Currencies

• EUR/USD European leaders ruled out tapping the European Central Bank's balance sheet to boost the region's rescue fund and outlined plans to aid banks, inching toward a revamped strategy to contain the Greece-fueled debt crisis.
  • The euro was little changed in midday Asian trading after dropping earlier. The currency was at $1.3891 as of 1:35 p.m. in Tokyo.

• AUD/USD The Australian dollar maintained a two-day gain against its U.S. counterpart after a report signaled that China's manufacturing may expand for the first time in four months, boosting demand for higher-yielding assets.
  • Australia's dollar gained 0.2 percent to $1.0392 as of 3:48 p.m. Sydney time.

Commodities

• GOLD advanced for a second day on investor concern that European leaders won't fix the region's sovereign debt crisis as they seek to complete a rescue plan at a gathering this week.
  • Immediate-delivery gold gained as much as 0.3 percent to $1,647.55 an ounce and traded at $1,646.97 at 3:33 p.m. in Melbourne.

• Oil gained for a second day in New York as investors speculated that fuel demand will increase amid signs of an economic recovery and moves by European leaders to tame the region's sovereign debt crisis.
  • Oil for December delivery was at $87.92 a barrel, up 52 cents, in electronic trading on the New York Mercantile Exchange at 2:26 p.m. Sydney time.

Equities

• US Stocks stock futures climbed, erasing an earlier loss, as Asian equities rallied on signs of stronger growth in China and Japan, the region's two biggest economies.
  • Standard & Poor's 500 futures expiring in December rose 0.3 percent to 1,239.30 at 1:22 p.m. in Tokyo.


• European stocks advanced for a fourth week, for the longest rising streak since December, as investors speculated European leaders meeting in Brussels next week will nudge forward a solution to the region's debt crisis.

• Asian stocks climbed for a second day as a report showed China's manufacturing may expand for the first time four months and after European leaders inched toward a revamped strategy to contain the region's debt crisis.
  • Japan's Nikkei 225 Stock Average gained 1.7 percent. South Korea's Kospi Index climbed 2.9 percent and Australia's S&P/ASX 200 rose 2.7 percent. Hong Kong's Hang Seng Index jumped 3.9 percent, the most among Asia-Pacific indexes.

Sources: Bloomberg, FT