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LONDON (AFP) – European shares edged upwards on Thursday before an EU summit aimed at creating a permanent financial rescue fund for debt-laden eurozone nations, dealers said.

London's FTSE 100 added 0.17 percent to 5,892.18 points, Frankfurt's DAX 30 index gained 0.15 percent to 7,026.94 points and the Paris CAC 40 advanced 0.19 percent to 3,887.72.

The European single currency rebounded briefly after Madrid conducted a successful bond auction, in a eurozone sovereign bond market heavily skewed by the readiness of the European Central Bank to buy up government debt, as an exceptional step to defend the eurozone.

But the Spanish IBEX 35 shares index dropped 0.21 percent to 9,989.50 points.

"The focus today is the EU summit, where markets are looking for a coherent and unified approach from policymakers to address the debt and banking crisis," said VTB Capital economist Neil MacKinnon.

European leaders will gather in Brussels to seek a permanent financial rescue fund to calm markets for good and turn the page on a roller-coaster year marked by Greek and Irish bailouts and fears for Spain.

"The EU summit which starts today could be the last significant market event of the year," added Rabobank analyst Jane Foley.

Heads of state and government are holding a two-day summit amid stubborn concerns that Portugal and even wealthier Spain could tumble into the debt crisis that has rocked the euro. The summit is scheduled to begin at 1600 GMT.

EU leaders now want to replace a 750-billion-euro (one-trillion-dollar) joint EU-IMF rescue mechanism, which was created in May and expires in 2013, with a permanent fund to shield the single currency for the long run.

The European Central Bank, which has bought billions of euros in government bonds to ease the eurozone debt crisis, has urged political leaders to beef up the European Financial Stability Facility (EFSF).

"There is likely to be support for permanent rescue mechanism to replace the EFSF," MacKinnon said.

Sentiment was hit on Wednesday after ratings agency Moody's announced it could cut Spain's credit rating again, one day after Standard & Poor's lowered its outlook for Belgium from stable to negative.

Spanish bond yields had soared close to a record high on Wednesday after the Moody's downgrade warning.

Markets were also on edge after Athens was rocked by fresh riots against the debt-laden government's austerity measures.

However, investors drew some comfort after the Irish parliament voted in favour of an 85-billion-euro bailout from the EU and the International Monetary Fund on Wednesday, seven months after a similar rescue of Greece.

In London, BP shares bucked the upwards trend, after overnight news that the United States has launched legal action against the embattled company over the devastating Gulf of Mexico oil spill disaster.

BP shares plunged almost two percent as investors responded to the latest news.

The US government filed suit on Wednesday for the first time against BP and eight other companies for uncounted billions of dollars in damages from the massive oil spill, which was the worst in US history.

BP's share price dropped 1.95 percent to 467.25 pence in morning London trade.

Asian stock markets traded mixed on Thursday as traders weighed upbeat US data against a potentially deepening eurozone crisis and the possibility of further steps by China to cool its economy.

Tokyo ended the session flat, Sydney closed up 0.34 percent, while Hong Kong fell 1.33 percent.

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NEW YORK – Stocks are wavering in a tight range ahead of an upcoming meeting of world leaders and as Europe continues to grapple with government debt problems.

A bigger-than-expected drop in unemployment claims is providing some support for the market Wednesday. The weekly report comes after the government last week said that hiring by private employers rose at its fastest pace in six months.

But enthusiasm over the jobs report is being tempered ahead of a meeting of world leaders. The Group of 20 meeting comes as countries like the U.S. and Japan try to weaken their currency to help stimulate economic growth.

The Dow Jones industrial average is up 7 at 11,353. The S&P 500 is up 1 at 1,214, while the Nasdaq composite is up 3 at 2,566.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

NEW YORK (AP) — Stock futures wavered Wednesday ahead of an upcoming meeting of world leaders and as Europe continues to grapple with government debt problems.

Futures showed modest signs of improvement after the Labor Department said first-time claims for unemployment benefits fell sharply last week. The drop was bigger than economists' had forecast and reversed a rise reported a week earlier.

The weekly report came after the government said last week that hiring by private employers rose at its fastest pace in six months.

Normally an upbeat jobs report would be enough to send stock futures sharply higher, but optimism has been kept in check ahead of a key meeting by world leaders. Members of the Group of 20 will be meeting Thursday and Friday in South Korea.

The meeting comes as countries like the U.S. and Japan try to weaken their currency to help stimulate economic growth. A global economic recovery has been slow and many developed countries like the U.S. have struggled to expand at a pace that will cut high unemployment.

Major European indexes all slid as worries grow about debt problems in Ireland. The euro slipped below $1.38 and the dollar rose against other major currencies. Concerns about mounting government debt in many European countries have occasionally dragged down stocks around the world throughout the year. Countries like Ireland and Greece are facing rising debt with little signs of growth.

Gold prices dropped below $1,400 an ounce as the dollar strengthened.

The dollar had been weakening against other currencies in recent weeks because of a recently announced program by the Federal Reserve to buy Treasury bonds in an effort to drive interest rates lower and spark spending and lending.

A weaker currency makes a country's exports cheaper and more attractive overseas. Japan has been especially active in trying to weaken its currency because its economy is so reliant on companies like Sony Corp. and Toyota Motor Corp. that rely on exports.

Ahead of the opening bell, Dow Jones industrial average futures rose 4, or less than 0.1 percent, to 11,317. Standard & Poor's 500 index futures rose 1.70, or 0.1 percent, to 1,212.60, while Nasdaq 100 index futures fell 2.75, or 0.1 percent, to 2,173.50.

Bond yields rose, pushing interest rates higher. The yield on the benchmark 10-year Treasury note rose to 2.72 percent from 2.66 percent late Tuesday.

Britain's FTSE 100 fell 0.4 percent, Germany's DAX index dropped 0.3 percent, and France's CAC-40 fell 0.6 percent.

In corporate news, General Motors said it earned $2 billion in the third quarter. The big profit came at the right time for the automaker. It is set for an initial public offering next week after struggling through bankruptcy and a government bailout. New car and crossover models and strong sales overseas helped GM.

The unemployment report came out a day earlier than usual because government offices are closed Thursday for Veterans' Day. The stock market will remain open on the holiday.

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By Patrick Rizzo, msnbc.com, senior editor

President Barack Obama called a Summit of the leaders of the democratic and Republican, Congress on November 18 and 7-Eleven has its way, it will be a "Slurpee Summit."

USA Today said Thursday that the hours after Obama joked post-election Wednesday that it would hold a Slurpee Summit with GOP leaders to a press conference, 7-Eleven is and contacted the White House officials to push for a meeting with semi-frozen carbonated beverage catering.

"This is a rare opportunity for a brand," said Margaret Chabris, a spokesman for 7-Eleven Slurpee aged 44 years, USA Today has. "We do not want to be opportunistic, but there has never been this huge for Slurpee.?

The newspaper said that, in the recent campaign speeches, famous Obama said that GOP leaders have been dragging drink Slurpees while Democrats the heavy lifting to fix the economy.

Now time may have nothing to do with the comedy top of Slurpee together but Obama Thursday invited speaker entering the room, John Boehner, top Republican Senate Mitch McConnell, current President of Chamber, Nancy Pelosi and leader of the majority in the Senate Harry Reid at the White House later this month to discuss the economy, reductions in taxes and unemployment insurance.

Height to top of Slurpee, 7-Eleven has even offered create a Slurpee violet, because that is what happens when you combine red and blue.

Visit msnbc.com for breaking news, new world and the new economy

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