Global equities put in a fifth straight trading day of gains on Monday, mainly lifted by emerging markets, where some analysts see a gradual return of investors' appetite for risk.
Wall Street, however, looked set for declines, the dollar fell and the Japanese yen gained.
Caution remained over the contents of both Washington's package of measures to stimulate the economy and a delayed plan to rescue the U.S. banking system.
"This is the world's biggest casino throw we've ever seen," Justin Urquhart Stewart, director at Seven Investment Management, said of the U.S. economic package. "There is no certainty in this market."
Squabbling over the U.S. rescue plan was set to continue later in the day, when the Democratic-led Senate votes to end debate on an $827 billion rescue package so it can be passed on Tuesday.
World stocks as measured by MSCI .MIWD00000PUS were up 0.2 percent, held back by trading in Europe, where the FTSEurofirst 300 .FTEU3 inched down 0.1 percent and in Japan, where the Nikkei .N225 closed down 1.33 percent.
But MSCI's benchmark emerging market index .MSCIEF was up just shy of 1 percent. The index is down just 0.74 percent in 2009, easily outperforming the 5.2 percent loss on the equivalent developed market gauge .MIWO00000PUS.
Researchers EPFR Global reported that the global emerging, Asia ex-Japan and Latin America equity funds that it tracks all posted net inflows in its latest weekly snapshot.
Barclays Capital, in the meantime, said currency performance indexes it has constructed are showing a move by market players away from strong risk aversion.
"Though there has been no sign that risk appetite is strongly positive, the backing away from the mood of intense risk aversion is significant," it said in a note.
U.S. PACKAGE WEIGHTS
Monday's mood on currency markets was still generally cautious.
The yen rose broadly, buoyed by disappointment at a delay in the announcement of the U.S. bank bailout plan until Tuesday.
"The yen's gains really reflect investor disappointment that the U.S. bank rescue plan was postponed," BTM-UFJ currency economist Lee Hardman said.
"Given the scale of the problem it is clear that we need to see an effective solution as quickly as possible, and the delay has dented confidence in the authorities' ability to get ahead of the curve in resolving it," he said.
The dollar was down 0.3 percent against the yen at 91.75 yen, while the euro was slightly off at 118.92 yen.
The euro rose 0.2 percent against the dollar to $1.2958.
On euro zone government bonds markets, the two-year yield was up 2 basis points at 1.443 percent, while the 10-year yield was the same at 3.385 percent.
