The European Central Bank is emergency break to talk on eurozone debt crises whether to start buying Italian debt to contain spreading turmoil on financial markets.
Growing worries over debt in the eurozone and the US caused sharp falls on world stock markets last week.
Finance ministers from the G7 major economic powers are also to hold emergency talks on how to coll the markets.
The governing council of the ECB, which includes the central bank governors of all 17 eurozone countries, will hold a telephone conference on Sunday afternoon.
According to an ECB source cited by Reuters news agency, the bank's president Jean-Claude Trichet desire a final decision on whether to buy Italian debt to be made at the meeting.
Meanwhile, Middle East markets, which are open for trading on Sunday, lost ground, with Israel's main exchange losing index by about 7% and Egypt's by about 4%.
There are threat that unless leaders can announce a decisive plan of action before Asian and European markets open on Monday, global shares could open positive mode.
Monday will also be the first day major markets are open following the decision by credit rating agency Standard & Poor's to downgrade US government debt.
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