Banks recovered from past losses, and stocks in Europe and Asia climbed in early trading Friday, after Germany and France said a eurozone debt deal will be presented no later than Wednesday.

The two countries issued a joint statement late Thursday saying they are to meet the day before the EU Debt Crisis Summit on Sunday to come to an agreement about the imminent bailout plan.

European governments will debate deploying $1.3trn in funds to help calm the sovereign debt crisis at the summit.