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European Union leaders have agreed to create a permanent financial safety net from 2013 and the European Central Bank moved to increase its firepower to fight the debt crisis that has rocked the euro zone.

European Union leaders agreed on Thursday to create a permanent financial safety net from 2013 and the European Central Bank moved to increase its firepower to fight the debt crisis that has rocked the euro zone.

The European Central Bank moved to increase its financial firepower to fight the euro zone debt crisis on Thursday, and European Union leaders agreed to change the EU treaty to create a permanent crisis resolution system.

Euro area annual inflation was 1.9 percent in November, unchanged compared with the last month and within the European Central Bank's target, the European Union's statistics office Eurostat said on Thursday. On a monthly basis, inflation rose 0.1 percent in November.

Wall Street was set to open little changed on Thursday after economic bellwether FedEx reported quarterly results that missed expectations, suggesting an economic recovery remained tentative.

European Union leaders will be warned on Thursday that a rolling debt crisis poses a systemic threat to the euro zone as they seek to paper over divisions at a summit on how to restore confidence.

Stock index futures turned flat on Thursday, giving up some gains after economic bellwether FedEx reported quarterly results that missed expectations.

Stock index futures were slightly higher on Thursday as investors awaited data on jobs and housing and corporate earnings from bellwether FedEx for signs of improvement in the economy.

European leaders sought to paper over deep divisions on how best to resolve the debt crisis ahead of a summit on Thursday, and Spain and Portugal came under renewed pressure to get their finances in order.

U.S. stock index futures pointed to a flat to slightly higher open for Wall Street on Thursday, with futures for the S&P 500, for the Dow Jones industrial average and for the Nasdaq flat to up 0.1 percent by 0913 GMT.

The euro steadied on Thursday as dealers squared up positions ahead of a meeting of European Union leaders, while U.S. Treasuries bounced after a selloff overnight took 10-year yields above 3.5 percent, sending some investors hunting for value.

European Union leaders meet on Thursday to try to agree the next steps in tackling a year-long debt crisis that has consumed Greece and Ireland and threatens to spread to Portugal and Spain.

The United States will lead the rich world's economic recovery over the next two years while Japan and major European economies flounder by comparison, according to Reuters polls of more than 200 economists.

Employment rates remained mostly stable in the euro area during the third quarter, dropping only by 0.2 percent, while unemployment rate in the U.K. touched its highest since the beginning of the year.

Some of the so-called emerging markets have advanced to a point where they might be considered “developed” -- or not, depending on one’s views and criteria. Further complicating this picture is the arrival of “frontier” markets – countries even less developed than the emerging markets, but boasting even greater long-term growth potential.

Germany threw its weight on Tuesday behind a potential capital increase by the European Central Bank, saying it would react positively to such a move if the ECB deems it necessary.

The world's largest Christmas present was the Statue of Liberty. The French gave it to the US in 1886. It is 46.5 meters high and weighs 225 tons.

Standard & Poor's cut its outlook for Belgian debt to negative on Tuesday, flagging a new risk for money markets as investors weighed prospects of higher borrowing costs for one of the euro zone's most indebted states.

The finance minister of debt-troubled Portugal is in Beijing, China to try to convince Chinese government authorities to purchase Portuguese government bonds.

The European Central Bank is considering requesting an increase in its capital from euro zone member states, euro zone central bank sources told Reuters, as a cushion against any potential losses from its bond buying.

The euro has a one-in-five chance of surviving in its current form, according to a research paper published by the Centre for Economics and Business Research (CEBR), the UK economic consultancy.