IBT Staff Reporter

World stocks hit a one-month high on Wednesday and the euro briefly hit a two-week peak as strong gains on Wall Street and the relative success of this week's European debt auctions encouraged fresh risk-taking.

Stock index futures pointed to a lower open on Wall Street on Wednesday following the previous session's strong rally, with futures for the S&P 500 down 0.5 percent, Dow Jones futures down 0.4 percent and Nasdaq 100 futures down 0.4 percent at 0944 GMT.

A modest economic recovery is taking shape in the euro zone but its countries face two major challenges: reducing their deficits and reinforcing growth, European Central Bank Governing Council member Guy Quaden said.

The European Union, the IMF and the U.S. Treasury are drawing up a liquidity plan for Spain which includes a credit line of up to 250 billion euros ($335 billion), newspaper El Economista reported on Wednesday, citing sources which it said were close to the issuing entity.

The European Union, the IMF and the U.S. Treasury are drawing up a liquidity plan for Spain which includes a credit line of up to 250 billion euros ($335 billion), newspaper El Economista reported on Wednesday, citing sources which it said were close to the issuing entity.

The economy of Belgium will grow by 1.3 percent this year, slightly more than previously forecast, and by 1.7 percent in 2011 after contracting by 3.0 percent in 2009, the country's central bank said on Wednesday.

Asian shares rose on Wednesday, led by electronics makers and resource stocks, after successful European debt auctions boosted hopes for global growth and lifted commodity prices.

Gold firmed on Wednesday on bargain hunting driven by persistent worries that debt problems in Europe were worsening, but rising stock markets could still spur a shift to riskier assets.

The euro steadied near a two-week high against the dollar on Wednesday, as investors in Asia hesitated to chase its short-covering rally further, while higher yielding currencies stalled after rallying alongside stocks.

Electronics hardware makers on Tuesday showed off snazzy new devices enabling motion-sensing play and 3D effects, intensifying a battle to introduce video-gaming to a new generation of casual users.

Oil rose above $77 on Wednesday to reach the highest level since mid-May, tracking a recovery in global stock markets as risk appetite returns with easing concern about Europe's economy.

Dubai Multi Commodities Centre (DMCC) and the World Gold Council (WGC) have launched The Palm edition of the prestigious 'Visions of Dubai' (VoD) gold coin series. The coin features the image of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on the front and The Palm Jumeirah, one of Dubai's iconic landmarks, on the reverse.

Gold prices eased in Asian trade Wednesday after an overnight rise near one percent on Europe debt concerns. Gold for immediate delivery was seen trading at $1232.69 an ounce at 11.30 a.m Singapore time while US gold futures for August delivery was at $1,233.3 an ounce.

Volkswagen AG sees the newest Jetta model bolstering U.S. sales of the car by as much as 25 percent by 2012, helping the automaker seize up to 4 percent of the U.S. auto market.

The company said the IPO of 11.1 million shares will be priced at $14 to $16 per share.

T-Mobile USA, the No. 4 U.S. mobile service, said that by the end of this month it would be less than half way through its 2010 network upgrade plan aimed at boosting its mobile data web-surfing speeds.

Low-rated U.S. companies may struggle to refinance more than $1.7 trillion in debt that comes due between 2011 and 2014 as growing economic concerns make banks and investors more reticent to lend, Standard & Poor's said on Wednesday.

Customers trying to reserve the latest version of the iPhone were thwarted by technical glitches that hindered sales on Tuesday, the first day of pre-orders before the device hits stores on June 24.

Retailers strive for the perfect mix of products that will boost sales and keep costs down -- but the experience of some, including Wal-Mart Stores Inc , in pruning merchandise shows that getting the recipe just right, can be tricky business.

Shares of CBOE Holdings Inc jumped 12 percent in their market debut as investors flocked to the last major North American financial exchange to go public and a potential takeover target.

Sony Corp will launch its motion-controlled gaming system on September 15, getting to market weeks ahead of a rival platform from Microsoft Corp as it makes the jump into one of the hottest trends in gaming.

Mobile devices and home computers are creating a bigger audience for ESPN's sports content rather than cannibalizing its television programing, the president of the sports media company said on Tuesday.

The Federal Reserve scored a political victory on Tuesday as Democrats mulling financial reform backed off measures that would expose monetary policy to audits and make the head of the New York Fed bank a political appointee.

Credit-rating agencies like Moody's and Standard & Poor's dodged a bullet on Tuesday as lawmakers decided to strip out a provision in the Wall Street reform bill that would have upended their business model.

The Federal Reserve scored a political victory on Wednesday as Democrats mulling financial reform backed off measures that would expose monetary policy to audits and make the head of the New York Fed a political appointee.

Coca-Cola Enterprises Inc predicted 2010 earnings growth on Tuesday that was slightly better than its prior forecast, citing positive second-quarter trends.

The Australian Dollar has continued to push higher overnight following a positive lead from equity markets.

Video games almost took over Tom Bissell's life, thrusting him into an intoxicating months-long, cocaine-fueled binge playing Grand Theft Auto.

Japan's Nintendo Co Ltd on Tuesday took the wraps off a new version of its DS handheld device that can play games and show movies in 3D without glasses, as the hardware wars with Microsoft Corp and Sony Corp heat up.