EUROPEAN UNION

US stocks fell and the euro edged lower on Wednesday as a consequence of fading optimism about European leaders to make considerable advancement to resolve the euro zone debt crisis at their summit meeting this weekend.

Gold eased on Wednesday as growing hopes of a resolution to the Eurozone debt crisis persuaded investors to shrug off a downgrade to Spain's credit rating and buy riskier assets such as equities.

Asia's gold buyers trimmed purchases as prices rebounded, but demand is expected to stay firm as India approaches key festivals next week, underpinning sentiment in the precious metal.

In Greece, a 48-hour general strike began Wednesday as parliament prepared to vote on an unpopular austerity package designed to bring the country out of debt. The latest version of the budget slashing bill would impose a new civil service salary system while cutting up to 20,000 public sector jobs.

Nasdaq index futures fell on Wednesday after technology heavyweight Apple missed earnings expectations, while the broader market was little changed after a big run-up in the last session on a report Europe may beef up its crisis fund.

Gold prices held steady on Wednesday, shrugging off the downgrade of Spain's sovereign credit rating, as investors wait for clarity on Europe's plans to tackle the debt crisis at this weekend's European Union summit.

Greek unions began a 48-hour general strike Wednesday, the biggest protest in years, as Parliament prepared to vote on sweeping new austerity measures designed to stave off a default that could trigger a crisis in the wider Eurozone.

No agreement has yet been reached on scaling up the size of the Eurozone's bailout fund to better tackle the debt crisis, two senior European Union officials said on Wednesday.

European Court of Justice has banned patenting any stem-cell process that involves destroying a human embryo.

A double-notch downgrade to Spain's credit ratings has piled more pressure on European leaders to make rapid progress on solving the region's debt crisis or face unbearable borrowing costs.

Europe's highest court has ruled that scientists can't patent embryonic stem cell techniques for research. Scientists call the move devastating, but Christian and moral rights groups hail it as a victory against the commercialization of the human body. The case was triggered when German Greenpeace charged Dr. Oliver Bruestle with violating public order and morality.

Adbusters, the left-leaning magazine that ignited the Occupy Wall Street protests, said the movement should get behind one solid demand -- a 1 percent Robin Hood tax on financial transactions and currency trades.

The United States pushed through its toughest measures yet to curtail speculation in commodity markets in a tight vote on Tuesday, likely shifting the focus of a fierce four-year debate from the regulators to the courts.

The leaders of the most powerful nations in Europe, France and Germany, have reportedly agreed to increase the size of the Eurozone’s rescue fund to 2 trillion euros ($2.7 trillion) – up from the current 440 billion euro ($604 billion) lending capability -- as part of comprehensive program to find a solution to the debt crisis wreaking havoc across Europe.

Just days after the iPhone 4S becomes one of the fastest selling gadgets of all time, Apple fans begin to speculate about the iPhone 5, which allegedly was the last project that Steve Jobs was intimately involved in and may break iPhone 4S sales numbers.

Gold was set for its largest one-day fall in two weeks on Tuesday after U.S. bank Goldman Sachs reported a quarterly loss, which coupled with evidence of slowing Chinese growth and mounting Eurozone concerns, lifted the dollar.

Greek ships were harbored and garbage rotted in the streets of Athens on Tuesday as angry workers built momentum for the mother of all strikes expected to bring the country to a halt in protest against a new package of tax hikes and wage cuts.

Israeli soldier Gilad Shalit was released to a national outpouring of joy Tuesday after five years in captivity, exchanged for hundreds of Palestinian prisoners in a deal with Gaza's Hamas rulers.

Moody's decision to review France's triple-A credit rating cast new doubt on Tuesday on Europe's hopes of drawing a line under its sovereign debt crisis, five days before a crucial EU summit.

World stocks stumbled from the previous day's 1-1/2 month high on Tuesday and government bonds rose as slower-than-expected Chinese growth data and a warning on France's triple-A sovereign credit rating prompted investors to cut risks.

A long-awaited prisoner exchange between Israel and Hamas began before dawn Tuesday when the first of hundreds of Palestinian inmates were bused from their jails to border crossings where they will be swapped for captured Israeli soldier Gilad Shalit.