Europe is likely to continue to send shockwaves through stock, currency and bond markets over the next few weeks, but its leaders are slowly heading toward agreement on sorting out the euro zone debt crisis.
Job cuts jumped by 53 percent in May from April, with Hewlett-Packard's layoffs propelling the computer industry to the top spot among the biggest job cutters this year, a report by consultancy firm Challenger, Gray & Christmas showed.
The European Union on Friday launched a challenge against Argentina's import restrictions at the World Trade Organization, calling the Latin American country's trading and investment system "protectionist and nationalistic."
German business confidence came in lower than expected in May, adding to bad news from the euro zone's paymaster and knocking both stocks and the euro lower on Thursday.
European stocks are likely to remain under pressure, and the euro is seen breaking technical support levels, as Greece's inconclusive election results look increasingly likely to push it out of the euro zone, according to market experts and analysts.
The world has "hopefully" gotten through the worst in terms of what some analysts have called "currency wars," according to Chad P. Bown, senior economist at the World Bank's Development Research Group, Trade and International Integration.
"If the currency is not going to exist, it shouldn't be at $1.27," one strategist said, referring to the euro's exchange rate versus the U.S. dollar.