World stocks mixed as US faces fiscal crunch, China opens weeklong Communist Party congress
• BANGKOK (AP) -- Asian stock markets tumbled Thursday after a ratings agency threatened to downgrade the U.S. if a solution to the so-called fiscal cliff isn't found. But markets elsewhere turned positive following sharp losses the day before.
• European shares were higher in early trading. Britain's FTSE 100 rose 0.2 percent to 5,805.51. Germany's DAX added 0.3 percent to 7,254.15. France's CAC-40 rose 0.4 percent to 3,425.59.
• Wall Street was set to recoup some of Wednesday's steep losses, with Dow Jones industrial futures rising 0.3 percent to 12,897 and S&P 500 futures gaining 0.2 percent to 1,391.70.
• Asian stocks sank after a ratings agency threatened to downgrade the U.S. if a solution to the so-called fiscal cliff isn't negotiated among lawmakers and newly re-elected President Barack Obama.
• If a deal isn't reached by Jan. 1, tax increases and government spending cuts to the tune of $800 billion automatically take effect. Some economists say such a withdrawal of fiscal stimulus has the potential to throw the world's biggest economy back into recession.
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Obama, congressional leaders talk compromise, lay down markers on coming debt, spending talks
• WASHINGTON (AP) -- Taking little time to celebrate, President Barack Obama is setting out to leverage his re-election into legislative success in an upcoming showdown with congressional Republicans over taxes, deficits and the impending "fiscal cliff." House Speaker John Boehner says Republicans are willing to consider some form of higher tax revenue as part of the solution -- but only "under the right conditions."
• All sides are setting out opening arguments for the negotiations to come.
• Even before returning to Washington from his hometown of Chicago, Obama was on the phone Wednesday with the four top leaders of the House and Senate -- Boehner included -- to talk about the lame-duck Congress that convenes just one
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