Seoul pulls Asian shares down, solid economic data helps

TOKYO (Reuters) - Tech-heavy South Korean shares led the broader Asian share index lower on Monday on fears of weaker earnings, but improving economic prospects in Europe and solid U.S. profit reports underpinned sentiment.

Gold languished near two-week lows and was capped as the improving global macroeconomic environment has curbed interest in safe haven assets.

"Investors would rather move their money into equities or bulk commodities from safe-haven assets," said Li Ning, an analyst at Shanghai CIFCO Futures.

European markets were seen edging higher, with financial spread-betters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> would open up as much as 0.3 percent. U.S. stock futures were up 0.1 percent, hinting at a firm Wall Street start. <.l><.eu><.n/>

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> fell 0.4 percent, dragged lower by a 1.9 percent plunge in its technology sector <.miapjit00pus>. Among the regional equities markets, only Seoul and Jakarta, which stayed near its lifetime highs, were in the red.

The Korea Composite Stock Price Index <.ks11> extended losses to close down 0.4 percent after touching an 8-week low, as a weakening yen soured the outlook for local exporters and foreign investors reduced their holdings.

Tech heavyweight Samsung Electronics shed 3.2 percent to a 10-week low, exposing the industry's vulnerability to a clouding outlook for high-end smartphone device shipments

"Concerns about South Korean tech firms' fundamentals have increased, with high-end smartphone device shipments expected to slow down this year," said Park Young-joo, an analyst at Woori Investment & Securities.

Global investor sentiment improved on Friday as a rise in the German Ifo business morale index gave further evidence for Europe's largest economy picking up speed, and European banks were to repay the European Central Bank a larger sum of money than expected to highlight a stabilizing euro zone financial system.

In China, data on Sunday showed profits earned by industrial companies rose 17.3 percent in December from a year earlier to 895.2 billion yuan ($143.9 billion), adding to evidence of a fourth-quarter economic recovery.

Spot gold steadied around $1,659.90 an ounce on Monday, still below its 200-day moving average.

U.S. crude inched up 0.2 percent to $96.09 a barrel and Brent steadied around $113.27.

London copper, another industrial commodity linked to demand prospects, rose 0.4 percent to $8,061.25 a metric ton (1.1023 tons).

YEN UNDER PRESSURE

The yen extended losses to fresh lows earlier in the session, but Japanese equities gave up morning gains ahead of Japan's corporate reporting season, which enters full swing this week.

Japan's Nikkei stock average <.n225> closed down 0.9 percent after briefly striking a fresh 32-month high above 11,000 in the morning. It jumped 2.9 percent on Friday to log an 11th straight week of gains, its longest such run since 1971. <.t/>

Against the yen, the dollar hit 91.26 early on Monday, its highest level since June 2010 while the euro touched 122.91, its highest point since April.

Analysts estimate that a one-yen decline against the dollar is worth around a 1 percent increase in combined recurring profits at all listed Japanese firms. Of total estimates for companies, there are more analysts' upgrades than downgrades.

New Prime Minister Shinzo Abe has called for aggressive monetary easing and huge fiscal spending to beat deflation. The yen has fallen some 13 percent since mid-November when he began making those calls as part of his election campaign.

"The potent mix of Abenomics and strong risk appetite abroad is continuing to soften the yen, which means investors will still be buying stocks," said Masayuki Doshida, senior market analyst at Rakuten Securities.

In sharp contrast to U.S. and German equities, the Nikkei remains well below levels before the financial crisis in 2008, reflecting the magnitude of negative effect from the yen's strength. The benchmark Standard & Poor's 500 Index <.spx> closed at its highest in more than five years on solid U.S. corporate earnings on Friday and Frankfurt's DAX index <.gdaxi> also scaled five-year highs.

The yen is stronger than around 105 to the dollar before the 2008 financial crisis, but the euro hovers well below the pre-crisis levels. The Korean won is weaker against pre-Lehman levels against both the dollar and the yen.

Investors will focus this week on the Federal Reserve's Open Market Committee statement on Wednesday and U.S. nonfarm payrolls due on Friday.

Sluggish equities weighed on Asian credit markets, widening the spread on the iTraxx Asia ex-Japan investment-grade index by 1 basis point.

($1 = 0.7421 euros)

(Additional reporting by Joyce Lee in Seoul, Sophie Knight in Tokyo and Rujun Shen in Singapore; Editing by Kim Coghill and Richard Borsuk)

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IHT Rendezvous: 17th-Century Masterpiece Discovered at the Ritz

PARIS – The Hôtel Ritz Paris, famous for its bar, its swimming pool and its assignations, had a treasure hiding in plain sight, an exceptional painting that had been hanging on a wall for decades without anyone paying it the least attention.

With the hotel shut for renovation, the auction house Christie’s announced this week that art experts had decided that the long-ignored canvas was by Charles Le Brun, one of the masters of 17th-century French painting, and that it would be put it up for auction.

The painting, called “Le Sacrifice de Polyxène” (“The sacrifice of Polyxena”), dates from 1647. It hung above a desk in the hotel suite where Coco Chanel lived for more than 30 years, and was only discovered to be important last summer, when the hotel shut for a 27-month renovation in the face of stiff competition from newer hotels.

“It is a magical discovery,” said Cécile Bernard, a Christie’s expert. “The painting must have been there for at least 50 years.”

The painting depicts the killing of Polyxena, the youngest daughter of King Priam of Troy, who according to myth revealed the weakness of Achilles’ heel and thus led to his death. It will be shown at Christie’s in New York from Jan. 26 to 29 and auctioned on April 15.

Christie’s said it authenticated the painting after it was discovered by two art experts hired by the hotel, and estimates that it will sell for up to 500,000 euros ($665,000).

“Le Sacrifice de Polyxene” is an early work of Le Brun (1619-1690), whose monumental paintings adorn the gallery of Apollo in the Louvre and the Great Hall of Mirrors at Versailles. Experts say that the painting, which bears the painter’s initials, was done for a private collector before Le Brun was made “first painter to the king” by Louis XIV, who called him “the greatest French painter of all time.’’

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SAG Awards: Watch Live with PEOPLE

01/24/2013 at 06:30 PM EST

Happy Screen Actors Guild Awards!

On a night when the biggest stars of TV and film honor each other, we will be covering every inch of the red carpet beginning at 6 p.m. ET (3 p.m. PT) on our live pre-show, hosted by PEOPLE's Deputy Managing Editor Peter Castro and PEOPLE StyleWatch Managing Editor Susan Kaufman, right here on PEOPLE.com.

Join our @StyleWatchMag and @peoplemag Twitter party on Sunday to discuss the best dresses, the hottest hair and makeup and the most eye-popping jewels that nominees like Claire Danes, Jessica Chastain and Jennifer Lawrence will be wearing. Just use hashtag #PeopleSAG and your comments could appear on PEOPLE.com.

Once the show starts at 8 p.m. ET (5 p.m. PT), the fun continues as we track the winners, losers and best speeches of the night. PEOPLE editors and the stars, including Busy Phillips, will be Tweeting commentary, exclusive photos, behind-the-scenes tidbits and more on one of Hollywood's most heartfelt nights.

The 19th Annual Screen Actors Guild Awards will air live on TNT and TBS on Sunday, Jan. 27, at 8 p.m. ET (5 p.m. PT) from the Shrine Auditorium in Los Angeles. Be sure to join us!

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CDC: Flu seems to level off except in the West

New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.

The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.

Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.

There is still vaccine available although it may be hard to find. The CDC has a website that can help.

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

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Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.

Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.

The Standard & Poor's 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday's session at 13,895.98, its highest close since October 31, 2007.

The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 - its first close above 1,500 in more than five years.

"Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007," said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. "That may be the start of a rise that could take equities near 1,800 within the next few years."

The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone's throw from the index's all-time intraday high of 1,576.09 reached on October 11, 2007.

The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.

That's not to say there aren't concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.

MUTUAL FUND INVESTORS COME BACK

All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters' Lipper service showed on Thursday.

Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector - up 0.1 percent for the year.

More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.

"If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works - these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.

The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.

Exchange-traded funds have seen year-to-date inflows of $15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.

"Investors aren't really differentiating among asset sizes. They just want broad equity exposure," Colas said.

The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks' broader gains.

JOBS DATA MAY TEST THE RALLY

In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish - a potential sign that the rally is narrowing to fewer names - and could be running out of gas.

Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.

The market's resilience could be tested next week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.

"Staying over 1,500 sends up a flag of profit taking," said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. "Since recent jobless claims have made us optimistic on payrolls, if that doesn't come through, it will be a real risk to the rally."

A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .

On a historic basis, valuations remain relatively low - the S&P 500's current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.

Worries about the U.S. stock market's recent strength do not mean the market is in a bubble. Investors clearly don't feel that way at the moment.

"We're seeing more interest in equities overall, and a lot of flows from bonds into stocks," said Paul Zemsky, who helps oversee $445 billion as the New York-based head of asset allocation at ING Investment Management. "We've been increasing our exposure to risky assets."

For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.

(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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India Ink: Jeet Thayil's Novel of Opium and Bombay Takes DSC Prize

Jeet Thayil, an Indian poet and author, won the DSC Prize for South Asian Literature at the Jaipur Literature Festival on Friday for his debut novel “Narcopolis.”

“Finally!” Mr. Thayil exclaimed when he was presented the award. His book, about the narcotic underbelly of Bombay 30 years ago, had been short-listed for four awards, but never won any.

The award is special because it is an Indian prize, he said. “How you are perceived at home does matter,” he said.

The Kerala-born author will take home a $50,000 prize purse. Mr. Thayil noted that it was a substantial amount of money, and part of the reason that the award was taken seriously.

“Writers like money,” he said. “We don’t have a job, but we have bills to pay.”

Mr. Thayil is the first Indian to win the award since its introduction by the infrastructure company DSC Limited in 2010. The first winner was a Pakistani writer, H.M. Naqvi, for his debut novel the “Home Boy.” Last year the Sri Lankan author Shehan Karunatilake’ s novel “Chinaman” won the prize.

A five-member jury received more than 80 entries for the prize, including translations of non-English writing. The contest is open to any writing about South Asia, not just to South Asian writers. The Indian poet and literary critic K. Satchidanandan, who led the jury, said, the award is significant because it is the first award that honors literary works about South Asia.

Other finalists included two Indians, two Pakistanis and a Bangladeshi writer.

Jamil Ahmed, a Pakistani author whose book, “The Wandering Falcon,” was a finalist, said that it took 40 years to publish the book. The retired bureaucrat wrote about the tribal population living along the Pakistan-Afghanistan border. He was born in pre-partition India and during his childhood he traveled across India with his family. That was when he said he first came in contact with tribes, which led him to “romanticize the tribes.”

“I want people to understand that tribes are not savage,” he said.

A work by the Indian author Uday Prakash, “The Walls of Delhi,” was also a finalist. The book, actually three novellas, was originally written in Hindi. The stories highlight the flaws of the state, including bureaucracy and the deep entrenchment of corruption, and it is narrated by three characters, a weaver, sweeper and a baby in a slum suffering from an undiagnosed disease. Mr. Prakash said these narratives symbolized the lives led by 70 percent Indians.

Other finalists included the Indian writer Amitav Ghosh for his book “River of Smoke,” the Pakistani writer Mohammed Hanif, for “Our Lady of Alice Bhatti” and Tahmima Anam, the author of “The Good Muslim,” from Bangladesh.

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Huawei is now the world’s third largest smartphone vendor, but still far behind Samsung and Apple

Research firm IDC released the latest numbers from its Worldwide Quarterly Mobile Phone Tracker this week and found that a total of 482.5 million mobile phones were shipped in the fourth quarter of 2012, an increase from 473.4 million in 2011. Smartphones accounted for nearly half, or 45.5%, of all mobile phone shipments, the highest percentage ever. Samsung (005930) and Apple (AAPL) remained the two top vendors with market shares of 29% and 21.8% respectively. The report did include some surprises, however.

[More from BGR: Sony’s PS Vita: Dead again]

“The high-growth smartphone market, though dominated by Samsung and Apple, still presents ample opportunities for challengers,” said Kevin Restivo, senior research analyst with IDC. “Vendors with unique market advantages, such as lower-cost devices, can rapidly gain market share, especially in emerging markets”

[More from BGR: Unlocking your smartphone will be illegal starting next week]

The remaining top five smartphone vendors are very different now, however — they no longer include LG (006570), HTC (2498) or Motorola, all of which have been replaced by Huawei (002502), Sony (SNE) and ZTE (0763).

Huawei, a company previously known for its telecom equipment, spying scandals and low-end smartphones, is in the midst of a major transition. Rather than focusing on cheap and carrier-branded phones, the Chinese company has begun to compete with high-end manufacturers such as Samsung and Apple with its new flagship devices.

Huawei experienced unprecedented growth in the fourth quarter of 2012 with shipments increasing 89.5% year-over-year for a 4.9% market share. Close on the company’s heels are both Sony and Chinese rival ZTE with 4.5% and 4.3% shares of the market respectively.

“The fact that Huawei and ZTE now find themselves among the Top 5 smartphone vendors marks a significant shift for the global market,” noted Ramon Llamas, research manager with IDC’s Mobile Phone team. “Both companies have grown volumes by focusing on the mass market, but in recent quarters they have turned their attention toward higher-end devices. In addition, both companies have pushed the envelope in terms of industrial design with larger displays and smaller form factors, as well as innovative applications and experiences.”

This article was originally published on BGR.com

Wireless News Headlines – Yahoo! News

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Liberty Ross Files for Divorce from Rupert Sanders

By Dahvi Shira

01/25/2013 at 08:20 PM EST

Liberty Ross

Michael Buckner/Wireimage

It's over for Rupert Sanders and Liberty Ross.

The Snow White and the Huntsman actress, 34, filed for divorce Friday from her director-husband Sanders, 41, in Los Angeles County Superior Court on Friday, PEOPLE confirms.

News of the filing comes about six months after Sanders's highly publicized cheating scandal with Huntsman's star, Kristen Stewart.

Stewart has since patched things up with boyfriend Robert Pattinson, who she was dating during the fling.

In the court documents, Ross seeks joint custody of the couple's two kids, 5 and 7, TMZ reports. She also asks for spousal support and attorney's fees.

Sanders, who has filed his response to the divorce petition, also seeks joint custody of the kids, and wants to share legal fees with Ross, according to TMZ.

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CDC: Flu seems to level off except in the West

New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.

The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.

Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.

There is still vaccine available although it may be hard to find. The CDC has a website that can help.

___

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

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Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.

Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.

The Standard & Poor's 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday's session at 13,895.98, its highest close since October 31, 2007.

The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 - its first close above 1,500 in more than five years.

"Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007," said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. "That may be the start of a rise that could take equities near 1,800 within the next few years."

The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone's throw from the index's all-time intraday high of 1,576.09 reached on October 11, 2007.

The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.

That's not to say there aren't concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.

MUTUAL FUND INVESTORS COME BACK

All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters' Lipper service showed on Thursday.

Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector - up 0.1 percent for the year.

More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.

"If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works - these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.

The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.

Exchange-traded funds have seen year-to-date inflows of $15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.

"Investors aren't really differentiating among asset sizes. They just want broad equity exposure," Colas said.

The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks' broader gains.

JOBS DATA MAY TEST THE RALLY

In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish - a potential sign that the rally is narrowing to fewer names - and could be running out of gas.

Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.

The market's resilience could be tested next week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.

"Staying over 1,500 sends up a flag of profit taking," said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. "Since recent jobless claims have made us optimistic on payrolls, if that doesn't come through, it will be a real risk to the rally."

A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .

On a historic basis, valuations remain relatively low - the S&P 500's current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.

Worries about the U.S. stock market's recent strength do not mean the market is in a bubble. Investors clearly don't feel that way at the moment.

"We're seeing more interest in equities overall, and a lot of flows from bonds into stocks," said Paul Zemsky, who helps oversee $445 billion as the New York-based head of asset allocation at ING Investment Management. "We've been increasing our exposure to risky assets."

For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.

(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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