EUROPEAN UNION

Italian government bond yields eased on Wednesday after the country sold 3 billion euros of five-year debt in the first longer-term auction since the European Union took steps towards greater fiscal integration last week.

In what was probably Iran's response to growing threats made against its sovereignty, and a possible show of strength, the Middle Eastern country announced it is planning war drills to practice closing off the Strait of Hormuz -- one of the world's main oil arteries.

Uzbekistan is using torture -- both physical and psychological – on prisoners.

Standard & Poor's on Tuesday said there is a greater number of sovereign and banking bonds at risk of ratings downgrades as a result of its recent warning that it might cut the credit ratings on 15 euro zone nations.

Gold and gold receivables held by euro zone central banks fell by 1 million euros to 419.822 billion euros in the week ending Dec. 9, the European Central Bank said on Tuesday.

European shares rose on Tuesday, bouncing from a steep sell-off in the previous session, though strategists said investors would need to feel more confident about a resolution to the Eurozone crisis before the market could break out of a recent range.

Most Southeast Asian stock markets fell on Tuesday on fears that any fresh credit rating downgrades in Europe will deal a fresh blow to financial markets and the cooling global economy.

A sharp drop in bullion prices prompted some buying interest on Asia's physical market, but many remained reluctant to purchase large quantities as the year end approaches and the eurozone debt crisis threatens to further sink prices.

Asian stocks sank on Tuesday and the euro languished near a two-month low as investors took fright at the prospect of mass euro zone sovereign ratings downgrades after the outcome of a last chance European Union summit failed to convince markets.

Decisions reached by the European Union summit last week are radical and will lead to harmonization of policies which has not been possible so far, European Central Bank Governing Council Member Marko Kranjec said on Monday in a TV interview.

Decisions reached by the European Union summit last week are radical and will lead to harmonization of policies which has not been possible so far, European Central Bank Governing Council Member Marko Kranjec said on Monday in a TV interview.

Investors were bracing for a possible mass downgrade of euro zone countries as soon as this week after EU leaders failed to come up with decisive measures to tackle the region's debt crisis.

Stocks tumbled on Monday, as concerns about Europe returned to the forefront after major credit ratings agencies warned that European leaders had not done enough to tackle the region's debt crisis.

European shares posted their biggest fall in three weeks on Monday, as investors worried the measures outlined at last week's EU summit to strengthen budget discipline would be of only limited value in resolving the Eurozone debt crisis.

Sarkozy maintained that Britain will remain an integral part of the EU

With European Union leaders implementing measures to stabilize government finances at a Galacial pace, what represents the best asset class in the event of a government default by Italy?

Stocks fell on Monday on lingering concerns over a deal for economic integration in Europe and after Intel cut its revenue outlook.

European shares retreated on Monday as enthusiasm faded over a European Union deal on greater fiscal integration, with the market unconvinced that the EU has done enough to provide immediate relief to the Eurozone's indebted countries.

But skepticism crept in as investors are unconvinced apparently that the Eurozone has solved its problems and finally has it right in the attempt to solve Europe's sovereign debt crisis. Credit rating agency Moody's summed it up best in a weekly credit report, perhaps, saying last week's summit and plan offers few new measures.

A European summit deal to strengthen budget discipline in the Eurozone failed to restore financial market confidence on Monday, forcing the European Central Bank to step in again gingerly.

The euro slid and European stock markets dived Monday as investors judged that last week's pact to bind EU economies closer together would fail to quell its financial crisis.