Republican and Democratic leaders in the U.S. Senate struck an agreement Wednesday to end a fiscal impasse, hours before Washington hits its debt limit, a senator said.

"I understand that they've come to an agreement," said Senator Kelly Ayotte, a Republican from New Hampshire.

China's 400 richest people became $150 billion wealthier this year, Forbes magazine said Wednesday, despite a slowdown in the world's second largest economy.

The vast increase -- an average of almost $400 million each -- highlights the growing inequality between the Communist country's superrich and the millions who still live in poverty.

Asian markets were mixed Wednesday as investors focus on the United States, where lawmakers remain at loggerheads over a budget bill despite having just over a day to raise the debt ceiling and avoid a default.

Earlier optimism that Congress would eventually reach an agreement to fund the government is slowly giving way to despair, while Fitch ratings agency added to jitters by putting Washington's AAA rating on a downgrade warning.

Leaders in the House of Representatives and Senate were negotiating separate but similar plans Tuesday to reopen the U.S. government and prevent a default on American debt that economists say could tip the global economy back into recession.

The Senate moved first, taking the country halfway toward solving a bitter fight between Republicans and President Barack Obama's Democrats over government spending. In the House of Representatives, Republican leaders began moving Tuesday toward a similar deal, apparently viewing a shift in tactics as inevitable. Many conservatives, however, still were standing fast against the plan that would fund the government through Jan. 15 and allow the Treasury to borrow money to pay U.S. bills until February.

Cyprus is on the road to recovery from its bailout crisis, the European Council president said Tuesday during a first top-level EU visit since the island's near economic meltdown.

"I have no illusions about the uncertainty, fear and anger felt by many, who either lost or fear losing their jobs," Herman Van Rompuy told reporters after talks with Cypriot President Nicos Anastasiades.

British luxury fashion group Burberry on Tuesday said its long-serving Chief Executive Officer Angela Ahrendts will step down next year to take up a new position with Apple.

The 53-year-old U.S. national is to be replaced by Burberry's Chief Creative Officer Christopher Bailey, who will retain his existing title alongside becoming the company's CEO, according to a statement issued to the London Stock Exchange.

Rival Republican and Democratic Senate leaders Monday said they were optimistic they could agree a deal to stave off a debt default that would shred U.S. credibility and rock the global economy.

Signs of hope emerged three days before a deadline to raise the U.S. government's borrowing limit and with a partial government shutdown on the cusp of entering its third week.

United Arab Emirates Energy Minister Suheil al-Mazrouei said Monday the country was on track to achieve its goal of a one-third increase in oil production by 2017.

"We are confident and the projects are on time," Mazrouei told Agence France Presse at the ongoing World Energy Congress in Daegu, South Korea.

The United States moved closer to a default that could seriously harm the economy and a partial government shutdown entered its third week as Senate Democratic and Republican leaders remained at odds over spending in their last-ditch negotiations to end the crises gripping the nation.

Democratic Majority Leader Harry Reid and Republican Minority Leader Mitch McConnell spoke by phone Sunday but failed to agree on a deal to raise the nation's borrowing authority above the $16.7 trillion debt limit. Separately, they also could not agree on a plan to reopen a government still shuttered on its 14th day. Congress is racing the clock with Treasury Secretary Jack Lew warning that the U.S. will quickly exhaust its ability to pay the bills on Thursday.

Oil prices edged lower in Asian trade Monday as the United States faces a potentially devastating sovereign debt default as lawmakers remain unable to end a budget impasse.

New York's main contract, West Texas Intermediate for delivery in November was down 29 cents at $101.73 in afternoon trade, while Brent North Sea crude for November eased 17 cents to $111.11.