Leading European economies are bogged down deep in recessionary territory, business surveys showed, as policy makers worldwide battle to ward off a long-lasting slump.

President Barack Obama's $825 billion stimulus plan and his pick for US Treasury chief cleared hurdles in Congress, a step forward in efforts to contain the economic crisis battering businesses globally.

South Korea's Samsung Electronics chalked up its first-ever quarterly loss, joining technology leaders such as Microsoft, Nokia and Sony who are suffering slumping demand amid recession in the US, Japan and much of Europe.

New data indicated that eurozone services and manufacturing activity declined at a slightly slower pace this month, a touch better than forecasts, but remained deeply negative.