LONDON (Reuters) - Global shares rose on Wednesday after House Republicans advanced U.S. President Donald Trump's tax cut plans, which also supported the dollar and helped Treasury yields regain some lost ground. 

The Republican-controlled U.S. House of Representatives late on Tuesday narrowly passed Trump's $4.5 trillion tax-cut plan, sending the budget resolution to the Senate, where Republicans are expected to take it up.

"It's mainly good for corporate U.S.," said Lars Skovgaard, senior investment strategist at Danske Bank.

"There's expected to be less regulation and tax cuts. I would expect it to happen and then it will be positive for markets if they do so."

Sentiment also improved after reports that the U.S. and Ukraine agreed terms on a draft minerals deal.

U.S. stock futures rebounded after a mixed session on Wall Street, with Nasdaq futures rising 0.8%, while S&P 500 futures gained 0.5%.

European shares rose for a second day, with the pan-continental STOXX 600 up 0.7% and blue-chip indexes in Frankfurt, Paris and London rising between 0.7% and 1.1%.

"(The plan) moved through just a little bit quicker than people were expecting," said Tony Sycamore, a market analyst at IG.

U.S. Treasury yields rose slightly as investors anticipate more debt issuance ahead, with the benchmark 10-year yield up 1.5 basis points to 4.311%, having fallen almost 10 bps on Tuesday.

The two-year yield, which is sensitive to changes in Federal Reserve rate expectations, similarly rose about 2 bps to 4.112%.

Yields had fallen to their lowest in months in the previous session as traders ramped up bets of more Fed rate cuts this year on growing concerns over the outlook for the world's largest economy. [US/]

Data on Tuesday showed U.S. consumer confidence deteriorated at its sharpest pace in 3-1/2 years in February - the latest in a string of surveys suggesting that businesses and consumers were becoming increasingly rattled by the Trump administration's policies.

Fed funds futures now point to 55 bps of easing priced in by year-end, implying at least two quarter-point cuts, up from about 40 bps a week ago.

Meanwhile, U.S. copper prices surged more than 4% after Trump on Tuesday ordered a probe into potential new tariffs on copper imports.

In currency markets, the dollar regained some ground after falling to its lowest since December 10 earlier this week.

The dollar index, which measures the currency against six peers, was up 0.2%.

Against the yen, it traded 0.2% higher at 149.27, thanks to the rebound in U.S. Treasury yields.

The euro eased 0.1% to $1.0499, but was not far from a one-month high. Sterling was similarly near a two-month top and last bought $1.2656.

Brent futures were up 0.3% to $73.22 a barrel having fallen more than 2% in the previous session, while U.S. West Texas Intermediate (WTI) crude rose 0.4% to $69.19 per barrel, reversing some of Tuesday's 2.5% slump.

Gold was little changed at $2,915 an ounce. [GOL/]

NVIDIA EARNINGS AWAITED

Artificial intelligence poster child Nvidia ( NVDA ) reports its quarterly earnings later on Wednesday, which could offer clarity on demand and justify the sector's lofty valuations.

Investor scepticism has grown over the billions that U.S. tech firms have channelled into AI infrastructure due to slow payoffs and breakthroughs at China's DeepSeek.

"Any signs of weakness in Nvidia's ( NVDA ) report could have outsized effects on investor sentiment towards AI stocks as a whole," said Saxo's global head of investment strategy Jacob Falkencrone.

"This earnings report isn't just about Nvidia ( NVDA ) ... it's about whether the AI revolution can maintain its breakneck pace."

Some of Europe's most popular AI-linked stocks tumbled this week after an analyst note flagged a possible slowdown by Microsoft on data centre leasing, knocking sentiment in the sector.

An index of "Magnificent Seven" stocks, which includes Nvidia ( NVDA ), fell 2.5% on Tuesday to its lowest since November 27.