Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.

The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.

Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.

An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.

"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

"What we're looking for is demand. Demand from small business owners, from consumers."

EARNINGS AND ECONOMIC EXPECTATIONS

Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.

Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.

Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.

The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.

Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.

HOUSING, INDUSTRIAL DATA ON TAP

Next week will also feature the release of a wide range of economic data.

Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.

Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.

Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.

"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."

POLITICAL ANXIETY

Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.

The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.

Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.

The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.

"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.

The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.

"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."

(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)

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IHT Rendezvous: IHT Quick Read: Jan. 12

NEWS A group of researchers worked for six years to locate the source of rifle and machine-gun ammunition in war-torn regions. The manufacturer was not one of Africa’s usual suspects. C.J. Chivers reports.

France launched a military intervention on Friday in Mali, sharply escalating its involvement in the war there between government troops and armed Islamists after the militants, who now rule the north, wrested control of a strategic village in the center of the country. Adam Nossiter and Eric Schmitt report.

The British police and the country’s leading child welfare group drew a horrific picture of more than 200 cases of sexual abuse, mostly involving children, by the television host Jimmy Savile in a report issued Friday, and prosecutors admitted for the first time that they could have brought Mr. Savile to trial before his death in 2011 but failed to do so. John F. Burns and Alan Cowell report from London.

American authorities said they would order an examination of electrical systems in Boeing’s new 787 Dreamliner after a spate of incidents, including a battery fire this week in Boston. Jad Mouawad reports from New York.

French labor unions and business leaders struck a deal on Friday to overhaul swaths of France’s notoriously rigid labor market, moving to tame some of the most confounding rules in the 3,200-page labor code as the country tries to increase its competitiveness and curb unemployment. Liz Alderman reports from Paris.

ARTS Richard Dare, the president of the New Jersey Symphony, resigned after nine days when questions arose over a past criminal case and over his business experience. Dan Wakin reports from New York.

SPORTS The question at the Australian Open is whether Rafael Nadal’s absence makes it any easier for an outsider to win, with defending champion Novak Djokovic, Roger Federer and Andy Murray still in the mix. Christopher Clarey reports from Melbourne.

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Why We Hate the Word ‘Phablet’ So Much

It appears we have reached Peak Phablet — and not just because sales are up and the big-screen cellphones were all over the Consumer Electronics Show this week. No, we have also reached Peak “Phablet” — the term for the popular (and quite awkward) devices has also this week been called ”horrible,” “stupid,” and ”worst word of the year” (to which we’re about two weeks in). The name itself has become as popular to loathe as the gadgets have to buy. Even linguists says so:

RELATED: Smackdown: Is There a Right Way to Speak English?

Problem No. 1: A Poor Blend

RELATED: Exploring the Character of a Bad Word

“A satisfying blend is derived from two words that overlap in their sounds, such as motor+hotel = motel, where the ‘o’ is shared,” University of Pennsylvania linguistics professor Gene Buckley wrote to us Friday. “But phone and tablet don’t share any sounds at all, so that might be why it sounds clumsy.”

RELATED: Let’s Fix Allllll Our …. Email Punctuation Problems

Problem No. 2: A Bad “ph” Scale

RELATED: The Evolution of the Emoticon

English words generally use “ph” as eff for words from Greek origin, Ben Zimmer explained today in his Word Routes column. Now “phablet” obviously isn’t Greek, but the Greek words it conjures sound kind of gross, Stanford linguistics PhD candidate Lelia Glass told us; a lot of “ph” words followed by the letter “a” happen to be body parts — ”like ‘phallus’ and ‘phalanges,’ which perhaps grosses people out,” Glass said.

RELATED: Auto-Correct Is Not Ruining Spelling

Zimmer has a different theory. “Phablet” isn’t the first non-Greek word we’ve made up with a “ph” making an eff sound, but unlike other modern word innovations — like “phat” — it doesn’t have a sense of humor, or at least not a very good one. Zimmer wrote to The Atlantic Wire:

Historically, “ph” has represented the /f/ sound only in words of Greek origin, and extensions of that spelling have been made playfully — think of the Phillie Phanatic, or “phat” in hiphop usage. In the tech world, “phreak(ing)” led the way (with the “ph-” from “phone”), and then other playful respellings such as “phishing” followed suit. But in “phablet” the “ph-” on its own isn’t really enough to suggest the “phone” component of the blend, so it ends up looking like a silly version of “fablet” (a fabulous tablet?). Of course, when the word is spoken, the connection to the “ph-” of “phone” is lost entirely.

Yes, those macho tech writers would not find a fab tablet very funny — it makes their manly gadgets sound wussy. Glass notes that the suffix “-et” or “-ette” is often used to signify cute/little things, which give “phablet“ another strike against manliness. 

Problem No. 3: A Bad Subconscious 

Face it, Zimmer adds: “Phablet” sounds too much like “flab” and “phlegm” and other words that remind us of things we don’t like. But, as we’ve noted, phablets look kind of awkward when you hold them up to your ear, despite their many other benefits. An ugly word for an ugly product, no?

Problem No. 4: A Thing Thing

Glass says we might just have “thing discrimination,” with everyone disliking the term because it represents the coming of a gadget of which they don’t approve. The techies seem to have it out for the big phones, even as people are buying them. 

Problem No. 5: A Pure Hatred

“Ultimately, such word aversion is rather arbitrary (look at the hostility against “moist,” for instance),” Zimmer told us. “Some people have a big problem with another techie blend, ‘webinar,’ but that one seems completely innocuous to me.”  

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Britney & Jason's Love Story in 6 Sweet Shots

From a snuggle in the surf to a surprise engagement, see the former couple's most romantic moments

Credit: Kevin Mazur/Wireimage

Updated: Friday Jan 11, 2013 | 07:00 AM EST
By: Cara Lynn Shultz

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Flu season puts businesses and employees in a bind

WASHINGTON (AP) — Nearly half the 70 employees at a Ford dealership in Clarksville, Ind., have been out sick at some point in the past month. It didn't have to be that way, the boss says.

"If people had stayed home in the first place, a lot of times that spread wouldn't have happened," says Marty Book, a vice president at Carriage Ford. "But people really want to get out and do their jobs, and sometimes that's a detriment."

The flu season that has struck early and hard across the U.S. is putting businesses and employees alike in a bind. In this shaky economy, many Americans are reluctant to call in sick, something that can backfire for their employers.

Flu was widespread in 47 states last week, up from 41 the week before, the Centers for Disease Control and Prevention said Friday. The only states without widespread flu were California, Mississippi and Hawaii. And the main strain of the virus circulating tends to make people sicker than usual.

Blake Fleetwood, president of Cook Travel in New York, says his agency is operating with less than 40 percent of its staff of 35 because of the flu and other ailments.

"The people here are working longer hours and it puts a lot of strain on everyone," Fleetwood says. "You don't know whether to ask people with the flu to come in or not." He says the flu is also taking its toll on business as customers cancel their travel plans: "People are getting the flu and they're reduced to a shriveling little mess and don't feel like going anywhere."

Many workers go to the office even when they're sick because they are worried about losing their jobs, says John Challenger, CEO of Challenger, Gray & Christmas, an employer consulting firm. Other employees report for work out of financial necessity, since roughly 40 percent of U.S. workers don't get paid if they are out sick. Some simply have a strong work ethic and feel obligated to show up.

Flu season typically costs employers $10.4 billion for hospitalization and doctor's office visits, according to the CDC. That does not include the costs of lost productivity from absences.

At Carriage Ford, Book says the company plans to make flu shots mandatory for all employees.

Linda Doyle, CEO of the Northcrest Community retirement home in Ames, Iowa, says the company took that step this year for its 120 employees, providing the shots at no cost. It is also supplying face masks for all staff.

And no one is expected to come into work if sick, she says.

So far, the company hasn't seen an outbreak of flu cases.

"You keep your fingers crossed and hope it continues this way," Doyle says. "You see the news and it's frightening. We just want to make sure that we're doing everything possible to keep everyone healthy. Cleanliness is really the key to it. Washing your hands. Wash, wash, wash."

Among other steps employers can take to reduce the spread of the flu on the job: holding meetings via conference calls, staggering shifts so that fewer people are on the job at the same time, and avoiding handshaking.

Newspaper editor Rob Blackwell says he had taken only two sick days in the last two years before coming down with the flu and then pneumonia in the past two weeks. He missed several days the first week of January and has been working from home the past week.

"I kept trying to push myself to get back to work because, generally speaking, when I'm sick I just push through it," says Blackwell, the Washington bureau chief for the daily trade paper American Banker.

Connecticut is the only state that requires some businesses to pay employees when they are out sick. Cities such as San Francisco and Washington have similar laws.

Challenger and others say attitudes are changing, and many companies are rethinking their sick policies to avoid officewide outbreaks of the flu and other infectious diseases.

"I think companies are waking up to the fact right now that you might get a little bit of gain from a person coming into work sick, but especially when you have an epidemic, if 10 or 20 people then get sick, in fact you've lost productivity," Challenger says.

___

Associated Press writers Mike Stobbe in Atlanta, Eileen A.J. Connelly in New York, Paul Wiseman in Washington, Barbara Rodriguez in Des Moines, Iowa, and Jim Salter in St. Louis contributed to this report.

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Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.

The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.

Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.

An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.

"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

"What we're looking for is demand. Demand from small business owners, from consumers."

EARNINGS AND ECONOMIC EXPECTATIONS

Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.

Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.

Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.

The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.

Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.

HOUSING, INDUSTRIAL DATA ON TAP

Next week will also feature the release of a wide range of economic data.

Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.

Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.

Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.

"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."

POLITICAL ANXIETY

Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.

The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.

Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.

The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.

"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.

The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.

"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."

(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)

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Visit by Google Chairman May Benefit North Korea

BEIJING — As a work of propaganda, the images that North Korea circulated this week showing Google’s executive chairman, Eric E. Schmidt, touring a high-tech incubation center are hard to beat.

Adrian Bradshaw/European Pressphoto Agency

Eric E. Schmidt, Google’s executive chairman, at left wearing a tie, and former Gov. Bill Richardson of New Mexico spoke to reporters in Beijing on Thursday after returning from North Korea.

With former Gov. Bill Richardson of New Mexico at his side, Mr. Schmidt, who is fond of describing the Internet as the enemy of despots, toured what was presented as the hub of the computer industry in one of the world’s most pitiless police states. Both men gazed attentively as a select group of North Koreans showed their ability to surf the Web.

It is unclear what the famously hermetic North Koreans hoped to accomplish by allowing the visit. But the photos of the billionaire entrepreneur taking the time to visit the nation’s computer labs were bound to be useful to a new national leader whom analysts say needs to show his people that their impoverished nation is moving forward.

It will matter little, those experts say, that the visitors were bundled against the cold, indoors — a sign of the country’s extreme privation — or that the vast majority of North Koreans have no access to computers, much less the Web beyond their country’s tightly controlled borders.

The men’s quixotic four-day trip ended Thursday much the way it began, with some analysts calling the visit hopelessly naïve and others describing it as valuable back-channel diplomacy at a time when Washington and Pyongyang are not on speaking terms (again).

“I’m still spinning my wheels to figure out a plausible motivation for why they went,” said Daniel Pinkston, a North Korea specialist at the International Crisis Group.

Mr. Schmidt and Mr. Richardson insist they accomplished some good — showing the world has not forgotten the plight of an American detained in the North, and at least trying to nudge the tightly sealed nation a bit closer to the fold of globally connected nations.

“As the world becomes increasingly connected, their decision to be virtually isolated is very much going to affect their  physical world, their economic growth and so forth,” Mr. Schmidt told reporters after arriving at Beijing International Airport. “We made that alternative very, very clear.”

The unofficial visit, however, raised hackles in Washington, and provided rich fodder for commentators and comedians. Even before the Americans left Pyongyang, someone created an account on Tumblr, the popular social blogging site, called “Eric Schmidt looking at things,” that parodied sites (themselves parodies) featuring the country’s leaders earnestly inspecting livestock, soldiers or leather insoles. (Mr. Schmidt is shown looking intently at computer screens, “the back of a North Korean Student,” and Mr. Richardson.)

Others were less kind. Senator John McCain, Republican of Arizona, took to Twitter to call the self-appointed delegation “useful idiots,” and John R. Bolton, a former United Nations ambassador, said the delegation was unwittingly feeding the North Korean propaganda mill as it sought to burnish the credentials of Kim Jung-un, the nation’s leader, who is in his 20s.

“Pyongyang uses gullible Americans for its own purposes,” Mr. Bolton wrote in The New York Daily News.

The State Department said it did not think the timing of the visit was “particularly helpful,” given efforts by the United States to rally international support for tougher sanctions following North Korea’s recent launching of a rocket that intelligence experts say could help in the development of missiles that could one day reach the United States.

As if on cue, the North Korean news media hailed the visit by “the Google team” — which included Jared Cohen, who leads Google’s think tank — highlighting their visit to the mausoleum where Mr. Kim’s grandfather and father lie in state. There, Mr. Richardson and Mr. Schmidt “expressed admiration and paid respect to Comrade Kim Il-sung and Comrade Kim Jong-il,” the North’s main party newspaper, Rodong Sinmun, said.

Choe Sang-Hun contributed reporting from Seoul, South Korea, Claire Cain Miller from San Francisco, and Edward Wong from Beijing.

This article has been revised to reflect the following correction:

Correction: January 11, 2013

An earlier version of this article paraphrased incorrectly State Department comments about the visit to North Korea by Mr. Schmidt and Mr. Richardson. The Department said it did not think the timing of the visit was “particularly helpful.” It did not call the visit “not particularly helpful.”

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Audrey Hepburn: Remembering the Private Legend

By Elizabeth McNeil

01/10/2013 at 07:35 PM EST

Audrey Hepburn with her son, Luca Dotti, in 1985

Audrey Hepburn Childrens Fund

She captivated the world with her doe-eyed beauty, but behind the Givenchy glamour, there was an Audrey Hepburn few people knew.

She thought her nose too big, her feet too large and her neck too long. She loved to shop for groceries (but not clothes), didn't wear makeup at home, never went to the gym and enjoyed two fingers of Scotch every night. 

"She was not this ethereal creature," says Robert Wolders, 76, the Dutch actor who was her companion for the last 13 years of her life. "She was an earthy woman with a ribald sense of humor."

What Hepburn had, adds Wolders, "was more than beauty. It was this extraordinary mystique."

Hepburn left Hollywood at age 34 at the height of her fame, moving into a 1732 farmhouse in Tolochenaz, a small Swiss village, where she found happiness raising two sons and purpose in her charity work for UNICEF. 

Two decades after her death from abdominal cancer at 63 on Jan. 20, 1993, her children and her last love remember the Audrey they adored. 

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Flu season strikes early and, in some places, hard

NEW YORK (AP) — From the Rocky Mountains to New England, hospitals are swamped with people with flu symptoms. Some medical centers are turning away visitors or making them wear face masks, and one Pennsylvania hospital set up a tent outside its ER to deal with the feverish patients.

Flu season in the U.S. has struck early and, in many places, hard.

While flu normally doesn't blanket the country until late January or February, it is already widespread in more than 40 states, with about 30 of them reporting some major hot spots. On Thursday, health officials blamed the flu for the deaths of 20 children so far.

Whether this will be considered a bad season by the time it has run its course in the spring remains to be seen.

"Those of us with gray hair have seen worse," said Dr. William Schaffner, a flu expert at Vanderbilt University in Nashville.

The evidence so far points to a moderate season, Schaffner and others say. It looks bad in part because last year was unusually mild and because the main strain of influenza circulating this year tends to make people sicker and really lay them low.

David Smythe of New York City saw it happen to his 50-year-old girlfriend, who has been knocked out for about two weeks. "She's been in bed. She can't even get up," he said.

Also, the flu's early arrival coincided with spikes in a variety of other viruses, including a childhood malady that mimics flu and a new norovirus that causes vomiting and diarrhea, or what is commonly known as "stomach flu." So what people are calling the flu may, in fact, be something else.

"There may be more of an overlap than we normally see," said Dr. Joseph Bresee, who tracks the flu for the Centers for Disease Control and Prevention.

Most people don't undergo lab tests to confirm flu, and the symptoms are so similar that it can be hard to distinguish flu from other viruses, or even a cold. Over the holidays, 250 people were sickened at a Mormon missionary training center in Utah, but the culprit turned out to be a norovirus, not the flu.

Flu is a major contributor, though, to what's going on.

"I'd say 75 percent," said Dr. Dan Surdam, head of the emergency department at Cheyenne Regional Medical Center, Wyoming's largest hospital. The 17-bed emergency room saw its busiest day ever last week, with 166 visitors.

The early onslaught has resulted in a spike in hospitalizations. To deal with the influx and protect other patients from getting sick, hospitals are restricting visits from children, requiring family members to wear masks and banning anyone with flu symptoms from maternity wards.

One hospital in Allentown, Pa., set up a tent this week for a steady stream of patients with flu symptoms. But so far "what we're seeing is a typical flu season," said Terry Burger, director of infection control and prevention for the hospital, Lehigh Valley Hospital-Cedar Crest.

On Wednesday, Boston declared a public health emergency, with the city's hospitals counting about 1,500 emergency room visits since December by people with flu-like symptoms.

All the flu activity has led some to question whether this year's flu shot is working. While health officials are still analyzing the vaccine, early indications are that it's about 60 percent effective, which is in line with what's been seen in other years.

The vaccine is reformulated each year, based on experts' best guess of which strains of the virus will predominate. This year's vaccine is well-matched to what's going around. The government estimates that between a third and half of Americans have gotten the vaccine.

In New York City, 57-year-old Judith Quinones skipped getting a flu shot this season and suffered her worst case of flu-like illness in years. She was laid up for nearly a month with fever and body aches. "I just couldn't function," she said.

But her daughter got the vaccine. "And she got sick twice," Quinones said.

Europe is also suffering an early flu season, though a milder strain predominates there. Flu reports are up, too, in China, Japan, the West Bank, the Gaza Strip, Algeria and the Republic of Congo. Britain has seen a surge in cases of norovirus.

On average, about 24,000 Americans die each flu season, according to the CDC. That's an estimate — the agency does not keep a running tally of adult flu deaths each year, only for children. Some state health departments do keep count, and they've reported dozens of flu deaths so far.

Flu usually peaks in midwinter. Symptoms can include fever, cough, runny nose, head and body aches and fatigue. Some people also suffer vomiting and diarrhea, and some develop pneumonia or other severe complications.

Most people with flu have a mild illness and can help themselves and protect others by staying home and resting. But people with severe symptoms should see a doctor. They may be given antiviral drugs or other medications to ease symptoms.

Flu vaccinations are recommended for everyone 6 months or older. Of the 20 children killed by the flu this season, only two were fully vaccinated.

___

AP Medical Writer Maria Cheng in London contributed to this report.

___

Online:

CDC flu: http://www.cdc.gov/flu/index.htm

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Asian shares, Brent retreat after China CPI; yen slides

TOKYO (Reuters) - Asian shares and Brent crude futures fell on Friday as a pick-up in Chinese inflation prompted profit-taking, although an improving outlook for global economies curbed losses, while the yen slid on renewed expectations for bold monetary easing in Japan.

China's annual consumer inflation rate accelerated to a seven-month high of 2.5 percent in December on rising food prices, narrowing the scope for the central bank to boost the economy by easing monetary policy. The producer price index fell 1.9 percent in December from a year earlier, marking the 10th consecutive month of declines, but improved from November's 2.2 percent annual drop.

Brent crude futures fell 0.4 percent to $111.50 a barrel and U.S. crude trimmed earlier rises to trade nearly flat at 93.86.

"China's inflation was hotter than expected which might add a little bit of downside risk and some investors may be cashing in profits," said Ben Le Brun, market analyst at OptionsXpress.

MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> eased 0.2 percent, erasing morning gains that brought the index near its highest level since August 2011 hit last week. The index looked set to end the week virtually flat after starting the first week of 2013 with a 2.4 percent jump.

Shanghai shares <.ssec> tumbled 1.3 percent, dragging Hong Kong shares <.hsi> into negative territory, while Australian shares <.axjo> ended down 0.3 percent.

"It's not the end of the world. We have been trending in overbought territory for more than a week anyway, so this higher headline inflation is a trigger for some profit-taking. We are in a consolidation phase," said Hong Hao, Bank of Communication International's chief equity strategist, based in Hong Kong.

Hirokazu Yuihama, a senior strategist at Daiwa Securities in Tokyo, said the China inflation data offered some positive signs but, given the market's rapid rally over the past month, it was probably used as an excuse to book profits.

"The slight pickup in inflation is still well below the 3.5 percent forecast by China, and may also reflect recovery in consumption," he said, adding that the data was unlikely to significantly dent an overall trend in improving risk appetite.

Unexpectedly strong Chinese trade data on Thursday buoyed hopes that demand from the world's second-largest economy will rise, while cautiously optimistic comments from European Central Bank President Mario Draghi eased anxiety over the euro zone debt problems.

European markets will likely sustain optimism. Financial spread-betters predicted London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> would open as much as 0.3 percent higher. U.S. stock futures were little changed, hinting at steady Wall Street start. <.l><.eu><.n/>

EPFR Global noted that equity mutual funds have brought in $6.8 billion of inflows over the last four business days, with equity flows exceeding bond flows.

In a sign of some stability, South Korea's central bank held interest rates steady for a third consecutive month on Friday as expected, to assess the effect from two cuts last year. However, the bank also revised down its outlook for South Korea's GDP growth in 2013 to 2.8 percent from 3.2 percent, which along with a sharp rise in the won hurt Seoul shares.

ABE FUELS NIKKEI BUYING

Japan's benchmark Nikkei stock average <.n225> closed up 1.4 percent at a 23-month high as the yen's further slide boosted exporters. Japanese financial markets will be closed on Monday for a public holiday. <.t/>

Prime Minister Shinzo Abe "is seen seriously committed to making the economy better as he is becoming more detailed, and investors are feeling it is possible under his government," said Kyoya Okazawa, head of global equities at BNP Paribas in Tokyo.

Japan's cabinet approved on Friday an economic stimulus package in the biggest spending boost since the financial crisis as Abe pursues an ambitious agenda to spur growth and end stubborn deflation.

The dollar jumped to 89.35 yen, its highest since June 2010, on strengthening speculation Abe will exert strong pressure on the Bank of Japan to pursue aggressive easing steps. Abe said in an interview with the Nikkei newspaper on Friday that the BOJ should consider maximizing employment as a monetary policy goal to help boost the economy.

The euro surged to 118.58 yen, its highest since May 2011.

The yen selling gained momentum after data on Friday showed Japan had logged a current account deficit in November for the first time in 10 months at 222.4 billion yen ($2.5 billion), overshooting a 3.5 billion yen deficit forecast.

"Fresh short-term players, who know nothing about Japan and have never traded the yen before, are now joining the yen selling, and these fresh faces are responding to headlines," said Yunosuke Ikeda, a senior FX strategist at Nomura Securities.

The euro was last at $1.3261 after earlier hitting a one-week high of $1.3280, helped by a smooth first bond sale of the year from Spain on Thursday, which pushed benchmark 10-year Spanish government bond yields to a 10-month low of 4.90 percent.

As the yen fell, Tokyo gold futures rallied to a record high on Friday to as high as 4,820 yen per gram, exceeding the previous record of 4,754 yen marked on September 7, 2011.

(Additional reporting by Ayai Tomisawa in Tokyo, Clement Tan in Hong Kong and Ramya Venugopal in Singapore; Editing by Shri Navaratnam, Paul Tait and Chris Gallagher)

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