Stand by for one of the nastiest and, perhaps most economically dangerous U.S. political fights in recent memory.

As the languorous Washington summer draws to a close, Congress returns to the capital next month with stark battle lines drawn on spending issues that, if left unresolved, could shove the United States into defaulting on its debt for the first time or force the government to shut down for lack of funding. Conservative Republicans threaten one or both unless Democrats and the White House surrender to right wing demands to slash spending for President Barack Obama's health care overhaul.

German Chancellor Angela Merkel says she'll press for progress on financial regulation at next week's summit of global economic powers, which comes ahead of Sept. 22 elections in which she's seeking a third term.

Merkel said in her weekly video message Saturday: "Germany will, along with other countries, exert pressure so that we do not let up in the regulation of financial markets."

Ready-to-wear clothing brand Alain Manoukian, owned by French-American BCBG Max Azria, will be wound up next year and up to 170 people could lose their jobs in France, a union official said on Friday.

Arnaud Pichot, a local union official, said that the brand would be closed down by next summer and that about 170 people in France risked being laid off.

Greece's main public sector trade union, Adedy, launched a call Friday for a two-day strike next month in protest against job lay-offs included in an economic overhaul demanded by the country's creditors.

Adedy, in a statement, criticised the government's "submission" to proposals from the European Union and International Monetary Fund that would "destroy the public sector and the welfare state".

The eurozone unemployment rate was steady at a record 12.1 percent in July but there was another slight fall in the total jobless numbers after an improvement in June, official data showed on Friday.

The total number of people without work in the 17-nation eurozone fell 15,000 to 19.23 million, after a drop of 35,000 in June, the Eurostat statistics agency said.

Swiss banks will pay significant fines to avoid U.S. penalties under a deal announced Thursday which forces them to begin disclosing the offshore accounts of American clients.

The U.S. Department of Justice said the agreement with Switzerland will advance Washington's campaign against tax avoidance by U.S. citizens hiding funds offshore.

Oil prices fell in Asian trade Friday as fears eased of an imminent Western military strike against Syria for its alleged use of chemical weapons, analysts said.

New York's main contract, West Texas Intermediate (WTI) for delivery in October, was down $1.16 at $107.64 a barrel in afternoon trade, and Brent North Sea crude for October shed 80 cents to $114.36.

President Barack Obama is facing the prospect of a fiscal fight with Congress, with both sides having three weeks to break funding impasses or risk government default.

Two crucial votes are on the horizon for the divided and gridlocked Congress, including approval of a federal budget for fiscal year 2014, which begins October 1.

The European Central Bank, under fire for being largely a men's club, plans to double the number of women in its top ranks, executive board member Joerg Asmussen said Thursday.

"By the end of 2019, we want 35 percent of our middle management and 28 percent of our upper management to be women," Asmussen told the daily Sueddeutsche Zeitung.

The Turkish lira steadied against the dollar and shares firmed in early trading on Thursday, as analysts took the view that U.S. monetary authorities would not tighten their policy immediately.

One factor driving this sentiment was tension over the situation in Syria.