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Traders slowed their selling of euros a bit after knocking the currency down 4 cents in the past week, squaring up before a statement about Ireland that may be issued by Britain and France later in the day.

Asian stock markets were mostly lower as traders took profits on gains this week heading into the weekend.

The possibility of a bailout for Ireland has significantly widened the difference of bond yields of high-risk European countries over those of Germany, and overshadowed a Group of 20 leaders' summit in Seoul, where a breakthrough on resolving global economic imbalances amid incongruent policies looked unattainable.

"The effects of euro zone peripheral bond concerns are spreading through euro zone markets and hitting risk appetite in the process. The euro is a clear casualty, having dropped further against the U.S. dollar and versus other currencies," Mitul Kotecha, global head of currency strategy with Credit Agricole CIB in Hong Kong.

The resurgence of fears about Europe's sovereign debt has added to a shift back into dollars and out of riskier assets.

The euro was down 0.3 percent against the U.S. dollar at $1.3625 after tumbling 0.9 percent on Thursday.

A close below the 200-week moving average of $1.3647 is a grim omen for the euro and paves the way to the next obstacle lower at $1.3558, the September 30 low.

The dollar was down 0.2 percent against the yen, at 82.34 yen.

The dollar has been rebounding ever since the Federal Reserve unveiled its $600 billion plan to buy Treasuries last week Wednesday. The dollar index .DXY, which measures the dollar's performance against a basket of other major currencies, has risen 3.2 percent since then to a 5-week high.

Commodities traders had barely blinked at the dollar's gains earlier in the week but prices succumbed to profit taking on Friday.

Analysts, however, were still looking for bullish moves in metals markets next year.

The rolling 30-day correlation between the U.S. dollar index and the Reuters-Jefferies index of 19 commodities .CRB has moved from -0.90 at the beginning of November to -0.22 on Thursday.

Three-month copper traded on the London Metal Exchange was down 1 percent to $8,732 a tonne after hitting a record high of $8,966 on Thursday.

Some analysts though still think copper prices could trek up to as high as $11,500 next year.

The entertainment conglomerate's stock climbed 2.1 percent after hours on the rosier outlook. The shares ended down 3 percent on Thursday after Disney inadvertently released its disappointing fourth quarter results before the market closed, spooking some investors. It is investigating the matter.

The company, nevertheless, sounded a positive note with analysts.

"The current trends in our business are encouraging. We're also optimistic about our creative pipeline. Thus, we believe we are well positioned to deliver strong results in 2011," said Disney Chief Financial Officer Jay Rasulo on a conference call with analysts.

Disney said ad sales in the current first quarter were pacing up double-digit percentages at both ESPN and TV stations, reflecting a stabilizing economy. It also said U.S. hotel reservations were up 5 percent in the current quarter from a year-ago.

But Wall Street had expected better fourth quarter numbers from a company that has exceeded earnings expectations in each of the past six quarters. Disney's shares have been up about 15 percent this year amid perceptions an advertising recovery was taking hold, outperforming the share performances of both Time Warner Inc (TWX.N) and News Corp, which recently posted strong profits on the advertising rebound.

MESSY QUARTER

"Generally, the forward trends look good and they're entering into the sweet spot of the content and consumer product cycle. Advertising trends also look strong," said David Bank, analyst with RBC Capital Markets, noting the fourth quarter was "messy" due to a calendar shift, writedowns and other items.

Weak fiscal fourth-quarter revenue at Disney's media networks division -- its largest -- offset a boost from smash "Toy Story 3" in its studio unit and robust advertising sales.

"The revenue bright spot that beat our estimate was the studios, mostly on the strength of 'Toy Story 3'" said David Joyce, analyst with Miller Tabak.

The lower revenue at its media networks division was the result of there being one less week in the quarter than last year, and a writedown for programing. Also, sports cable channel ESPN had already recognized a significant amount of revenue from affiliates in the fiscal third quarter of this year after hitting a targeted number of key sporting events, as opposed to in the fourth quarter a year ago. That led to a lower revenue comparison.

Analysts said ESPN recognized $354 million less deferred revenue than the period a year ago, noting the amount was equal to earnings of about 9 cents per share.

Another bright spot was in Disney's broadcasting division, which saw an increase in operating income driven by decreased programing and production costs at ABC and higher advertising revenues and ratings.

Overall, Disney's fourth-quarter net income fell to $835 million, or 43 cents per share, compared with $895 million, or 47 cents per share, a year earlier.

Excluding items, Disney reported earnings of 45 cents a share. Analysts on average had expected earnings of 46 cents a share, according to ThomsonReuters I/B/E/S.

The media conglomerate inadvertently released its results before the closing bell, spooking some investors. Disney's shares ended Thursday down 3.1 percent, and dipped further in after-hours trade. Executives said they were investigating the matter.

Wall Street had expected better numbers from a company that has exceeded earnings expectations in each of the past six quarters, hoping that an improving economy boosted advertising, parks, consumer products and its other businesses.

"There's disappointment for the bulls in the stock," said Matthew Harrigan, an analyst with Wunderlich Securities.

"People had expected stronger numbers in this quarter with somewhat of an uptick in the economy, and we didn't get that."

"The studio, for all the success of 'Toy Story 3,' had a number of movies that didn't work that pulled it back down," he said, citing "Sorcerer's Apprentice" and "Prince of Persia" as underperformers.

Weak broadcasting results were impacted by a calendar shift, resulting in one fewer week in the reporting period, and a programing writedown in its media networks. Also, ESPN had already recognized a significant amount of revenue from affiliates in the fiscal third quarter of this year, as opposed to the fourth quarter of last year.

Analysts said ESPN recognized $354 million less deferred revenue than it recognized in the same period a year ago, noting the amount was equal to earnings of about 9 cents per share.

MOUSE HOUSE FAILS TO DELIVER

Disney's shares have risen about 15 percent this year amid perceptions an advertising recovery was taking hold. But its lower earnings stood in stark contrast to strong showings by Time Warner Inc (TWX.N), CBS Corp (CBS.N) and News Corp, which posted strong profits on the advertising rebound.

Disney's fourth-quarter net income fell to $835 million, or 43 cents per share, compared with $895 million, or 47 cents per share, a year earlier.

Total revenue fell 1 percent to $9.7 billion from $9.9 billion. Analysts on average had forecast revenue of $9.95 billion, according to ThomsonReuters I/B/E/S.

Revenue at the flagship media networks division fell, with the company citing programing writeoffs at A&E/Lifetime as well as the fact that ESPN had already recognized a significant amount of revenue from affiliates after hitting a targeted number of key sporting events in the third quarter as opposed to the fourth quarter last year.

Revenue at its media networks arm, home to sports cable network ESPN and broadcaster ABC, fell 7 percent to $4.4 billion. Operating income in media networks fell 18 percent to $1.2 billion, missing analysts' forecasts for about $1.37 billion, due to programing writeoffs.

Parks and resorts revenue slipped 1 percent to $2.82 billion and operating income slid 8 percent to $316 million, as domestic park attendance fell and it faced higher costs.

Banks have worried that the new rules will prove costly, might breach various national privacy laws and would result in duplication if European amendments follow Britain's lead.

One global investment bank estimated the cost of recording all company BlackBerry phones issued to front office staff at over 2.6 million pounds ($4.2 million) per year, while others argued that market abusers would just seek other avenues.

But in a policy document published on its website, the FSA insisted taping business mobile phones would close off an important route to those attempting insider trading.

"It is our contention that by having as comprehensive a taping regime as possible, we limit the scope or temptation for employees to infringe the market abuse rules on fixed or mobile lines which are not taped," the FSA stated.

"And by taping these previously unrecorded lines, we have an additional source of evidence to draw on, which our experience shows can be of significant value to our investigative and enforcement work," it added.

Although the FSA has stepped up its battle against insider dealing in London, launching arrests, prosecuting and jailing its first offenders, it has its work cut out.

Regulatory data shows unusual share price movements -- a potential indicator of market abuse -- in around 29 percent of takeover announcements.

The British government plans to break up the FSA and roll parts of the regulator, together with the Serious Fraud Office and the Office of Fair Trading, into a single agency to tackle white collar crime.

($1=.6192 Pound)

(Reporting by Kirstin Ridley; Editing by Jon Loades-Carter)

The company, whose shares rose 2.4 percent in premarket trading, also said on Thursday it plans to sell the Rock Band music video game developer Harmonix ending a disappointing foray into the gaming business.

"The results are strong," said Christopher Marangi, an analyst at Gabelli & Co. "The decision to sell Rock Band is welcome news. The franchise has been a disappointment and a drag on earnings."

U.S. advertising revenue rose 8 percent. A strong market for purchasing last minute commercial spots helped push ad revenue up for the third consecutive quarter of improving growth.

Viacom Chief Executive Philippe Dauman credited the rise in revenue to higher ratings at its cable networks. "This creative success coupled with the improving economy has fueled our advertising revenues," Dauman said in a statement.

Viacom's total revenue rose 5 percent to $3.33 billion beating analysts' average forecast of $3.30 billion according to Thomson Reuters I/B/E/S.

Net income for the third quarter was $189 million, or 31 cents per share, compared with $463 million, or 76 cents per share, a year earlier.

Excluding $27 million in one-time tax-related gains, the company's earnings from continuing operations totaled 75 cents a share, beating analysts average estimate of 70 cents per share.

Revenue at its media networks division, home to MTV, Comedy Central and Nickelodeon, rose 8 percent to $2.1 billion. Global affiliate revenue - fees paid by cable, satellite and phone companies - at for the cable networks advanced 10 percent to almost $800 million.

Revenue for film entertainment, which includes Paramount Pictures, rose 1 percent to $1.2 billion thanks to a boost in TV license fees. Worldwide DVD sales fell 13 percent.

Its shares rose 90 cents to $39 in premarket trading.

(Reporting by Jennifer Saba; Editing by Derek Caney)

U.S. federal government and bond markets were closed for Veterans Day.

Investors will watch company earnings news after Cisco Systems Inc (CSCO.O) gave a dismal revenue outlook, stunning investors who had hoped for proof of a recovery in technology spending.

In Frankfurt, Cisco (CSCO.F) shares were down 10.6 percent.

On the earnings front, Walt Disney was set to report fourth-quarter earnings and Kohls Corp., NVIDIA Corp. (NVDA.O), Viacom will report third-quarter earnings.

Investors will also watch the G20 summit in Seoul. The United States sought to shore up support to tackle global economic problems as Group of 20 leaders met on Thursday, although the meeting of developed and emerging nations looked set to achieve little of substance.

In other news, Wal-Mart Stores Inc (WMT.N) will offer free shipping on nearly 60,000 gift items, including toys and electronics, when purchased through its website, the New York Times reported.

Clothing retailer Gap (GPS.N) opened its first store in mainland China on Thursday, the first of four planned stores there as it banks on rising Chinese incomes to prop up soft demand back home.

The U.S. Federal Communications Commission is looking into Google's (GOOG.O) "Street View" maps service to see if the company's collection of emails and other private information violated federal laws.

Oil reached a 25-month high for a fifth consecutive session as strong industrial output sent demand in China to a record and a surplus subsided in top consumer the United States.

Chinese inflation sped to a 25-month high in October and bank lending blew past expectations, highlighting the challenge faced by the government as it battles to keep a lid on price pressures.

European shares slipped 0.2 percent on Thursday, on renewed worries about debt levels in peripheral euro zone countries, notably Ireland, with technology stocks hit after Cisco's dismal revenue outlook.

U.S. stocks advanced on Wednesday as investors put the previous day's uncertainty aside and snapped up some of the week's biggest losers in renewed optimism that the rally remained intact.

The Dow Jones industrial average .DJI rose 0.1 percent, the Standard & Poor's 500 Index .SPX gained 0.4 percent, and the Nasdaq Composite Index .IXIC advanced 0.6 percent.

(Reporting by Joanne Frearson; Editing by Dan Lalor)

Chinese consumer price inflation in October quickened to its fastest pace in two years, which is likely to sharpen complaints from Beijing and others that the Federal Reserve's $600 billion money printing scheme will hasten capital flows to their economies, complicating efforts to keep price pressures at bay.

Shares of large Chinese banks listed in Hong Kong rose on a jump in new yuan loans last month, but for many analysts the inflation and loan data carried a clear message: China will have to keep raising interest rates.

"China's process of normalizing monetary conditions is going to accelerate," said Dong Tao, chief economist for non-Japan Asia at Credit Suisse in Hong Kong.

"Inflation is higher than expected and, more importantly, the authorities are giving up the thought that inflation is going to peak soon, which means that they have to take a new look at the inflation outlook and also take the so-called quantitative easing into consideration."

China's complaints are being aired at a contentious Group of 20 meeting in Seoul that kicked off on Thursday. A breakthrough on alleviating economic imbalances could herald knee-jerk buying of risky assets and halt a U.S. dollar rally that has lifted it to a 1-month high.

The Nikkei rose 0.3 percent .N225 after closing above the 38.2 percent retracement of its move down from April to lows for the year hit in September. That level is important for traders who focus purely on historical chart patters to make decisions.

Shares of big exporters such as Toyota Motor Co (7203.T) and Canon Inc (7751.T) were among the biggest lifts to the index, with the dollar up nearly 2 yen in November.

So far in November, the 7.4 percent gain in the Nikkei, Asia's second-worst performing equity index year to date, is higher than a 3 percent rise in the U.S. S&P 500 index .SPX and a roughly 2 percent increase in the FTSEurofirst 300 index .FTEU3.

The MSCI index of Asia Pacific shares outside Japan rose 0.7 percent .MIAPJ0000PUS, trying to snap a string of three down days on strength in resource-related shares.

Hong Kong's Hang Seng index was up 1 percent .HSI, with mainland Chinese stocks listed in the territory up 1.2 percent .HSCE. Bank stocks were leading the charge after new yuan loan figures for October were higher than expected, turning the market's attention away from reserve requirement increase for Chinese banks on Wednesday.

The Australian dollar was trading nearly unchanged on the day, fighting back after the country's unemployment rate unexpectedly rose to 5.4 percent, reducing the chances of a rate increase in February, and China's higher-than-expected CPI.

With the fundamental outlook for Australia still convincingly positive, the Reserve Bank of Australia may have to raise rates again in coming months and therefore the currency would unlikely stay down for long.

"Strong levels of participation are consistent with a strong and healthy labor market. Unemployment remains in the 5.1-5.4 percent that has been in all year. It remains consistent with the RBA's tightening bias," Su-Lin Ong, senior economist with RBC Capital Markets in Sydney, said.

The U.S. dollar index, a measure of the currency's performance against a basket of six other major currencies, was down 0.2 percent though still 0.8 percent higher so far in November.

ICBC (601398.SS), which first unveiled its rights issue plan in July, will now be selling fewer rights shares in Hong Kong and Shanghai because of a rise in their stock market value since then.

Investors will be entitled to 0.45 shares for every 10 held, meaning it could issue up to 15.03 billion new shares, compared with its earlier plan to issue up to 0.6 shares for every 10 held, or 20.04 billion shares. ICBC's Shanghai shares are up 8 percent since July and its Hong Kong shares are up 15 percent.

The world's most valuable lender priced the issue at 2.99 yuan per share in Shanghai, and the equivalent price of HK$3.49 in Hong Kong, representing a discount to the market price of 37 percent and 47 percent, respectively.

The discounts are more-or-less in line with those offered by smaller rivals China Construction Bank Ltd (CCB) (0939.HK) (601939.SS) and Bank of China (BOC) (3988.HK) (601398.SS), which are raising a combined $18.2 billion.

CCB priced its offer at a 27-43 percent discount to market price, while BOC priced it a 34-41 percent discount.

The steep discount to market prices would give ICBC shareholders more of an incentive to participate in the rights issue, according to Jin Lin, analyst at Orient Securities.

"It will give investors the impression that participating in the rights issue would be a bargain," Jin said, adding that eventually, the overall wealth of investors would not change as the new issuance should drag down ICBC's share prices.

Investors generally welcomed the move, but ICBC's shares were overshadowed to some extent by the central bank's increasing banks' required reserves amid inflation worries.

ICBC's Hong Kong-listed shares rose 2.3 percent as of 0350 GMT to HK$6.78, while its Shanghai shares fell 1.7 percent to 4.66 yuan on the potential impact of the reserve requirement hike.

ENOUGH CASH FOR NOW

Most other listed banks in China, such as Bank of Communications (3328.HK) (601328.SS) and China Merchants Bank (600036.SS) (3968.HK), completed fundraisings earlier this year, as regulators toughened capital rules after 2009's record $1.4 trillion lending threatened banks' asset quality.

ICBC has previously said the rights issue would fulfill its capital needs over the next three years, and Alexander Lee, analyst at DBS Vickers in Hong Kong, said he thought that was a reasonable estimate.

"Bear in mind that loan growth was exceptionally fast in 2009 and this year. I think loan growth will normalize going forward, so demand for capital will not be as great as before," he said.

ICBC's state parent, Central Huijin, a unit of China's sovereign wealth fund, has said it would fully participate in the rights issue.