Morning business round-up: Financial markets turn calm
What made the business news in Asia and Europe this morning? Here's our daily business round-up:
Financial markets were calmer on Friday after a week of extreme stress due to the continuing eurozone debt crisis.
Yields on Italian bonds retreated having reached record levels earlier in the week. German, UK and French stocks were up about 0.5%.
Investors are hopeful that new governments in Italy and Greece will take the steps necessary to halt the crisis.
Spain's economy registered zero growth in the last quarter, according to official statistics.
Output between July and September in Spain - another eurozone country with rising borrowing costs - was unchanged compared with the previous three months, and up just 0.8% from a year earlier.
In corporate news, profits at German insurer Allianz fell 80% in the third quarter, thanks to losses on Greek debts and other investments.
Despite the underwhelming result, Allianz's shares rallied 2% in early trading on Friday.
In the UK, a lenders' group, the Council of Mortgage Lenders, said that economic uncertainty makes the future of the UK mortgage market "difficult to call".
In Asia, US Treasury Secretary Timothy Geithner urged countries in the Asia-Pacific to "stimulate domestic-demand growth".
India's beleaguered Kingfisher Airlines cancelled more flights as its shares hit a record low amid continuing debt fears.
India's second-biggest airline is about $1.2bn in debt and struggling to raise cash.
China's Sinochem plans to raise up to 35bn yuan ($5.5bn, £3.5bn) from a share sale in Shanghai, which would make it the biggest in China this year.
The latest edition of Business Daily talks to Andrew Balls, head of European portfolio management at the investment company Pimco, who says there is a risk that Italy might default on its government debt.