Hurting Spaniards celebrate Christmas lottery wins

MADRID (AP) — Winners of Spain‘s cherished Christmas lottery — the world’s richest — celebrated Saturday in more than a dozen locations where the top lucky tickets were sold, a moment of uplift for a country enduring another brutal year of economic hardship.

The lottery sprinkled a treasure chest of €2.5 billion ($ 3.3 billion) in prize money around the country. Champagne corks popped and festive cheer broke out in 15 towns or cities where tickets yielding the maximum prize of €400,000 ($ 530,000), known as “El Gordo” (“The Fat One,)” had been bought.

A total of €520 million ($ 687 million) was won in the eastern Madrid suburb of Alcala de Henares alone. Among the top-prize winners were 50 former workers at metal parts factory Cametal who had formed a pool to buy tickets. Their company had filed for bankruptcy and ceased paying wages five months ago.

“I’m bursting with joy, I haven’t fully taken it in yet,” said local resident Josefina Ortega. “When others win you think to yourself it’ll never happen to you, but it has.”

Unlike lotteries that generate a few big winners, Spain’s version — now celebrating its 200th anniversary — has always shared the wealth more evenly instead of concentrating on vast jackpots, so thousands of tickets yield some kind of return.

Almost all of Spain’s 46 million inhabitants traditionally watch at least some part of the live TV coverage showing school children singing out winning numbers for the lottery

It is so popular that frequently three €20 ($ 26) tickets are sold for every Spaniard and many consider lottery day as the unofficial kickoff of the holiday season.

Before Spain’s property-led economic boom collapsed in 2008 ticket buyers often yearned to win so they could buy a small apartment by the beach or a new car. Now people said they needed money just to get by, or to avoid being evicted from their homes.

Though ticket sales were down 8.3 percent on last year, according to the National Lottery, in the days preceding the draw hundreds of people lined up to buy tickets outside outlets that have sold winning tickets before.

Dolores Perez and Teresa Palacio, two lottery outlet workers in north Madrid who sold a top-prize ticket celebrated with sparkling wine as curious neighbors gathered. The fortunate winner had yet to make an appearance.

“I had never sold a Christmas ‘Gordo’ before; I almost thought it didn’t exist,” said Perez, smiling broadly. “I’m so happy, I’ve worked here for 30 years and never before sold a ‘Gordo,’ until now.”

Since so many people chip in to buy tickets in groups, top prizes frequently end up being handed out in the same small town or in one city neighborhood.

Last year’s top winning number hit for 1,800 tickets in the northern town of Granen, population 2,000. Townspeople shared about €700 million ($ 925 million), and the rest of the €1.8 billion ($ 2.4 billion) was doled out in smaller prizes around Spain.

Spain holds another big lottery Jan. 6 to mark the Feast of the Epiphany. It is known as “El Nino” (The Child), in reference to the baby Jesus.

But the crisis will hit El Nino and all lotteries going forward. Until now, lottery winnings have been free from taxation, but now prizes above €2,000 ($ 2,640) will be liable to a 20 percent tax in 2013.

The government has imposed stinging austerity measures this year in a bid to prevent Spain from asking for a full-blown bailout like those granted to Greece, Ireland, Portugal and Cyprus. Spain’s unemployment stands at 25 percent and its economy is sinking into a double-dip recession.

___

Associated Press correspondent Alan Clendenning in Madrid contributed to this report.

Economy News Headlines – Yahoo! News

Title Post: Hurting Spaniards celebrate Christmas lottery wins
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Country singer Tate Stevens wins Fox’s ‘X Factor’

NEW YORK (AP) — Tate Stevens, who was mentored by music exec L.A. Reid on the second season of “The X Factor,” has won the Fox singing competition.

The 37-year-old country singer from Belton, Mo., beat runner-up Carly Rose Sonenclar, a 13-year-old schoolgirl from Westchester, N.Y., and teenage girl group Fifth Harmony on the finale that aired live Thursday night.

Stevens wins a $ 5 million recording contract.

More than 35 million votes were cast by viewers after Wednesday’s performance show.

Besides Reid, judges this season included Demi Lovato, Britney Spears and series creator Simon Cowell.

Thursday’s show was also the grand finale for Reid. Earlier this month, he said he wouldn’t be returning to “The X Factor” next year. No replacement has been announced.

Entertainment News Headlines – Yahoo! News

Title Post: Country singer Tate Stevens wins Fox’s ‘X Factor’
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Showrooming little threat to clothiers in ho-hum holidays

Chicago (Reuters) – In retail, showrooming has not hit shirts yet.

Showrooming, the retail term for shoppers who try a product, then buy it cheaper on Amazon.com or other websites, has driven retailers to the point of hiding barcodes, improving their own websites and coming up with methods to get people to complete their purchase in the store.

But brand-name clothing retailers have an advantage over companies that sell items you can buy anywhere, like televisions and home goods.

“Specialty apparel retailers are some of the least affected by showrooming since the more exclusive the product is, the harder it is to showroom,” said Joel Bines, managing director of the retail practice at advisory firm AlixPartners.

That, in turn, has helped retailers like Gap Inc and Lululemon Athletica Inc find favor with investors.

A survey of 2,010 adults conducted by AlixPartners showed consumers who shop for apparel were among the least likely (35 percent) to go to other websites after they liked an item at a store, compared with 42 percent of electronics shoppers and 41 percent of those looking for accessories like watches and jewelry.

“If you look at some of the most successful (clothes) companies in the past few years, they are those that have that moat around them,” said hedge fund manager Shawn Kravetz, who runs Esplanade Capital in Boston.

He cites yogawear maker Lululemon and Gap as good examples of how it can help to have clothes that are not sold elsewhere.

If a shopper wants to buy a Banana Republic or Nordstrom shirt from the latest season, they have to buy it either from their stores or online shop.

Discount retailers like Zappos, Amazon and others stock brand-name products, but the merchandise is often not from the current season or limited in colors and sizes.

“I don’t need to see if a television fits my body shape when I buy a TV,” said Joe Megibow, senior vice president of omni-channel e-commerce at American Eagle Outfitters. The teen clothes retailer has seen better sales than its peers over the past year.

“I can get a sense of the TV and I’m good. Clothing is different. Does it fit me, is it my style, do I like the quality of the material and how it is put together. There’s so much more with apparel that matters,” he said.

That is the part of the reason, analysts say, why online-only clothing companies like Bonobos and Gap’s Piperlime have started opening brick-and-mortar stores or tied up with retailers to sell their products in physical locations.

Choice and easy availability are the two most important aspects of shopping, especially during a holiday season that has lost steam after what looked like strong Thanksgiving sales.

Estelle Tran, an “impulsive” shopper in her twenties, agreed.

“If I want to buy books, tech items, DVDs, I would definitely buy online. For clothes, I would rather (visit stores) as it is also a fun experience to try on clothes,” said the Chicago-based finance auditor.

Tran said she would definitely check prices online if she was spending more than $ 100.

Luxury and high-priced items can be more susceptible to showrooming, because pricing is what drives the behavior, said Marshal Cohen, chief economist at the consultancy NPD Group.

“With electronics and certain consumer goods it is very easy to compare specific brands across multiple websites. But (showrooming is) happening and it will be growing. If a (clothes) retailer isn’t taking it seriously, they are going to fall behind,” said Bolette Andersen, principal in KPMG’s retail industry practice.

ROOM TO GROW

Some investors are betting on apparel stocks because of their relative insulation from the threat of showrooming.

While the S&P Apparel Index has returned a sizzling 27.71 percent year to date, according to Reuters data, far outperforming the S&P 500, which is up 14.80 percent, more gains may be coming.

“We still think there’s plenty of room to grow,” said Brian Peery, co-portfolio manager at Hennessy Funds. Its growth fund, heavily weighted in apparel and consumer discretionary goods shares, is up 30 percent over the year.

“As we look into the sector 12-18 months, we continue to buy the discretionary area. Two of our heaviest investments would be Foot Locker Inc and TJX Companies Inc,” he said.

Discount chains like TJX and Ross Stores, which sell branded clothes at low prices, have benefited from the surge in bargain-seeking shoppers.

Even the stocks of retailers like Gap and American Eagle that have staged or are staging turnarounds have gotten a good boost over the year. Gap has soared 69 percent and American Eagle is up 31 percent.

R. Shawn Neville, president of Avery Dennison retail branding and information solutions, said another reason that apparel and to a broader extent other consumer discretionary stocks do well is because of their sustainability.

“In uncertain times, investors look towards market segments that have strong underlying demand which are more stable, like the apparel industry,” Neville said.

Moreover, in times of economic uncertainty, shoppers can still afford clothes and shoes, as opposed to a new car, home, or expensive vacations, helping apparel stocks do well, he said.

“Though Amazon is clearly stealing some share in various categories, clothes retailers, say Abercrombie & Fitch isn’t going anywhere. They’re not being run out of the shopping mall,” said Esplanade’s Kravetz.

(Editing by Jeffrey Benkoe)

Canada News Headlines – Yahoo! News

Title Post: Showrooming little threat to clothiers in ho-hum holidays
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Windows already threatening iPhone in Southern Europe

Kantar Worldpanel’s report for November came out and much has been made of the iPhone market share surge in the United States. What I find interesting in the November numbers is just how ice cold the iPhone has gone in so many international markets, from Australia to Brazil to Southern Europe. The iOS market share showed hefty declines outside in many major markets: down 5.4 percentage points in Australia to 35.9% and down 1.6 points in Brazil to 1.6%. That’s right — the iPhone market share has halved in the most important South American market over the past year. And this happened while BlackBerry and Symbian market shares absolutely caved in. This should have been the period for Apple (AAPL) to pick up points while RIM (RIMM) and Nokia (NOK) floundered. Instead, the sky-high pricing of the iPhone models has effectively started reversing Apple’s market share gains across several major markets.

[More from BGR: Fan-made tweak gives Apple a blueprint for better multitasking in iOS 7 [video]]

In November, the burden of the stiff iPhone pricing was highlighted by how rapidly Windows has started closing the market share gap in Spain, Italy and France. Because Nokia has had trouble ramping up the production of the new Lumia 920 and 820 Windows models, it chose to crank out older Windows models like 800 and 610 for remarkably aggressive Christmas promotions. As European markets are now hitting 50% smartphone market penetration, consumer demand is shifting towards cheap models, and Apple cannot compete in the budget category. The new first-time smartphone buyers have a lot lower household income than the consumers who bought smartphones in 2010. In the recession-ravaged Europe, the upgrade cycle is lengthening and prepaid smartphones are a more important part of the overall product mix.

[More from BGR: RIM’s biggest problem: It’s still scrambling to catch yesterday’s hottest mobile app]

As a result, Windows market share in Italy hit a stunning 11.8% in November despite the razor thin availability of the Lumia 920. Windows has already erased most of the market share lead iPhone had in Italy. The iOS market share slipped to 20.6% during the last month. In Spain, Windows market share vaulted to 3% from 0.4% a year earlier while iOS share faded to 4.4%. As the affordable HTC (2498) 8S ramps up and the even cheaper Lumia 620 launches at the end of January, Windows may overtake iPhone in Spain already in February.

The strong performance Apple had in France and the United Kingdom kept its overall European market share climbing by 2.5 percentage points in November. But in Southern Europe, Latin America and parts of Asia, iPhone is slipping badly due to the lack of a low-end version. This is what is driving the Google (GOOG) Play revenue surge globally as Android apps now narrow the huge lead Apple built in the app market before the year 2012. Apple may well have to reconsider its iPhone pricing strategy in a fundamental way. Maintaining $ 620 ASP level globally could lead to a scenario where Android has 10-to-1 volume lead outside the United States and Northern Europe, and Windows actually has a shot at pulling well ahead of Apple in lower income countries from Spain to Brazil to South-East Asia.

This article was originally published by BGR

Gadgets News Headlines – Yahoo! News

Title Post: Windows already threatening iPhone in Southern Europe
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Predicting who’s at risk for violence isn’t easy

CHICAGO (AP) — It happened after Columbine, Virginia Tech, Aurora, Colo., and now Sandy Hook: People figure there surely were signs of impending violence. But experts say predicting who will be the next mass shooter is virtually impossible — partly because as commonplace as these calamities seem, they are relatively rare crimes.

Still, a combination of risk factors in troubled kids or adults including drug use and easy access to guns can increase the likelihood of violence, experts say.

But warning signs “only become crystal clear in the aftermath, said James Alan Fox, a Northeastern University criminology professor who has studied and written about mass killings.

“They’re yellow flags. They only become red flags once the blood is spilled,” he said.

Whether 20-year-old Adam Lanza, who used his mother’s guns to kill her and then 20 children and six adults at their Connecticut school, made any hints about his plans isn’t publicly known.

Fox said that sometimes, in the days, weeks or months preceding their crimes, mass murderers voice threats, or hints, either verbally or in writing, things like “‘don’t come to school tomorrow,’” or “‘they’re going to be sorry for mistreating me.’” Some prepare by target practicing, and plan their clothing “as well as their arsenal.” (Police said Lanza went to shooting ranges with his mother in the past but not in the last six months.)

Although words might indicate a grudge, they don’t necessarily mean violence will follow. And, of course, most who threaten never act, Fox said.

Even so, experts say threats of violence from troubled teens and young adults should be taken seriously and parents should attempt to get them a mental health evaluation and treatment if needed.

“In general, the police are unlikely to be able to do anything unless and until a crime has been committed,” said Dr. Paul Appelbaum, a Columbia University professor of psychiatry, medicine and law. “Calling the police to confront a troubled teen has often led to tragedy.”

The American Academy of Child & Adolescent Psychiatry says violent behavior should not be dismissed as “just a phase they’re going through.”

In a guidelines for families, the academy lists several risk factors for violence, including:

—Previous violent or aggressive behavior

—Being a victim of physical or sexual abuse

—Guns in the home

—Use of drugs or alcohol

—Brain damage from a head injury

Those with several of these risk factors should be evaluated by a mental health expert if they also show certain behaviors, including intense anger, frequent temper outbursts, extreme irritability or impulsiveness, the academy says. They may be more likely than others to become violent, although that doesn’t mean they’re at risk for the kind of violence that happened in Newtown, Conn.

Lanza, the Connecticut shooter, was socially withdrawn and awkward, and has been said to have had Asperger’s disorder, a mild form of autism that has no clear connection with violence.

Autism experts and advocacy groups have complained that Asperger’s is being unfairly blamed for the shootings, and say people with the disorder are much more likely to be victims of bullying and violence by others.

According to a research review published this year in Annals of General Psychiatry, most people with Asperger’s who commit violent crimes have serious, often undiagnosed mental problems. That includes bipolar disorder, depression and personality disorders. It’s not publicly known if Lanza had any of these, which in severe cases can include delusions and other psychotic symptoms.

Young adulthood is when psychotic illnesses typically emerge, and Appelbaum said there are several signs that a troubled teen or young adult might be heading in that direction: isolating themselves from friends and peers, spending long periods alone in their rooms, plummeting grades if they’re still in school and expressing disturbing thoughts or fears that others are trying to hurt them.

Appelbaum said the most agonizing calls he gets are from parents whose children are descending into severe mental illness but who deny they are sick and refuse to go for treatment.

And in the case of adults, forcing them into treatment is difficult and dependent on laws that vary by state.

All states have laws that allow some form of court-ordered treatment, typically in a hospital for people considered a danger to themselves or others. Connecticut is among a handful with no option for court-ordered treatment in a less restrictive community setting, said Kristina Ragosta, an attorney with the Treatment Advocacy Center, a national group that advocates better access to mental health treatment.

Lanza’s medical records haven’t been publicly disclosed and authorities haven’t said if it is known what type of treatment his family may have sought for him. Lanza killed himself at the school.

Jennifer Hoff of Mission Viejo, Calif. has a 19-year-old bipolar son who has had hallucinations, delusions and violent behavior for years. When he was younger and threatened to harm himself, she’d call 911 and leave the door unlocked for paramedics, who’d take him to a hospital for inpatient mental care.

Now that he’s an adult, she said he has refused medication, left home, and authorities have indicated he can’t be forced into treatment unless he harms himself — or commits a violent crime and is imprisoned. Hoff thinks prison is where he’s headed — he’s in jail, charged in an unarmed bank robbery.

___

Online:

American Academy of Child & Adolescent Psychiatry: http://www.aacap.org

___

AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner

Medications/Drugs News Headlines – Yahoo! News

Title Post: Predicting who’s at risk for violence isn’t easy
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Nike shares jump 6.2% on results

21 December 2012 Last updated at 16:56 ET

Sportswear giant Nike shares closed with a sharp gain on Friday after it reported a strong rise in demand in its home North American market.

Shares rose 6.2% after the company’s third quarter figures suggested steady demand for its products around the world.

Orders for delivery of its shoes and clothing for the coming months were up 14% in the home market.

Worldwide orders for the December-April period were up 6%,

Nike’s chief executive, Mark Parker, said the level of home demand was a welcome boost: “In North America, we created great momentum. This is somewhat counterintuitive to some, given this market size and assumed maturity.

“But I see tremendous growth potential in North America.”

The company’s past reported orders were lower than expected.

Profit margins were down by 30 basis points on the second quarter, but Nike said it expects margins to grow in the fourth quarter.

The company made profits of $ 384m in the third quarter, 14% higher than analysts were expecting with revenue up 7%.

Despite the positive figure, Nike’s global performance was weak in certain areas, such as China, where it had excess stock and faces strong competition from local brands.

However, the picture there is improving with inventory levels rising 9% in the quarter, a far smaller build-up of excess stock than the 35% it saw in the same quarter a year ago.

BBC News – Business

Title Post: Nike shares jump 6.2% on results
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Rebel Wilson to host springtime MTV Movie Awards

LOS ANGELES (AP) — “Pitch Perfect” star and “Bridesmaids” scene-stealer Rebel Wilson is taking center stage.

MTV tapped the Australian actress to host its annual movie awards, set for April 14 in Culver City, Calif. The network made the announcement late Thursday during the finale of its popular “Jersey Shore” series.

Wilson is an actress and writer who rose to fame with her role as Kristin Wiig‘s nosy roommate in “Bridesmaids.” Wilson’s other credits include “Bachelorette” and “What to Expect When You’re Expecting.”

The MTV Movie Awards have traditionally been held in June, but as the summer movie season has edged into May, the network scheduled its show earlier to give film fans a peek at the season’s blockbusters. The MTV Movie Awards has often featured exclusive film previews.

___

Online:

http://www.mtv.com/ontv/movieawards/

Entertainment News Headlines – Yahoo! News

Title Post: Rebel Wilson to host springtime MTV Movie Awards
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Kenya police: 28 people killed in clashes

NAIROBI, Kenya (AP) — A police official says 28 people have been killed in clashes between farmers and herders in south-eastern Kenya.

Anthony Kamitu, who is leading police operations to prevent the attacks, said Friday that the Pokomo tribe of farmers raided a village of the Orma herding community, called Kipao, at dawn in the Tana River Delta.

The latest deaths in a tit-for-tat cycle of killings may be related to a redrawing of political boundaries and next year’s general elections, according to the U.N.

At least 110 people were killed in clashes between the Pokomo and Orma in September and October.

Animosity between the two communities over land and water resources has existed for decades.

Africa News Headlines – Yahoo! News

Title Post: Kenya police: 28 people killed in clashes
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Phenix Yoga, New Yoga and Tai Chi Studio in Sherbrooke QC, Launches Online Gift eCards for Last-Minute Holiday Shoppers

Phenix Yoga, a professional Yoga and Tai Chi studio set to open in Sherbrooke, Quebec, on January 5, 2013, has already made a series of holiday deals available for purchase to those looking for perfect last-minute gifts for their loved ones. Gift Cards and studio memberships can be ordered securely online to be delivered as customized eCards to recipient’s inbox in a matter of minutes.

Sherbrooke, Quebec (PRWEB) December 21, 2012

Phenix Yoga, a professional Yoga and Tai Chi studio, is set to open doors in Sherbrooke, QC, on January 5, 2013.

However, the studio has already made a series of holiday deals available for purchase to those looking for perfect last-minute gifts for their loved ones. One of the most popular deals is the introductory offer of 10 yoga or Tai Chi classes for $ 125.

Also, those who order gift certificates before January 3, 2013 are eligible to enjoy a full unlimited month of classes for themselves for $ 60. Gift Cards and studio memberships can be ordered securely online to be delivered as customized eCards to recipient’s inbox in a matter of minutes.

“The mission of Phenix Yoga is to help our students feel energized and renewed,” said Mrs Katya Gris, founder of Phenix Yoga. “Our yoga, meditation and Tai Chi classes are taught by professional instructors and are customized to fit the needs of all attending students, regardless of age or skill level.”

To encourage healthy and active lifestyles among the senior and children population, Phenix Yoga offers 15% discounts to seniors 65+ and children under 12.

With three spacious studio rooms on-site, Phenix Yoga also includes a fully equipped hot yoga studio room. Hot yoga, the fasted growing yoga style in North America, focuses on practicing yoga (Hatha, Vinyasa, Kripalu etc) in temperatures of 31-37 degrees Celcius. A challenging workout, hot yoga is sought after for its effectiveness in stretching and muscle toning, stress-easing and detoxifying effects. Phenix Yoga is the first studio to offer hot yoga in Sherbrooke.

Phenix Yoga’s studio memberships are all-inclusive, meaning that members enjoy a number of perks and benefits, including complimentary mat and towels service, shower facilities, refreshments and green tea at the studio lounge, as well as free wi-fi and unlimited access to studio sauna (prior reservation required).

Students can sign up for classes by visiting the studio, over the phone, or online.

The Grand Opening of Phenix Yoga will take place on January 5, 2013, from 10am to 3pm. Snacks and refreshments will be served, and all guests will have a chance to tour the facilities, meet the instructors and staff, as well as have all their questions answered. During the Grand Opening week, Phenix Yoga will offer complimentary yoga and Tai Chi classes for anyone interested.

To take advantage of the studio offers and to learn more about Phenix Yoga, please visit http://www.phenixyoga.ca

Katya Gris
Phenix Yoga Inc
819-791-7577
Email Information

Seniors/Aging News Headlines – Yahoo! News

Title Post: Phenix Yoga, New Yoga and Tai Chi Studio in Sherbrooke QC, Launches Online Gift eCards for Last-Minute Holiday Shoppers
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Asian shares slide as U.S. budget impasse creates anxiety

TOKYO (Reuters) – Asian shares slid on Friday after a Republican proposal to deal with a U.S. fiscal crunch failed to get enough support, deepening uncertainty over the U.S. can avert the “fiscal cliff” of automatic spending cuts and tax increases set to start January 1.

“Markets disliked signs of further delay in talks, with the risk that a deal may not be reached by the end of the year deadline,” said Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo. “It clearly hit risk sentiment.”

The U.S. House of Representatives will adjourn until after Christmas, Republican Representative Peter Roskam said on Thursday, after House Speaker John Boehner‘s proposed tax bill designed to avert the fiscal cliff failed to pass.

U.S. stock index futures fell sharply. S&P 500 stock futures slipped 1.7 percent, while Dow Jones stock futures and Nasdaq futures both lost 1.5 percent.

European shares will likely drop also, with financial spreadbetters predicting London’s FTSE 100 <.ftse>, Paris’s CAC-40 <.fchi> and Frankfurt’s DAX <.gdaxi> will open down as much as 0.6 percent. <.l><.eu></.eu></.l></.gdaxi></.fchi></.ftse>

The worrying U.S. political news sparked selling in Asian shares, with MSCI’s broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> wiping out earlier gains to tumble 0.7 percent. The index was on track to end the week down 0.6 percent, the first weekly loss in five weeks.</.miapj0000pus>

Markets broadly had been supported by optimism that U.S. lawmakers would avoid the fiscal cliff, which threatens to derail the U.S. economy and drag down global growth with it.

Boehner’s proposal was aimed at extracting concessions from the White House, which had threatened to veto it, and advance talks closer to a deal.

The Republican-led U.S. House of Representatives, which abruptly recessed on late Thursday, may return as soon as December 27 with a yet-to-be-decided new plan, said a senior party aide.

“This is a major setback for a Fiscal Deal compromise between the two parties. I would say that chances of a deal are down to maybe 40 percent from 65 percent — despite the dysfunction in Washington D.C,” said Douglas A. Kass, founder of hedge fund Seabreeze Partners Management Inc.

Risk assets were sold off, from shares, oil to currencies such as the Australian dollar and the euro. The yen firmed slightly, though it was pinned near multi-month lows versus the dollar and the euro on expectations for more aggressive Bank of Japan easing next year to drive the economy out of deflation.

“The delay in resolving the U.S. fiscal cliff problem is raising concern as the market expected some sort of positive direction out of the talks by the end of the year,” said Fujio Ando, a senior managing director at Chibagin Asset Management.

Safe-haven government bond prices rose, with U.S. 10-year Treasury yields moving away from an 8-week high hit this week, falling about 6 basis points to 1.74 percent. Benchmark 10-year Japanese government bond yields also ticked down half a basis point to 0.765 percent.

Inflows into U.S. Treasuries underpinned the U.S. dollar, which inched up 0.1 percent against a basket of major currencies <.dxy>.</.dxy>

Jim Barnes, senior fixed income manager at National Penn Investors Trust Co. in Wyomissing, Pennsylvania, saw Treasuries continuing to gain once U.S. markets open later, but expected a correction by the end of the day.

“Treasury yields will likely fall Friday morning and will begin to reverse course in the afternoon as investors become more optimistic a deal will be reached,” Barnes said.

“So far, the market has been handling setbacks in negotiation talks very well. With still a little bit of time left on the clock, this time around will be no different.”

Asset performance in 2012: http://link.reuters.com/muc46s

U.S. GDP: http://link.reuters.com/guw34t

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Along with uncertainties surrounding the future of U.S. budget talks, a firmer dollar also weighed on dollar-based commodities.

The euro fell 0.3 percent to $ 1.3206, off an 8-1/2-month high of $ 1.33085 touched on Wednesday.

U.S. crude futures dropped more than $ 1 to $ 89.10 a barrel, but oil was still on track for its biggest weekly gain since August.

Spot gold extended losses to near a four-month low touched on Thursday, and was last down 0.1 percent to $ 1,644.90 an ounce. Gold remained on course for a 12th annual growth on rock-bottom interest rates, concerns over the euro zone financial stability and diversification into bullion by central banks.

YEN GAINS SLIGHTLY

Anxieties over the U.S. budget negotiations also took their toll on Japan’s Nikkei average <.n225>, which had been supported by a weaker yen. The Nikkei gave up all of earlier gains to close down 1 percent and below the key 10,000 mark it reclaimed for the first time since early April on Wednesday. <.t></.t></.n225>

The dollar was down 0.4 percent to 84.02 yen, moving away from a 20-month high of 84.62 yen hit on Wednesday.

The euro slumped 0.7 percent to 110.91 yen also off a 16-month high of 112.59 yen reached on Wednesday.

The yen was kept under pressure after the Bank of Japan further eased monetary policy as expected on Thursday, with investors anticipating that the central bank will be persuaded to pursue more drastic measures next year.

The incoming prime minister, Shinzo Abe, has called for bolder action by the central bank to help bring Japan out of decades-long deflation.

For all the fears of a fiscal cliff debacle to come, several data series showed the United States remained on a recovery track, helping to underpin the dollar.

(Additional reporting by Masayuki Kitano in Singapore, Jennifer Ablan in New York and Ayai Tomisawa in Tokyo; Editing by Richard Borsuk)

Business News Headlines – Yahoo! News

Title Post: Asian shares slide as U.S. budget impasse creates anxiety
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..