The Street Beat

Asian stock markets tumbled on Thursday, commodities retreated and the euro fell against the yen and euro, as doubts grew about Europe's ability to come up with a comprehensive solution to its debt crisis by this weekend.

The Nikkei jumped 1.3% on Monday on optimism that European leaders are getting to grips with the region's debt crisis. Hopes were lifted after G20 finance leaders urged the eurozone leaders to resolve the crisis as soon as possible.

Asian stocks extended recent gains on Thursday, heartened by new efforts by European leaders to strengthen weak European banks and lower Greece's debt burden. U.S. stocks finished with strong gains overnight despite a disappointing start to the earnings season and reports suggested that political rivals in Slovakia have agreed to support a crucial bill on ratifying a eurozone agreement for the extension of European Financial Stability Facility, boosting investor sentiment.

Asian stocks erased early declines to finish mostly higher on Wednesday as Beijing's gesture to support the market and optimism over corporate earnings helped more than offset Alcoa's disappointing third-quarter earnings and worries over Europe's debt crisis.

The Nikkei rose the most in two weeks on Tuesday after Europe’s powerhouses pledged to support European banks and minimise the eurozone’s debt crisis. The benchmark Nikkei 225 index closed up 168 points at 8,774 in Tokyo.

Most Asian markets ended higher Thursday taking positive cues from Wall Street where stocks posted sharp gains overnight amid easing worries about the financial situation in Europe. Also, European stocks were extending gains in morning session as investors cheered news that European officials are strengthening efforts to shore up the euro zone's banking sector.

Most Asian stocks rose on Wednesday and commodities rebounded for the first time in four days, as investors cheered news that European officials are strengthening efforts to shore up the euro zone's banking sector. However, the positive mode was tempered by Italy's rating downgrade.

Asian stock markets swung between gains and losses on Wednesday before closing on a mixed note, as risk-awry investors moved to the sidelines, awaiting greater clarity on how European policymakers intend to resolve the region's debt crisis.