European, Asian stock markets october 24 2011, hold steady ahead of eurozone debt plan

European, Asian stock markets october 24 2011, hold steady ahead of eurozone debt plan : Markets have held steady as they await details of an agreement to resolve the eurozone debt crisis. European stock markets had a mixed day but ended strongly. Although a weekend summit of eurozone leaders was inconclusive, the outline of a deal was agreed, with a summit to finalise details set for Wednesday.

Eurozone leaders agreed to force banks to protect themselves against future losses, and to increase the firepower of the single currency's bailout fund.

Following a robust rally in Asian markets, European stock markets had been up 0.5%-1% in the first hour of Monday trading on the apparent progress at the talks.

Asian markets had been lifted by positive data from China and Japan, as well as the apparent progress in Brussels.

But the rally has lost steam during European trading hours markets, and by late afternoon the Cac 40 index in France, the German Dax and London's FTSE 100 were all about 0.7%-0.8% up for the day.

Market sentiment was not helped by industry surveys released during the morning that suggested the French and German economies are still struggling to avoid recession.

The euro followed a similar pattern, rising half a cent against the dollar, before dropping back. By late afternoon in Europe it was trading at about $1.388, down 0.1% for the day. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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