December meeting, but much depends on the incoming data. Investors await a barrage of U.S. economic data and remarks from Federal Reserve speakers this week that will help shape investors' expectations for future rate cuts. Friday's payrolls report is expected to show U.S. hiring jumped in November after a dismal report the previous month, impacted by hurricanes and worker strikes. Fed Chair Jerome Powell participates in a moderated discussion on Wednesday, with investors looking for additional clues on the inflation and rate outlook. Meanwhile, market participants will continue to watch the development of the French government crisis ahead of a no-confidence vote this week that could leave the country without a functioning government or a budget. Asian stocks were mixed, with Chinese and Hong Kong markets struggling for direction after the United States launched its third crackdown in three years on China's semiconductor industry, blacklisting 140 more Chinese entities accused of acting on Beijing's behalf. Japan's Nikkei 225 was up more than 2 percent on optimism that Japan-made chip products will be exempted from new U.S. curbs on exports to China. China's yuan fell to a one-year low against the dollar as a result of heightened tensions with the U.S. and concerns about faltering economic recovery. Gold was little changed after falling nearly 1 percent on Monday. Oil edged up slightly ahead of an OPEC+ meeting due on Thursday. Overnight, tech-related shares had a good session on Wall Street ahead of a slew of economic data, including private and non-farm payroll reports, JOLTs, and readings on manufacturing activity, due this week. Data showed a measure of U.S. manufacturing activity improved in November but continued to indicate contraction. The S&P 500 gained 0.2 percent and the tech-heavy Nasdaq Composite jumped 1 percent to hit new record closing highs, while the Dow dipped 0.3 percent. European stocks ended higher on Monday after France's government offered a final-hour concession to Marine Le Pen on the 2025 budget, helping calm political fears. The pan European STOXX 600 climbed 0.7 percent. The German DAX jumped 1.6 percent, France's CAC 40 finished marginally higher and the U.K.'s FTSE 100 added 0.3 percent.