EUROPEAN CENTRAL BANK

Greece faced a new test in its attempt to avoid bankruptcy on Wednesday as international auditors headed for Athens, while Germany suggested a new bailout may be renegotiated as argument rages over whether private creditors should take bigger losses.

Spot gold rallied more than 1 percent and U.S. gold futures as much as 4 percent on Tuesday, snapping four consecutive sessions of losses as a weaker dollar helped battered commodities stage a comeback.

Asian shares rebounded and the euro clung to gains on Tuesday on hopes that euro zone officials will act to corral Greece's debt woes and prevent another full-blown banking crisis.

Asian shares rose on Tuesday on hopes that euro zone officials will act to corral Greece's debt woes and prevent another full-blown banking crisis, but the euro failed to hold on to all its gains.

The Greek government began a race for parliamentary approval of a stepped-up austerity package vital to keep the debt-laden euro zone state afloat and buy time for Europe to approve new rescue measures.

Gold prices fell 2.7 percent Monday, its fourth day in a row to decline, as investors raised cash to cover losses and a touch of optimism about Europe drew investors back into the stock market.

Commodities bounced off lows on Monday after one of the biggest sell-offs since the 2008 financial crisis turned into cautious buying on hopes that Europe would prevent its debt crisis from dragging down the global economy.

World stocks came off their lows and the euro inched up from an earlier 10-year trough against the yen on Monday as speculation that the European Central Bank might cut interest rates to help the economy countered concern over the euro zone debt crisis.

World stocks fell toward the previous week's 14-month low on Monday and the euro hit a 10-year low against the yen as doubts grew over how effective Europe's latest crisis-battling steps would be in containing the continent's sovereign debt problems.

European stock index futures fell on Monday, following a slump in Asian shares, and the euro slid amid skepticism that Europe's latest efforts to contain its sovereign debt crisis can prevent it from wreaking more damage on the world economy.

A group of five leading emerging economies that has banded together to increase their global clout is again struggling to find common ground.

The Dow Jones industrial average on Friday suffered its worst week since the depths of the financial crisis in 2008, stung by severe anxiety over Europe's spiraling debt crisis and a warning from the Federal Reserve about the U.S. economy.

Gold prices slumped more than $100 an ounce on Friday, the biggest fall on record in dollar terms, as traders sold to cover losses, while global stocks edged up on expectations the European Central Bank will take new measures to contain the euro zone debt crisis.

The Dow Jones industrial average on Friday suffered its worst week since the depths of the financial crisis in 2008, stung by severe anxiety over Europe's spiraling debt crisis and a warning from the Federal Reserved about the U.S. economy.

World stocks came off 14-month lows on Friday on expectations policymakers would take further action to ease the Eurozone debt crisis, while commodities fell broadly on worries about a global economic slump.

Stocks edged higher in a volatile session on Friday as rising uncertainty over the European debt crisis and concerns about a global recession kept investors jittery.

The world's major economies on Thursday pledged to prevent Europe's debt crisis from undermining banks and financial markets, and said the euro zone's rescue fund could be bolstered.

The world's major economies pledged on Thursday to prevent the euro zone's debt crisis from undermining banks and markets but announced no new specific measures to shore up confidence in the global economy.

Europe's debt crisis is the biggest threat to the global economy, the Treasury said on Wednesday, and it called on European policymakers to provide unequivocal support to banks and governments under stress.

Britain's top share index slipped back on Wednesday, weighed down by concerns over Greece's ability to stave off a default, as investors focused on the possibility of further economic stimulus from the U.S. Federal Reserve.

Standard and Poor's cut its unsolicited ratings on Italy by one notch, warning of a deteriorating growth outlook and damaging political uncertainty, in a move that took markets by surprise and added to pressure on the debt-stressed euro zone.