German Chancellor Angela Merkel called on Friday for rapid EU treaty change to remedy the root causes of the euro zone's debt crisis but warned that Europeans faced a long, hard marathon to restore lost credibility.
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.
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.
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.
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.
Germany and France are exploring radical methods of securing deeper and more rapid fiscal integration among euro zone countries, aware that getting broad backing for the necessary treaty changes may not be possible, EU officials say.
German Chancellor Angela Merkel and French President Nicolas Sarkozy are planning more drastic means -- including a quick, new Stability Pact -- to fight the Eurozone sovereign-debt crisis, Welt am Sonntag reported Sunday.
Gold prices slipped Friday to a two-week low as a surging dollar offset support from rising equities, higher crude oil prices and strong investor demand for gold.
