On Friday European stocks swung between gains and losses after the region’s leaders agreed to create a permanent crisis-management mechanism in 2013. Asian shares rose and U.S. futures were little changed.

AstraZeneca dropped 4.5 percent in London. SAP AG rose after Oracle Corp., the second-largest software maker, reported earnings that topped analysts’ predictions. Cap Gemini SA gained 1.9 percent as Accenture Plc, the second-largest technology- consulting company, forecast sales for this quarter that topped some analysts’ estimates.

European shares edged lower in early trade, with investors cautious after Moody’s downgraded Ireland’s debt rating, while AstraZeneca’s dropped as a key drug failed to win U.S. approval.

The pan-European FTSEurofirst 300 index of top shares was lower after rising 0.4 percent in the previous session.

European Union leaders have agreed to create a permanent financial safety net from 2013 and the European Central Bank moved to increase its firepower to fight the debt crisis that has rocked the euro zone.

Banks, which have been hard hit by the euro zone sovereign debt crisis, were under pressure following the downgrade, with the STOXX Europe 600 banking index down.

Japanese stocks fell, sending the Topix index to its first drop in five days, as trading companies declined on lower oil and metal prices, and automakers retreated on concern a weaker dollar will dent export earnings. The Nikkei 225 Stock Average fell 0.1 percent as did the Topix. The Nikkei rose 0.9 percent this week, while the Topix climbed 1.7 percent.

U.S. stock index futures struggled to find direction ahead of the open Friday after Congress approved the extension of the Bush-era tax cuts late Thursday. Investors see the economy benefitting from the extra money consumers will have, which could boost stocks, but potential volatility from “quadruple witching” could stall gains.