No U.N. deal on carbon cuts, last day of talks

"There is still no text for the heads of state to negotiate," a German negotiator told reporters after all-night talks. "There are no results on anything. We have only several drafts. It's very, very difficult. Time is running out."

At stake is a deal to avoid climate changes including more floods and droughts. The December 7-18 talks in the Danish capital have battled intense suspicion between rich and poor countries over how to share out carbon cuts that may drive up energy costs and will force a shift from fossil fuels.

"There are deep differences in opinion and views on how we should solve this. We'll try our best, until the last minutes of this conference," said Swedish Prime Minister Fredrik Reinfeldt after overnight talks ended.

U.S. President Barack Obama arrived on Friday morning, and would meet Chinese Premier Wen Jiabao on the sidelines, joining more than 120 other leaders in the largest ever climate summit.

Negotiators working through the night to prepare a text agreed an initial draft which called for a two degree Celsius cap on global temperatures and at least $100 billion in aid for poor nations, sources said.