European stocks were mixed and Wall Street rose in cautious trade on Wednesday amid doubts that eurozone leaders were any closer to resolving the debt crisis before EU-IMF auditors were due to arrive in Athens.
Frankfurt's DAX 30 index of leading shares added 0.29 percent to 5,644.97 points in afternoon trade, London's FTSE 100 index fell 0.51 percent to 5,294.85 points and in Paris the CAC 40 was flat at 3,023.97.
The euro climbed to $1.3621 from $1.3590 in New York late Tuesday. The dollar fell to 76.47 yen from 76.84 yen.
The Dow Jones Industrial Average was up 0.71 percent to 11,270.16 in the first minutes of trade. The broader S&P 500 rose 0.35 percent to 1,179.49, while the Nasdaq Composite added 0.42 percent to 2,557.64.
"Until we see more conviction in the buying and more clarity on Europe, volatility should remain high," said Sameer Samana of Wells Fargo Advisors.
Asian stock markets mostly rose on Wednesday but the gains were capped by the lack of concrete evidence of a eurozone plan, traders said.
Shares in Europe and the US had soared on Tuesday, with London closing up 4.2 percent and Paris almost 6.0 percent, on fresh hopes that European leaders would get to grips with the debt crisis.
"European stock markets have been ... cutting short the recent stunning rally," Rabobank analyst Jane Foley said on Wednesday.
"Reality seems to have set in. Reports in the financial press today suggest the EU is split on how to solve the sovereign debt crisis, which may dampen investor sentiment."
The Financial Times said Greece's second bailout had run into trouble, with some eurozone members pushing for private creditors to take a bigger writedown on their Greek bond holdings.
On Tuesday, the French government said a new eurozone initiatives were in the works and would be announced once boosts to the European Union's EFSF rescue fund had been approved in parliaments across the eurozone.
In Greece, the government was hoping for a last-minute EU-IMF rescue amid fresh protests against austerity measures after Athens pledged a "superhuman" effort to stabilise its debt-stricken economy.
A mission from the EU, the International Monetary Fund and the European Central Bank was expected in Athens Thursday to resume an audit vital to the release of rescue funds from the first bailout loan to Greece.
Deputies in Athens approved a controversial property tax Tuesday in a bid to plug its budget hole and help unlock the bailout funds needed to prevent a default that could come as early as next month.
A key contributor to the rescue, Germany, was meanwhile scheduled to vote Thursday on expanding the scope and size of the EU's rescue fund -- the European Financial Stability Facility (EFSF).
German Chancellor Angela Merkel met Greek Prime Minister George Papandreou on Tuesday, pledging every assistance as Athens implements tough austerity reforms.
"All eyes remain on Germany and Greece to see if they will get their next tranche of bailout funds," said Capital Spreads analyst Simon Denham.
"The German chancellor faces a crucial vote of confidence tomorrow as her parliament votes on the extension of the EU bailout funds. The vote is expected to be passed," Denham said.
Greece will remain in the eurozone but must meet its reform commitments in full, the head of the European Commission, Jose Manuel Barroso, said Wednesday.
He also called for the creation of joint eurozone bonds and said he would propose options in the coming weeks despite German objections.