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German President Horst Koehler said on Monday he was resigning with immediate effect due to widespread criticism of comments he made about the country's military action and commercial interests.

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Shares rose as Chinese officials said Europe would remain one of their most important markets for investment.

Thieves steal a work by Picasso and other pictures - a day after a major art theft from a gallery in Paris.

Five paintings, reportedly including a Matisse and a Picasso, were stolen overnight from a Paris museum, the Paris mayor's office said Thursday.

Protesters marched through Athens Thursday, the first since three people died when a bank was torched.

Germany's market regulator is poised to ban some forms of short-selling at 10 important financial institutions.

Britain and the Netherlands shut or planned to close major airports because of volcanic ash from Iceland on Monday, threatening large-scale air traffic disruption in Europe at the start of the working week.

Stocks tumbled for a second day Friday after concerns grew that the deep spending cuts under Europe's bailout plan would slow a global recovery.

Shares rose in Europe and on Wall Street as markets calmed. Gold, however, hit a record amid efforts to defend European countries from sovereign default.

Greek unions announced on Wednesday that they would stage a 24-hour nationwide strike on May 20, the second major protest against tough austerity measures pledged in exchange for billions of euros in aid.