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Few experts expect much resolution from the EU's two-day meeting that starts Thursday. Earlier this week, German Chancellor Angela Merkel reiterated her opposition to the common Eurobonds, an idea backed by France, Italy and Spain.
Europeanshares were up slightly while the euro was flat .
Italy's six-month borrowing costs rose to 2.957 percent to their highest since December, piling pressure on the government, which will push for concrete steps to ease market tensions at Thursday’s summit.
Arena Pharmaceuticals spiked higher after the FDA approved the company's anti-obesity drug Locaserin. The drug will be sold under the name "Belviq" and will be the first new weight-loss drug treatment in 13 years. Shares had been temporarily halted prior to the announcement. Rival obesity-drug makers Vivus and Orexigen jumped following the report.
Meanwhile, U.S. drug maker Bristol-Myers Squibb said its board authorized the repurchase of $3 billion of the company's common stock in addition to the $3 billion share buyback program it announced in 2010.
Several of Wall Street's largest investment delivered mixed ratings on Facebook's stock , almost a month after the social-networking giant's market debut.
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