Asian stocks are set for their first weekly rise in a month buoyed by coordinated central bank actions, while the euro held on to hefty gains before European policymakers make a fresh stab to tackle its crisis at a summit next week.
The Nikkei average edged up Friday, with investors focused on whether the benchmark can hold above its 25-day moving average ahead of crucial U.S. employment data later in the day.
Gold prices slipped modestly Thursday as investors booked profits from this week's 3.3 percent rally in the yellow metal.
European equities fell in choppy trade on Thursday, as a key index failed to break an important resistance level and weak macro economic data prompted profit taking after sharp gains in the previous session.
The new head of the European Central Bank signaled on Thursday it was ready to take stronger action to fight Europe's debt crisis if political leaders agree next week on much tighter budget controls in the 17-nation euro zone.
European shares fell in choppy trade on Thursday after data showed new U.S. claims for unemployment benefits rose unexpectedly last week, with some investors booking profits after equities jumped 9 percent in the previous four sessions.
Debt auctions in France and Spain gave some respite to battered Eurozone bond markets on Thursday, attracting solid demand and at lower yields than previously feared, a day after central banks took concerted action on banking liquidity.
The new head of the European Central Bank signaled Thursday it was ready to take stronger action to fight Europe's debt crisis if political leaders agree next week on much tighter budget controls in the 17-nation euro zone.
Stock index futures pointed to a weaker open on Wall Street on Thursday, with futures for the S&P 500 down 0.5 percent, Dow Jones futures down 0.4 percent and Nasdaq 100 futures down 0.2 percent at 4:37 a.m. ET.
Central bank action on Wednesday to ease severe funding strains for the world's private sector banks may help cushion a brewing global credit crunch but it only buys some wiggle room for governments trying to resolve the euro debt crisis and keep banks lending.
Precious metals prices jumped Wednesday, with palladium surging nearly five percent, after the world's top central banks announced a coordinated rescue of the Eurozone's rapidly deteriorating finances.
Europe's debt crisis has significantly worsened, threatening global markets, so it is essential to stabilise the region's bond markets, European Central Bank governing council member Christian Noyer said on Wednesday.
The Eurozone seems all set to enter a period of deep recession, with the credibility of governments' ability to keep the region in balance under serious doubt. The Organisation for Economic Co-operation and Development (OECD) has already issued a warning that Eurozone and U.S. leaders must act urgently to stop their debt crises from spiralling out of control.
Asian shares fell and the euro trimmed gains Wednesday as caution set in over the chance for more progress in resolving euro zone debt woes after officials agreed to strengthen a rescue fund and seek more aid from the International Monetary Fund.
Germany and France stepped up a drive on Monday for coercive powers to reject euro zone members' budgets that breach EU rules, and the United States kept up the drumbeat of demands from the rest of the world for decisive action.
Germany and France stepped up a drive on Monday for coercive powers to reject national budgets in the euro zone that breach EU rules, as a market rout of European debt eased temporarily on hopes of outside help for Italy and Spain.
“The euro area crisis remains the key risk to the world economy,” OECD stated.
Germany and France stepped up a drive on Monday for intrusive powers to reject national budgets in the Eurozone that breach EU rules, as a market rout of European debt eased temporarily on hopes of outside help for Italy and Spain.
Gold prices surged Monday as German and French leaders worked on emergency plan to save the Eurozone within weeks rather than months and strong U.S. retail buying bolstered equities.
The global economic recovery is running out of steam, leaving the euro zone stuck in a mild recession and the United States at risk of following suit, the OECD said on Monday, sharply cutting its forecasts.
Italy's economy is fundamentally sound and should be able to win back market confidence if it shows fiscal discipline, European Central Bank member Christian Noyer said on Monday, ruling out a collapse of the euro zone because of the sovereign debt crisis.
President Barack Obama will press European Union officials Monday to reach a definitive solution to their sovereign debt crisis which is emerging as a major 2012 U.S. election worry, Reuters reports.
