In US, markets eked out marginal gains in lackluster trading, with the S&P 500 closing at a new high, but a batch of mixed earnings reports and weaker-than-expected existing home sales weighed. The CBOE volatility index slid near 12.
The Dow Jones Industrial Average was up 1.81 points, or 0.01 percent, to close at 15,545.55. The Standard & Poor's 500 Index rose 3.44 points, or 0.20 percent, to end at 1,695.53, and the Nasdaq Composite Index added 12.77 points, or 0.36 percent, at 3,600.39.
In Europe, major indices pared early gains to close flat. A series of earnings releases boosted stocks in Europe, particularly in the banking sector. Shares of UBS closed 2.50 percent higher in heavy trade, after it posted a net profit for the second quarter that beat market expectations.
In Asia, government comments reiterated Beijing's commitment to supporting the export and service industry is aiding sentiment. Japanese stocks erased earlier losses to rise above 14,700. Strength in the Japanese yen propped up South Korean exporter.
Asian markets were trading higher. China's Shanghai Composite rose 1.50 percent or 30.12 points at 2,034.88. Hong kong's Hang Seng advanced 1.72 percent or 368.88 points at 21,785.38.
Japan's Nikkei was up 0.93 percent or 136.62 points at 14,794.66. Singapore's Straits Times was up 0.26 percent or 8.26 points at 3,242.61.
Other asset class
In the currency space- the euro is steady above 1.31 to the dollar. The dollar index is at 82.20 levels. Meanwhile dollar-yen is around 99 levels.
Gold prices surged to its highest level in nearly a year, currently at above USD 1333 an ounce. Brent crude hovers at around USD 108 per barrel, and Nymex crude slips to sub USD 107 per barrel on profit taking.