According to sources in Washington, the Senate reached a deal on the debt ceiling in the morning, but the agreement still needs approval from the House of Representatives, which is still far from certain.
All European markets started Wednesday in the red. But some major indexes changed course in afternoon trading. London's FTSE 100 index fell in the morning but was back in the black late in the day, as traders hoped that the U.S. government will reach an agreement.
Fitch currently has U.S. debt at its highest grade -- AAA, but currently it's on "rating watch negative," meaning there is increased possibility of a downgrade in the near future.
Senate leaders had said earlier Tuesday they made "tremendous progress" toward an agreement to end the partial government shutdown and raise the debt limit.
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