Seoul pulls Asian shares down, solid economic data helps

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

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> inched down 0.2 percent, after seeing its biggest weekly loss in two months last week. Asian markets were in positive territory except in Seoul and Jakarta.

The Korea Composite Stock Price Index (KOSPI) <.ks11> extended losses to an 8-week low with a 0.6 percent slip, as a weakening yen soured the outlook for local exporters and foreign investors reduced their holdings.

Tech-heavy South Korea was also vulnerable to a clouding outlook for high-end smartphone device shipments.

"Investors have begun preempting concerns about exporters' outlooks since automakers announced weak earnings last week, while large-caps continue to be pressured by foreign selloffs," said Kim Hyung-ryol, an analyst at Kyobo Securities.

Global investor sentiment improved on Friday when the German Ifo business morale index improved in January to its highest in more than half a year, further evidence that Europe's largest economy is gathering speed again, and European banks were set to repay the European Central Bank a larger sum of money than expected to underscore stabilising financial system in the euro zone.

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.

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

Japan's Nikkei stock average <.n225> edged down 0.1 percent after jumping 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.

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 their 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 still stronger than around 95 yen before the 2008 financial crisis, but both the euro and the dollar measured against a basket of key currencies <.dxy> hover at levels far below the pre-crisis levels.

SAFE HAVEN SUFFERS

The improving global macroeconomic environment has curbed interest in safe haven assets such as gold.

Spot gold steadied around $1,659.90 (1,053.44 pounds) an ounce on Monday, still below its 200-day moving average. As riskier equities rallied on Friday, bullion saw its biggest weekly drop this year on Friday.

U.S. crude inched up 0.1 percent to $95.95 a barrel and Brent steadied around $113.23.

London copper, another industrial commodity linked to demand prospects, rose 0.4 percent to $8,065 a tonne.

With easing stress in financial markets, investors pumped $5.65 billion into stock funds worldwide in the latest week, with most of it flowing into emerging market stock funds, data from EPFR Global showed on Friday.

The euro hovered near an 11-month high of $1.3480 hit on Friday. The Australian dollar stumbled to an eight-month low against the euro early on Monday. European shares scaled fresh multi-month peaks on Friday.

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.

(Additional reporting by Joyce Lee in Seoul and Sophie Knight in Tokyo; Editing by Edwina Gibbs & Kim Coghill)

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Energy-Guzzling Cities Changing Weather 1,000 Miles Away

The heat released by everyday activities in energy-guzzling cities is changing the weather in far-away places, scientists report today (Jan. 27).

The released heat is changing temperatures in areas more than 1,000 miles away (1609 kilometers). It is warming parts of North America by about 1 degree Fahrenheit (0.6 degrees Celsius) and northern Asia by as much as 1.8 degrees Fahrenheit (1 degree Celsius), while cooling areas of Europe by a similar amount, scientists report in the journal Nature Climate Change.

The released heat (dubbed waste heat), it seems, is changing atmospheric circulation, including jet streams — powerful narrow currents of wind that blow from west to east and north to south in the upper atmosphere. 

This impact on regional temperatures may explain a climate puzzle of sorts: why some areas are having warmer winters than predicted by climate models, the researchers said. In turn, the results suggest this phenomenon should be accounted for in models forecasting global warming.

“There’s a tendency in climate science to overlook the effects of cities,” Brian Stone, a professor of city and regional planning at Georgia Tech, told LiveScience. “Cities occupy just a few percent of the global land surface, but the amount of energy released as waste heat is contributing downwind to pretty significant changes in climate. I hope this will encourage us to focus more on cities as important drivers of climate change,” added Stone, who was not involved in the current study. [8 Ways Global Warming Is Already Changing the World]

Hot in the city

Cities are known to be warmer than their surroundings due to what’s known as the urban heat island effect — pavement, buildings and other building materials retain heat, preventing it from reradiating into the sky.

In the new study, the researchers looked at another kind of “urban heat,” this one produced directly by transportation, heating and cooling units, and other energy-consuming activities.

“The burning of fossil fuel not only emits greenhouse gases, but also directly affects temperatures because of heat that escapes from sources like buildings and cars,” said study researcher Aixue Hu, of the National Center for Atmospheric Research (NCAR), in a statement. “Although much of this waste heat is concentrated in large cities, it can change atmospheric patterns in a way that raises or lowers temperatures across considerable distances.”

Hu and colleagues studied the energy effect using the National Center for Atmospheric Research (NCAR) model, a widely used climate model that takes into account the effects of greenhouse gases, topography, oceans, ice and global weather. The researchers ran the model with and without the input of human energy consumption, to see whether it could account for large-scale regional warming.

When man-made energy was included in the model, it led to winter and autumn temperature changes of up to 1.8 degrees F (1 degree C) in mid- and high-latitude parts of North America and Eurasia. The modeling is based on estimates, however, and more studies are needed to measure how much heat is actually released by urban areas.

Heat disrupts jet stream

Here’s how the scientists think it works: Energy-hungry metropolitan areas are located on the east and west coasts of North America and Eurasia, beneath major “hot spots” of atmospheric circulation. The waste heat from these cities creates thermal mountains, or taller-than-normal columns of heated air, which cause air jets moving eastward to deflect northward and southward.

As a result, the jet stream in upper latitudes widens and strengthens, bringing up hot air from the south and causing warming far from the urban areas (and concurrent cooling in others).

“The energy consumption in highly populated areas can cause changes in wind patterns, and that causes climate change far away from the heating source,” said meteorologist and study author Ming Cai of Florida State University.

Follow LiveScience on Twitter @livescience. We’re also on Facebook & Google+.

Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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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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Mass Human Sacrifice? Pile of Ancient Skulls Found

Archaeologists have unearthed a trove of skulls in Mexico that may have once belonged to human sacrifice victims. The skulls, which date between A.D. 600 and 850, may also shatter existing notions about the ancient culture of the area.

The find, described in the January issue of the journal Latin American Antiquity, was located in an otherwise empty field that once held a vast lake, but was miles from the nearest major city of the day, said study co-author Christopher Morehart, an archaeologist at Georgia State University.

“It’s absolutely remarkable to think about this little nothing on the landscape having potentially evidence of the largest mass human sacrifice in ancient Meso-America,” Morehart said.

Middle of nowhere

Morehart and his colleagues were using satellite imagery to map ancient canals, irrigation channels and lakes that used to surround the kingdom of Teotihuacan (home to the Pyramid of the Sun), about 30 miles (50 kilometers) from Mexico City. The vast ancient kingdom flourished from around A.D 200 to 650, though who built it remains a mystery. [In Photos: Amazing Ruins of the Ancient World]

In a now drained lake called Lake Xaltocan, around which was essentially rural farmland at the time, Morehart stumbled upon a site with evidence of looting.

When the team investigated, they discovered lines of human skulls with just one or two vertebra attached. To date, more than 150 skulls have been discovered there. The site also contained a shrine with incense burners, water-deity figurines and agricultural pottery, such as corncob depictions, suggesting a ritual purpose tied to local farming. [See images from the grisly excavation ]

Carbon dating suggested that the skulls were at least 1,100 years old, and the few dozen analyzed so far are mostly from men, Morehart told LiveScience. The researchers did not release photos of the skulls because the sacrifice victims may have historic ties to modern-day indigenous cultures.

The findings shake up existing notions of the culture of the day, because the site is not associated with Teotihuacan or other regional powers, said Destiny Crider, an archaeologist at Luther College in Iowa, who was not involved in the study.

Human sacrifice was practiced throughout the region, both at Teotihuacan and in the later Aztec Empire, but most of those rituals happened at great pyramids within cities and were tied to state powers.

By contrast, “this one is a big event in a little place,” Crider said.

The shrines and the fact that sacrifice victims were mostly male suggest they were carefully chosen, not simply the result of indiscriminate slaughter of a whole village, Crider told LiveScience.

Many researchers believe that massive drought caused the fall of Teotihuacan and ushered in a period of warfare and political infighting as smaller regional powers sprang up, Morehart said.

Those tumultuous times could have spurred innovative — and bloody — practices, Crider said.

“Maybe they needed to intensify their activities because everything was changing,” she said. “When things are uncertain you try new strategies.”

Follow LiveScience on Twitter @livescience. We’re also on Facebook & Google+. 

Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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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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Night-Sensitive Satellite Spots Elusive Clouds

The nighttime viewing capabilities of the Suomi NPP satellite are giving earth scientists new views of the planet’s surface once the sun goes down.

An image taken on Sept. 27, 2012, and released recently by NASA’s Earth Observatory, shows off the satellite’s penetrating gaze with a view of low-level, marine layer clouds off the coast of California. These clouds are invisible to technologies previously used to view nighttime scenes.

Suomi NPP, run jointly by NASA and the National Oceanic and Atmospheric Administration, took the image with its Visible Infrared Imaging Radiometer Suite (VIIRS) “day-night band,” which detects wavelengths of light from green to near-infrared. This means the satellite can spot gas flares, auroras, wildfires, city lights and reflected moonlight, according to the Earth Observatory. And add to that, low-lying clouds.

In the Suomi image, the marine layer clouds shroud the ocean along the California coast, from San Francisco to Los Angeles. You can also see the shadow of some higher-level clouds cast by moonlight onto the low clouds. Marine layer clouds are so called because they form in a sheet over the ocean as low stratus clouds. [Album: Reading the Clouds]

Here’s how it works: Winds push moist surface-level air upward, causing it to expand and cool, while at the same time a coastal California feature called the Pacific High causes higher-level air to sink towards the surface, where it warms; these opposing forces create what is called an inversion layer between the surface and upper-air masses, according to the Scripps Institution of Oceanography.

While temperatures in the atmosphere typically get cooler the further up you go, the opposite happens in the inversion layer: Air is cooler toward the bottom, where the surface air is rising, and warmer toward the top of the layer, where the upper-level air is sinking.

If the air rising from the surface cools to a point at which the moisture in it condenses out below the inversion layer, marine layer clouds are formed, bounded on the top by the bottom of the inversion layer. This explains the typically uniform height of the cloud tops. The clouds are bounded on the bottom by the point at which they reach saturation and water condenses out.

These clouds can pose a hazard to ship and air travel, according to the Earth Observatory, but detecting them has been tricky in the past because of the limits of other Earth-observing satellites. Another image of the same scene taken in thermal infrared wavelengths — the band of the light spectrum typically used by meteorologists to observe Earth’s surface at night — illustrates this.

In this image, you can only see the higher-level clouds that were casting shadows in the previous image. The marine layer clouds are too close in temperature to the ground to show up as distinct feature in these wavelengths.

Suomi’s capabilities therefore give meteorologists another tool to better observe and predict Earth’s weather.

Reach Andrea Thompson [email protected] and follow her on twitter @AndreaTOAP.Follow OurAmazingPlanet on Twitter @OAPlanet. We’re also on Facebook and Google+.

Copyright 2013 OurAmazingPlanet, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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S&P rises for seventh day but 1,500 too steep a climb

NEW YORK (Reuters) - The smallest of gains gave the Standard & Poor's 500 its seventh straight winning day on Thursday, but the index failed to hold above the 1,500 line, restrained by Apple's worst day in more than four years.

Apple Inc slid 12.4 percent to $450.50 a day after it posted revenue that missed Wall Street's forecast as iPhone sales were poorer than expected.

The sharp drop wiped out nearly $60 billion in Apple's market capitalization to less than $423 billion, leaving the company vulnerable to losing its status as the most valuable U.S. company to second-place ExxonMobil , at $416.5 billion.

The S&P 500, however, managed to hit its longest winning streak since October 2006.

"The market has sent the message it is no longer driven by the whims of Apple," said Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York.

The S&P 500 briefly traded above 1,500 for the first time since December 12, 2007, but failed to hold above it, indicating that momentum is waning and a pullback is in the charts.

"If the market had a little bit more excitement to it, momentum players would have jumped after it broke through 1,500. Investors know the market is a little bit ahead of itself," Polcari said.

Economic data helped buoy equities as U.S. factory activity grew the most in nearly two years in January and new claims for jobless benefits dropped to a five-year low last week, giving surprisingly strong signals on the economy's pulse.

At the same time, Chinese manufacturing grew this month at the fastest pace in about two years, while data suggesting German growth picked up boosted hopes for a euro-zone recovery.

"PMI in Asia, Europe, and obviously, here in the United States, is moving in the right direction, and that's stuff people should be excited about," Polcari said.

The Dow Jones industrial average <.dji> rose 46 points or 0.33 percent, to 13,825.33 at the close. The S&P 500 <.spx> inched up just 0.01 of a point, or 0 percent, to finish at 1,494.82. The Nasdaq Composite <.ixic> dropped 23.29 points or 0.74 percent, to end at 3,130.38, with most of that loss on Apple's slide.

The broader Russell 2000 index <.rut> also hit a milestone as it closed above 900 points for the first time.

Video streaming service Netflix Inc surprised Wall Street with a quarterly profit after it added nearly 4 million customers in the United States and abroad. Netflix shares surged 42.2 percent to $146.86, its biggest percentage jump ever.

Earnings have helped drive the stock market's recent rally. Thomson Reuters data through early Thursday showed that of the 133 S&P 500 companies that have reported earnings so far, 66.9 percent have exceeded expectations - above the 65 percent average over the past four quarters.

About 6.8 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average during January 2012 of about 6.93 billion shares.

Roughly five issues rose for every four that fell on both the NYSE and Nasdaq.

(Editing by Jan Paschal)

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Appeals court rejects EPA bid on pollution case

WASHINGTON (AP) — A federal appeals court will not reconsider a decision blocking an Obama administration effort to tighten restrictions on power plant pollution.

The U.S. Circuit Court of Appeals for the District of Columbia denied the administration‘s request for a new hearing on Thursday. The court said a majority of its eight active judges opposed rehearing the case.

A three-judge judge panel ruled in August that the Environmental Protection Agency‘s cross-state air pollution rule exceeded EPA‘s authority. The EPA had said the rule would reduce power-plant pollution that contributes to unhealthy air in neighboring states.

The appeals court panel faulted the EPA for imposing “massive emissions reduction requirements” on upwind states without regard to limits imposed by law.

A spokeswoman for the EPA, Alisha Johnson, says the agency is reviewing the decision.

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Asian shares recover on improved China PMI

TOKYO (Reuters) - Asian shares edged higher on Thursday after manufacturing data from China confirmed a recovery in the world's second biggest economy was on track, easing nervousness caused by a sharp drop in Apple Inc shares after its earnings report.

China's HSBC flash purchasing managers' index (PMI) rose to 51.9 in January to a two-year high, signaling a rebound in manufacturing activity.

"China has shown signs of recovery recently and the global economic outlook has been improving to give a generally positive direction for markets," said Koichiro Kamei, managing director at financial research firm Market Strategy Institute.

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> was up 0.1 percent after falling around 0.3 percent earlier, led by its technology sector <.miapjit00pus> which fell about 1 percent in earlier trade. It was recently down 0.5 percent.

Apple, the world's largest technology company, missed Wall Street's revenue forecast for the third straight quarter after iPhone sales came in below expectations, fanning fears that its dominance of the mobile industry was slipping, sending its shares down more than 10 percent in after-hours trading.

Apple's component suppliers such South Korea's LG Display fell, while Taiwan stocks <.twii> were also dragged by Hon Hai and other Apple suppliers.

Shanghai shares <.ssec> extended gains to a 1.5 percent rally from a 0.2 percent rise after the China PMI report. Australian shares <.axjo> built on earlier gains to rise 0.5 percent as the data from China, Australia's largest export market, buoyed sentiment.

South Korean shares <.ks11> nearly wiped earlier losses to trade down 0.1 percent, and the benchmark Nikkei average <.n225> also recouped earlier losses to rise 0.4 percent after falling to a three-week closing low on Tuesday. <.t/>

YEN BUYING HALTED

There was a pause in the two-day yen buying spree, which was driven by the Bank of Japan's latest policy easing steps on Tuesday failing to provide immediate stimulus as expected by some investors. The BOJ pledged to achieve a 2 percent inflation target and promised to start open-ended asset buying from 2014.

The dollar rose 0.4 percent to 88.91 yen while the euro also edged up 0.3 percent to 118.43 yen. The yen is still down 12 percent from its mid-November levels, when markets began pricing in strong monetary accommodation from the BOJ.

Many market players believe the yen's weakness will persist due to widespread expectations the BOJ will continue pursuing aggressive monetary easing policies to beat the country's stubborn deflation.

"The BOJ decision probably isn't a big deal in a sense that the new BOJ regime after (Governor Masaaki) Shirakawa is expected to do everything and anything available, so after profit taking, it's a good opportunity to re-enter the 'Abe trade' because it's all about expectations," said Shogo Fujita, chief Japanese bond strategist at Bank of America in Tokyo.

The "Abe trade" refers to investors betting on a weakening yen and rising Japanese equities on perception Prime Minister Shinzo Abe will pursue aggressive fiscal and monetary policies to pull Japan out of deflation and economic stagnation.

Data on Thursday confirming a deteriorating Japanese trade balance also encouraged yen selling, traders said. Japan logged a record annual trade deficit in 2012.

Earlier on Thursday, South Korea said its economy grew 0.4 percent in the fourth quarter of 2012 on a quarterly basis. But it fell short of around 0.8 percent growth that the Bank of Korea had projected as recently as in October, underscoring a delayed global recovery due to persistent uncertainties hobbling the major economies.

The International Monetary Fund said on Wednesday an unexpectedly stubborn euro zone recession and weakness in Japan will weigh on global economic growth this year before a rebound in 2014.

Asian economies will see weaker growth this year than was expected just three months ago, despite expected policy easing by central banks as inflation pressures taper off, a Reuters poll showed on Wednesday.

U.S. crude was up 0.2 percent at $95.45 a barrel while Brent fell 0.3 percent to $112.46.

London copper was down 0.1 percent at $8.095 a tonne and spot gold inched down 0.1 percent to $1,683.31 an ounce, slipping from a recent one-month high.

(Editing by Shri Navaratnam)

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Astronaut’s Video Reveals Secret of Zero-G Fingernail Clipping

Life in space isn’t easy. Even basic hygiene, like clipping your fingernails, is a cosmic challenge without gravity, one astronaut says.

A new video by Canadian astronaut Chris Hadfield shows exactly how complicated (and a little gross) it is to cut your nails in the weightless environment of space. Hadfield currently lives on the International Space Station, where astronauts are forced to devise inventive ways for dealing with basic bodily needs that many folks may take for granted on Earth.

“Now, if I just cut my fingernails here, fingernail bits are going to fly everywhere,” Hadfield explained in the zero gravity nail-clipping video as he floated about inside the space station. “They won’t fall to the ground. You can’t sweep them up. They’ll float everywhere. They get in your eyes, people breathe them. Not good. Got to figure out a plan.”

Hadfield’s solution is to position his hand over an air duct where air is pulled in and filtered throughout the station. The nail clippings get sucked into the duct’s mesh filter, making cleaning up relatively simple.

“So, there we go,” Hadfield said. “Nails are ready for guitar playing. I’m going to vacuum this [the air duct] later in the week. It’ll all clean up just fine.”

There are many other ways astronauts tackle daily life without the pull of gravity. They attach strips of Velcro to all of their belongings since anything that isn’t tied down can float away and get lost somewhere inside the International Space Station, which has the same habitable space as a five-bedroom house.

The astronauts share hair-cutting duty with their crewmates, using a vacuum to clean up clippings after each snip. A complicated procedure using hoses and airflow allows astronauts go to the bathroom in space . There are two toilets for the six astronauts living on the space station today.

Hadfield is a flight engineer representing the Canadian Space Agency on the station’s Expedition 34/35 crew. Two American astronauts and three Russian cosmonauts round out the team. In March, Hadfield will take command of the station’s Expedition 35 crew, to become Canada’s first space station commander.

Hadfield has already developed a reputation for snapping amazing photos of Earth from space, writing and performing songs in space on the guitar, and Tweeting with celebrities like William Shatner, “Star Trek’s” famed Captain Kirk, since arriving on the station last month.

Follow Miriam Kramer on Twitter @mirikramer or SPACE.com @Spacedotcom. We’re also on Facebook & Google+. 

Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Asian shares inch higher on improving global confidence

TOKYO (Reuters) - Asian shares edged higher on Wednesday as investor appetite for riskier assets improved amid upbeat U.S. earnings and better German investor confidence.

The yen stabilized after firming as realization sank in that monetary easing announced on Tuesday by the Bank of Japan had fallen short of some market expectations, though many analysts acknowledged that the BOJ was showing determination to pull Japan out of years of deflation and economic stagnation.

Copper and gold were underpinned as the BOJ's move was seen supporting a global economic recovery while its 2 percent inflation target boosted bullion's appeal as a hedge against rising prices.

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> was up 0.1 percent, hovering near Tuesday's 17-1/2-month high, after recent positive data from the United States and China improved investor sentiment.

Australian shares <.axjo> rose 0.3 percent, touching a 20-month high for a second day in a row as top miner BHP Billiton gained after lifting iron ore production.

Japan's benchmark Nikkei average <.n225> fell 0.8 percent as the firmer yen weighed on exporters. The yen has weakened by around 12 percent since mid-November against the dollar, and boosted Nikkei by more than 20 percent as a weaker yen improved exporters' earnings outlook. <.t/>

"Some investors have been waiting for the timing to take profits, as they have chased the market higher," said Hiroichi Nishi, assistant general manager at SMBC Nikko Securities.

The BOJ on Tuesday doubled its inflation target to 2 percent and adopted an open-ended commitment to buy assets starting 2014, sparking an unwinding of yen short positions from speculators looking for more immediate easing step.

The dollar steadied around 88.70 yen while the euro eased 0.1 percent to 118.11 yen. The dollar hit a 2-1/2-year high of 90.25 yen on Monday.

Technically, many believe the yen will resume its recent downtrend, seeing the latest rebound in the Japanese currency as a correction to its rapid and sharp decline.

Tuesday's pullback on dollar/yen has once again held slightly above the 23.6 percent of the rally from 81.69 to 90.25 yen seen on Monday, which comes in at 88.25 yen, some analysts note. They say the dollar's inability to break below minimum retracement levels since the rally from a December 4 low around 81.70 highlights the strength of the dollar/yen's upward move.

With BOJ joining the continued push by global central banks to support growth, Morgan Stanley said in a research note that policy easing by central banks was positive for emerging markets with more bond portfolio inflows increasingly towards local markets.

"Our key themes for 2013 are rebalancing and reflation, with both prevalent so far this year. Even given a migration towards global equities and away from fixed income, emerging market fixed income remains well-placed," it said.

On Tuesday, hopes of an improvement in the global economy led the Standard & Poor's 500 Index <.spx> to a five-year high.

International Business Machines , the world's largest technology services company reported fourth-quarter earnings and revenue that beat estimates, while revenue from Google Inc's core Internet business outpaced many analysts' expectations for the same quarter. Apple Inc's earnings release was due later on Wednesday.

Investors were also cheered by easing worries over the U.S. budget crisis and the euro zone's debt financing.

Republican leaders in the House of Representatives said they aim to pass on Wednesday a nearly four-month extension of the U.S. debt limit to May 19.

German ZEW investor sentiment rose to its highest level in more than 2-1/2 years in January while Spain has raised around 14 percent of its 2013 funding target.

U.S. crude was down 0.1 percent to $96.62 a barrel and Brent also eased 0.1 percent to $112.34.

Spot gold was at $1,692.66 an ounce, near Tuesday's one-month high of $1,695.76, while London copper traded down 0.3 percent at $8,107 a metric ton but clinging near a one-week high of $$8,144.50 hit on Tuesday.

(Additional reporting by Reuters FX analyst Krishna Kumar in Sydney, Miranda Maxwell in Melbourne and Ayai Tomisawa in Tokyo; Editing by Shri Navaratnam)

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Analysis: Obama’s next climate steps apt to be temperate

WASHINGTON (Reuters) – The Obama administration is likely to rely mostly on existing rules and on flexing executive power to execute its second-term environmental agenda, sidestepping Congress as it sets about radically reducing greenhouse gases generated by major polluters.

Just a day after President Barack Obama said in his inaugural address that for the United States not to respond to the threat of climate change would “betray our children and future generations,” White House spokesman Jay Carney tamped down expectations for bold new moves.

Carney declined to define specific policies, suggesting the White House will expand its current strategy to regulate and reduce carbon emissions.

“The president will build on, when it comes to climate change, the progress that was achieved in his first term,” Carney said at a press briefing.

More details on climate initiatives could come out of the president’s State of the Union address on February 12.

Environmentalists have judged Obama as too timid in his first term, especially after a congressional stalemate ended legislative efforts.

The White House has pointed to its drafting of emissions standards for the construction of new power plants and, along with the auto industry, setting stringent fuel efficiency standards for new cars.

The United States is undergoing a boom in domestic energy production, from the oilfields of North Dakota to hydraulic fracturing, or fracking, that has unlocked massive gas reserves in several states. Taking strong environmental steps while still supporting aggressive drilling and exploration will be a balancing act.

Fracking is a mixed blessing, prompting local protests over concerns about possible water pollution but also lowering emissions by displacing coal at power plants.

CLEAN AIR CLOUT

Obama is expected to name an entirely new energy policy team in the next few weeks. Environmental Protection Agency administrator Lisa Jackson and Interior Secretary Ken Salazar are departing. Secretary of Energy Steven Chu is widely expected to leave soon.

Carol Browner, Obama’s former White House climate and energy czar, said whoever steps in for Jackson and the others would be following a “path has already been charted by the president.

“I think it’s an agenda that has been set under presidential leadership and I think that will continue,” Browner said.

Climate analysts guess that the EPA could soon announce a move to use its authority under the federal Clean Air Act to regulate heat-trapping greenhouse gases.

By April the agency is expected to complete carbon emission standards for building new power plants that would effectively prevent any new coal-fired facilities from being built. Next would come a more controversial effort, setting standards for existing coal-fired plants, which account for 40 percent of U.S. greenhouse gases. The measure is sure to provoke industry lawsuits.

“The most likely area for the administration to pursue, in light of what the president said, would be using the New Source Performance Standard (NSPS) for existing power plants under the Clean Air Act,” said Dina Kruger, a former director of the Climate Change Division at the EPA.

The NSPS is a program under the Clean Air Act that sets a limit on the rate at which a facility can emit using the best available emission controls.

The EPA is required to produce greenhouse gas standards for existing sources following a 2010 settlement with environmental groups and some states. It has not yet set a deadline.

Ed Whitfield, chair of the House subcommittee on energy and environment, told reporters that Republicans would not be able to curb legislatively any rules the EPA proposes.

“The reality is, I doubt the Senate would pass anything we would pass to repeal them,” said the Kentucky representative. “I know there have been court challenges already and I expect that there will be more.”

Recent court decisions that have touched on the legal basis for the EPA to regulate carbon have mostly come down in its favor.

David Doniger, policy director of the Natural Resources Defense Council’s Climate and Clean Air Program, said this could embolden the EPA as it tackles rules that may be more aggressive than those rolled out under Jackson.

“The agency has a very good batting record on the clean air side. Carbon and climate (regulations) have come through completely unscathed,” he said.

Green groups and certain states may sue the EPA to force it to regulate carbon and other greenhouse gas emissions from other unregulated sources such as oil refineries and methane released by fracking.

While the agency is used to being sued by both green and industry groups, the number of cases is apt to increase.

“This is shaping up to be four years of litigation,” Christopher Guith, vice president for policy at the U.S. Chamber of Commerce’s Energy Institute, told Reuters this month.

Kruger said the EPA would be wise to prioritize just a handful of new rules to tackle as it faces a constrained budget in the coming years.

EXECUTIVE ORDERS AHEAD?

Browner, who was Clinton’s EPA administrator, said Obama could use executive orders to direct vast federal agencies to adopt measures that could limit their own energy use, a significant reduction of emissions.

A 2009 executive order required federal agencies to develop and implement sustainable energy plans and review them annually to reduce greenhouse gas emissions, energy, water and waste.

The Department of Energy has issued 16 new or updated energy efficiency standards for home appliances, commercial buildings and industrial facilities that would reduce carbon dioxide emissions by 6.5 billion tons – the equivalent of taking 1.4 billion cars off the road for a year – by 2030.

Agencies with heavy carbon footprints, such as the Department of Defense, have launched a number of initiatives, such as buying a fleet of electric vehicles and investing in renewable energy.

But market forces more than regulations could have the biggest impact on carbon emissions in the coming years, with cleaner natural gas from fracking continuing to displace coal as a source of electricity.

“When it comes to carbon, the market has actually done a lot of things that you would hope policy would do. I don’t think you need a whole lot of policy to increase gas use (to replace coal) in power generation,” said Nikos Tsafos, analyst at PFC Energy in Washington.

(Additional reporting by Tim Gardner, Ayesha Rascoe; editing by Ros Krasny and Prudence Crowther)

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Yen, Asian shares mark time before BOJ decision

TOKYO (Reuters) - The yen and Japanese equities were volatile on Tuesday after the Bank of Japan took bold easing measures, while other Asian stock markets posted modest gains.

The BOJ on Tuesday doubled its inflation target to 2 percent and adopted an open-ended commitment to buy assets, surprising markets that had expected another incremental increase in its 101 trillion yen asset-buying and lending program.

"It was more or less within market expectations and was not disappointing. But it also didn't top expectations because there was speculation that the BOJ would do all it can, including removing the 0.1 percent floor on short term interest rates," said Hiroshi Maeba, head of FX trading Japan at UBS in Tokyo.

"Initial market reaction shows there are still players who want to short the yen, and the BOJ's decision today clears the way for further dollar/yen buying. I think the dollar may hit 95 yen by March," he said, adding that for now, the dollar/yen was likely to trade in ranges.

Japan's benchmark Nikkei average <.n225> surged as much as 0.8 percent before trimming all gains to fall 0.6 percent. Tokyo shares have been rising in tandem with the yen's slide against major currencies on expectations for bolder BOJ steps. The Nikkei tumbled 1.5 percent on Monday after investors booked profits from the index's 2.9 percent rally on Friday. <.t/>

The dollar rose as high as 90.18 yen, but was last trading down 0.5 percent at 89.18 yen. It touched a fresh 2-1/2-year high of 90.25 on Monday. The euro rose to 120.18, but recently down 0.5 percent at 118.94 yen. The euro hit its peak since May 2011 of 120.73 on Friday.

There has been a perception in markets that even if investors rooting for much bolder BOJ steps cut their yen short positions in disappointment over the ultimate outcome, the yen's rebound was likely to be limited relative to its 13 percent decline against the dollar and a 20 percent drop versus the euro over the past two months. Such views were fed by expectations the BOJ will continue to aggressively ease monetary policy to drive Japan out of years of deflation and support the economy.

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> was up 0.2 percent. The index was pulled down on Monday after briefly touching 17-1/2-month highs as Malaysian stocks suffered their biggest drop in 16 months on election risks.

POSITIVE FACTORS EMERGE

Overall market sentiment was likely to remain supported by signs of a compromise to avert a U.S. fiscal crisis and hopes for a recovery in global growth following last week's positive data from the world's top two economies, the United States and China.

European shares rose on Monday near two-year highs, with investors betting on an improving economy in Europe. Wall Street was closed for Martin Luther King Jr. Day.

Republican leaders in the U.S. House of Representatives have scheduled a vote on Wednesday on a nearly four-month extension of U.S. borrowing capacity, aimed at avoiding a fight over the looming federal debt ceiling and shifting their negotiating leverage for spending cuts to other fiscal deadlines.

London copper climbed 0.7 percent to $8,115 a ton on growing confidence in the strength of China's economic recovery ahead of an early gauge of manufacturing activity this week, while BOJ easing has also stoked investor appetite for risk.

U.S. crude futures steadied around $95.59 a barrel while Brent futures edged up 0.3 percent to $112.

Gold was up 0.2 percent to $1,692.60 an ounce on a fresh round of easing from the BOJ.

(Reporting by Chikako Mogi; Editing by Shri Navaratnam)

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Mega 101: Everything You Need to Know

An Internet entrepreneur in a legal battle with the U.S. Department of Justice over his file-sharing and cloud storage site is at it again, and this time he says his new website is legal.

Kim Dotcom, the man behind the file-sharing site Megaupload, launched a new site called Mega (mega.co.nz), Sunday in New Zealand, which allows users to upload up to 50 gigabytes worth of files and store them, and share them — in a limited way — with other users. The amount of storage space increases if users sign up for a premium account.

The twist is that this time the company doesn’t know what’s in the files, because they are encrypted. The encryption keys are in the hands of the user only.

It is possible to share the files by providing a URL with the password embedded in it, but in this case as well, only the person accessing the file can see the data.

For users, it could be a great way to store confidential files, and it’s a larger space initially than Dropbox, which starts its free service at 2GB, or Google Drive at 5GB. That said, there are some caveats.

First is the encryption. If you lose the password, you won’t be able to recover it — period.

Then there is the question of the site’s legality. Kim Dotcom has told the BBC that “This startup is probably the most scrutinized by lawyers in Internet history.”

That gets into Kim Dotcom’s legal problems with the U.S. government. Dotcom funded Megaupload in 2005 as a place for people to store files on the Internet. The big difference between it and other file storage services was the amount of space offered — 200 gigabytes. Users could share files with each other or with the general public.

The Motion Picture Association of America and the Department of Justice saw a massive copyright abuse system. The DoJ said in its indictment that Megaupload’s business model, which rewarded popular downloads with cash payments, encouraged people to upload copyrighted content.

Dotcom and Megaupload argued that they complied with takedown notices. Either way, in January of last year, police raided Dotcom’s New Zealand home, arrested him, and shut down Megaupload. The U.S. government then requested he be extradited. A hearing to determine whether that happens is due in March.

In the wake of the arrest, hacktivist group Anonymous staged a series of distributed denial of service attacks.

Because the new site is encrypted —Mega says it doesn’t even have the key, because the key is the password to the site known only to the user  — Dotcom can legitimately say he has no idea what is being uploaded. Generally, copyright violations apply to people who know that their site is being used to pirate content and don’t make a good faith effort to remove it in the wake of takedown requests (which fall under the Digital Millennium Copyright Act, or DMCA).

A big part of the legal argument between Dotcom and the DoJ is whether he made that effort and whether he deliberately encouraged thesharing of copyrighted content. The DoJ says the company didn’t because the files were still on their servers and if there were multiple copies, the links all had to be taken down individually.

It’s still possible that the DoJ will go after Dotcom’s new website Mega, though, because by setting the site up so that he can’t know what users are doing, he also leaves himself open to the charge that he’s offering a safe haven for copyrighted works. On top of that, one of the terms of Dotcom’s bail in New Zealand is that he cannot start any new businesses until the criminal copyright case in the U.S. is resolved, according to the Economist.

So if you’re thinking that you might want to use the new Mega site, be aware that it could be forced to shut down if Dotcom’s lawyers haven’t covered all the angles.

This story was provided by TechNewsDaily, sister site to LiveScience.

Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Asian shares pause, yen volatile as Bank of Japan meeting eyed

TOKYO (Reuters) - Asian shares held steady on Monday after surging to multimonth highs last week, while the yen firmed after touching a new low in choppy trade ahead of a Bank of Japan policy meeting this week that is expected to yield bold monetary easing measures.

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> was steady after earlier easing as much as 0.3 percent. The index closed at a 17-1/2-month high on Friday as upbeat U.S. and Chinese data lifted sentiment.

Australian shares <.axjo> inched up 0.1 percent while South Korean shares <.ks11> recouped earlier losses but remained capped as a stronger local currency hurt exporters.

The focus in Japan was on the BoJ, which starts its two-day policy meeting on Monday under growing political pressure to pursue bolder measures to beat deflation, with speculation ranging from an open-ended commitment to buy assets until a 2 percent inflation target is achieved to simply boosting its asset buying schemes.

Early on Monday, the dollar touched a fresh 2-1/2-year high of 90.25 yen, and the euro rose to a high of 120.27 yen, near its peak since May 2011 of 120.73 hit on Friday.

But the yen clawed back some of its losses against the dollar and the euro. The dollar slipped back to a low of 89.42 yen and was last trading at 89.66 yen, while the euro also fell to a low of 119.08 and last traded at 119.44 yen.

"Profit taking pushed the dollar and the euro down against the yen but short covering lifted them off their lows. Trading is thin and quite volatile. I don't think there will be any clear direction until the BoJ decision," said Yuji Saito, director of foreign exchange at Credit Agricole in Tokyo.

Saito said "sell the fact" behavior could push the dollar down about 1 yen, but a serious disappointment on the BoJ outcome was unlikely.

The correction to the yen's years of excessive strengthening is now spurring adjustments to currencies such as the Korean won. A firmer won weighed on the Korea Composite stock Price Index <.ks11>, held back by exporters, and capping it near levels unchanged from Friday.

"Concern over the weakening yen appears to be playing a large part as the main board (Kospi) continues to underperform compared to Asian peers due to foreign selling," said Kim Joong-won, an analyst at NH Investment & Securities in Seoul.

Tokyo's benchmark Nikkei average <.n225> also slipped 0.9 percent as investors booked profits from the Nikkei's 2.9 percent rally on Friday, its biggest daily gain in 22 months. The Nikkei posted a 10th straight week of gains, its longest since 1987. <.t/>

Many investors largely keep short position on the yen.

"We expect the door for further easing will likely be left open irrespective of the outcome of BoJ policy meeting, either explicitly by the BoJ or implicitly through government's plan to nominate doves to replace the governor and deputy governors," Barclays Capital said in a note to clients.

Friday's data showed while currency speculators slightly cut their bets against the yen in the week to January 15, they remained overwhelmingly negative on the currency.

RISK APPETITE RETURNING

The steady showing in Asia equities followed a rise in global equities late last week when signs Washington may avert a fiscal crisis helped improve sentiment.

Republicans said the House will consider a bill to raise the U.S. debt ceiling enough to allow the country to pay its bills for another three months. The strategy would buy time for the Democratic-controlled Senate to pass a budget plan that shrinks the federal deficit.

The Dow Jones industrial average <.dji> and the Standard & Poor's 500 Index <.spx> ended Friday at five-year highs on a solid start to the quarterly earnings season. U.S. markets are closed on Monday for the Martin Luther King Jr. holiday.

Oil prices, however, took their cues from a weak consumer sentiment report in the United States, which showed a drop to the lowest in a year in January as a result of the uncertainty surrounding the country's debt crisis. Concerns about demand overshadowed supply disruption fears, reinforced by the Islamist militant attack and hostage-taking at a gas plant in Algeria, a member of the Organization of Petroleum Exporting Countries.

U.S. crude futures fell 0.4 percent to $95.21 a barrel while Brent fell 0.3 percent to $111.60 early on Monday.

(Additional reporting by Ian Chua in Sydney and Joyce Lee in Seoul; Editing by Shri Navaratnam)

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UK scientists to mimic plants to make zero-carbon fuel

LONDON (Reuters) – British scientists seeking to tap more efficient forms of solar power are exploring how to mimic the way plants transform sunlight into energy and produce hydrogen to fuel vehicles.

They will join other researchers around the world studying artificial photosynthesis as governments seek to cut greenhouse gas emissions from fossil fuels.

The research will use synthetic biology to replicate the process by which plants concentrate solar energy to split water into hydrogen and oxygen, which is then released into the atmosphere.

“We will build a system for artificial photosynthesis by placing tiny solar panels on microbes,” said lead researcher Julea Butt at the University of East Anglia (UEA).

“These will harness sunlight and drive the production of hydrogen, from which the technologies to release energy on demand are well-advanced.”

Hydrogen is a zero-emission fuel which can power vehicles or be transformed into electricity.

“We imagine that our photocatalysts will prove versatile and that with slight modification they will be able to harness solar energy for the manufacture of carbon-based fuels, drugs and fine chemicals,” she added.

The 800,000 pound project will be undertaken by scientists from UEA and Cambridge and Leeds universities.

The scientists believe copying photosynthesis could be more efficient in harnessing the sun’s energy than existing solar converters.

CUTTING CO2

Many countries have deployed at least one kind of renewable energy, such as solar, wind power or biofuels, or use a mixture to see which becomes most competitive with fossil fuels.

But as carbon dioxide emissions continue to rise, some experts argue more extreme methods are needed to keep the average rise in global temperatures below 2 degrees Celsius this century, a threshold scientists say would avoid the most harmful effects of climate change.

“Many renewable energy supplies, such as sunlight, wind and the waves, remain largely untapped resources. This is mainly due to the challenges that exist in converting these energy forms into fuels from which energy can be released on demand,” said Butt.

Some of the more extreme methods which are being studied are controversial, such as removing large amounts of carbon dioxide from the atmosphere and geo-engineering techniques such as blocking sunlight using artificial clouds or mirrors in space.

Such technology is far from being employed on a large scale and the costs are enormous.

Critics argue these techniques manipulate the climate, are too costly, take too long to prove and governments should concentrate on more mainstream renewable energy sources.

Last year, British scientists abandoned a 1.6 million pound experiment to test the possibility of spraying particles into the upper atmosphere to stem global warming.

(Editing by David Cowell)

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Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.

The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.

Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.

Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.

"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.

Major technology companies also report next week, but the bar for the sector has been lowered even further.

Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.

Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.

Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.

CASH POURING IN, HOUSING DATA COULD HELP

Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.

The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.

"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.

"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."

Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.

Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.

The new home sales report on Friday is expected to show a 2.1 percent increase.

The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.

Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.

The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.

"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.

"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)

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Latest Inaugural Forecast: Bit Warmer Than in 2009

Consider it the first fact check of a Barack Obama campaign pledge for his second term: Will he, or Mother Nature, deliver on promised warmer Inauguration Day weather?

It’s shaping up as a close call.

In September, while campaigning in Colorado, Obama was talking to a potential voter who mentioned he had been one of the hundreds of thousands of people outdoors at Obama‘s bone-chilling first inaugural in 2009, when the noontime temperature was 28 degrees. Obama promised: “This one is going to be warmer.”

Scientifically, the president doesn’t have control of day-to-day weather. While his policies can lessen or worsen future projected global warming on a large scale, they cannot do anything about Washington‘s daily temperature on Jan. 21.

Still, it’s a promise that for a long time looked close to a sure thing. The history of local weather was on Obama’s side.

On average, the normal high is 43 degrees and the normal low is 28, but that’s just around dawn. There have been 19 traditional January inaugurations and only two were colder. Ronald Reagan‘s second in 1985 was a frigid 7 with subzero wind chills and John F. Kennedy‘s in 1961 was a snow-covered 22. Jimmy Carter’s 1977 inauguration also was 28.

Then there was the general warming trend Washington had been stuck in. The last time the nation’s capital stayed below freezing all day was Jan. 22, 2011. The city has gone a record 700-plus days since it had 2 inches or more of snow.

An Arctic cold front looks to be racing toward the mid-Atlantic, so it will be cooler than normal on Monday, but probably not cooler than 2009, said Nikole Listemaa, a senior forecaster at the National Weather Service office in Sterling, Va., that oversees forecasts for the capital area.

Look for highs around 40 degrees with noon temperatures in the mid- to upper 30s, Listemaa said Saturday. That would keep Obama’s pledge.

There’s also a 30 percent chance of light snow showers for Monday. But the Arctic cold front won’t arrive until Monday night into Tuesday, Listemaa added.

Extreme cold on Inauguration Day, folklore says, can be a killer.

In 1841, newly elected president William Henry Harrison stood outside without a coat or hat as he spoke for an hour and 40 minutes. He caught a cold that day and it became pneumonia and he died one month after being sworn in.

Twelve years later, outgoing first lady Abigail Fillmore got sick from sitting outside on a cold wet platform as Franklin Pierce was inaugurated and she died of pneumonia at the end of the month. Doctors now know that pneumonia is caused by germs, but prolonged exposure to extreme cold weather may hurt the airways and make someone more susceptible to getting sick.

There’s one thing Washington‘s history shows. Bad weather generally creates bad traffic jams.

Kennedy found that out in his 1961 inauguration when 8 inches of snow fell overnight and crippled the city for what at that time was Washington‘s worst traffic jam. Thousands of cars were abandoned in the snow.

———

Seth Borenstein can be followed at http://twitter.com/borenbears

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Weather News Headlines – Yahoo! News

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Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.

The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.

Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.

Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.

"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.

Major technology companies also report next week, but the bar for the sector has been lowered even further.

Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.

Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.

Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.

CASH POURING IN, HOUSING DATA COULD HELP

Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.

The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.

"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.

"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."

Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.

Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.

The new home sales report on Friday is expected to show a 2.1 percent increase.

The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.

Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.

The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.

"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.

"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)

Read More..

S. Korea Sets Date for Next Rocket Launch Attempt

PARIS — South Korea’s KSLV-1, or Naro, rocket will make its third attempt to reach orbit in a launch scheduled between Jan. 30 and Feb. 8, Korea’s Ministry of Education, Science and Technology said Jan. 16.

The vehicle, with a Russian-built first stage and a Korean second stage, failed in its first two launch attempts in 2009 and 2010, and the most recent launch attempt has been delayed since October because of two unrelated issues.

The failure of a hydraulic motor governing the second-stage engine’s thrust vector control was the reason for the latest delay. The ministry said in a Jan. 16 statement that the suspect part has been replaced. The October launch had been canceled because of a leak in the first stage’s helium pressurization unit.

Moscow-based Khrunichev State Research and Production Space Center has provided the rocket’s first stage and its RD-151 engine, which is a modified, less-powerful version of one of the engines Khrunichev plans to use for Russia’s Angara rocket, now in development.

The ministry said the Korean government, through the Korea Aerospace Research Institute, has invested 529 billion Korean won ($ 479 million) into the Naro vehicle since development began, out of a total allocation of more than 1.5 trillion won dedicated to the vehicle through 2021.

A Korean government research satellite, the 100-kilogram STSAT-2C, is the intended passenger on the launch.

This story was provided by Space News, dedicated to covering all aspects of the space industry.

Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Space and Astronomy News Headlines – Yahoo! News

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