Asian shares rally, eye Fed, U.S. data

LONDON (Reuters) - European shares consolidated near two-year highs on Tuesday and oil prices steadied as investors awaited data on the strength of U.S. economy and a Federal Reserve policy decision later in the week.

Most markets for riskier assets have risen solidly this year - despite only modest global growth - due to robust corporate earnings reports, signs of an end to the euro zone crisis and renewed momentum in the U.S. and Chinese economies.

But particularly in the equity markets, where many major indexes are close to multi-year highs, investors are looking for reassurance that a lasting economic recovery is underway.

"With markets posting significant gains for the year already, traders are becoming more demanding in their need for positive cues to keep up the buying momentum," said Jonathan Sudaria, a dealer at Capital Spreads in a trading note.

The FTSE Eurofirst 300 index <.fteu3> of top European shares was up 0.2 percent in early trade after hitting a 23-month high on Monday. London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were flat to 0.1 percent higher.

U.S. stock futures gained 0.1 percent, pointing to a firm Wall Street start. <.l><.eu><.n/>

Earlier the MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> rallied 0.9 percent to end a four-day losing streak, led by a 1.1 percent jump in Australian shares <.axjo> to a fresh 21-month high.

The major event in investors' sights is the two-day Federal Reserve policy meeting. They are awaiting the Fed's decision and statement on Wednesday for any signs that the recent run of positive economic data would encourage policymakers to consider changing its easing policy.

The first estimate of U.S. fourth-quarter gross domestic product also will be released on Wednesday, followed by non-farm payrolls on Friday.

In Europe investors are looking to Spanish GDP data and Italian and German debt auctions on Wednesday, the first big day of European earnings on Thursday and the month-end.

Official data on China's growth outlook due Friday will also be important, especially for commodities markets.

Brent crude and U.S. oil were edging higher on Tuesday but, in line with equities, gains were limited with Brent crude up 16 cents to $113.64 a barrel and U.S. crude rising 44 cents to $96.88.

The euro was at $1.3450, not far from an 11-month high of $1.3480 hit on Friday when it had gained a boost from news of early repayments by euro zone banks of three-year loans to the European Central Bank, which suggested that parts of the banking system may be on the mend.

The euro, however, faces a series of major resistance levels near $1.35, including its 2012 high of $1.34869.

German government bond prices edged higher on Tuesday, as some investors were attracted by a dip that had followed Friday's announcement that banks would repay 137 billion euros of the ECB money.

Bund futures were 8 ticks higher on the day at 141.87. They hit a two-month low of 141.61 on Monday, having fallen by almost two full points in the past three sessions.

(Reporting by Richard Hubbard. Editing by)

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Stanley Karnow, Historian and Journalist, Is Dead at 87

Stanley Karnow, a Pulitzer Prize-winning historian and journalist who produced acclaimed books and television documentaries about Vietnam and the Philippines in the throes of war and upheaval, died on Sunday at his home in Potomac, Md. He was 87.

The cause was congestive heart failure, said Mr. Karnow’s son, Michael.

For more than three decades Mr. Karnow was a correspondent in Southeast Asia, working for Time, Life, The Saturday Evening Post, The Washington Post, NBC News, The New Republic, King Features Syndicate and the Public Broadcasting Service. But he was best known for his books and documentaries.

He was in Vietnam in 1959, when the first American advisers were killed, and lingered long after the guns fell silent, talking to fighters, villagers, refugees, North and South Vietnamese political and military leaders, the French and the Americans, researching a people and a war that had been little understood.

The result was the 750-page book “Vietnam: A History,” published in 1983, and its companion, a 13-hour PBS documentary, “Vietnam: A Television History.” Unlike many books and films on Vietnam in the 1960s and ’70s and the nightly newscasts that focused primarily on America’s role and its consequences at home and abroad, Mr. Karnow addressed all sides of the conflict and traced Vietnam’s culture and history.

“Vietnam: A History” was widely praised and a best seller. The documentary, with Mr. Karnow as chief correspondent, was at the time the most successful ever produced by public television, viewed by an average of nearly 10 million people a night through 13 episodes. It won six Emmy Awards, as well as Peabody, Polk and duPont-Columbia awards.

Six years later, Mr. Karnow delivered his second comprehensive book and television examination of a Southeast Asian nation. The book, “In Our Image: America’s Empire in the Philippines” (1989), was a panorama of centuries of Filipino life under Spanish and American colonial rule, followed by independence under sometimes corrupt American-backed leaders. It won the 1990 Pulitzer Prize for history.

Narrated by Mr. Karnow, the three-part PBS documentary “The U.S. and the Philippines: In Our Image” traced America’s paternalistic colonial rule in the Philippines, the shared suffering of Filipinos and Americans under a cruel Japanese occupation in World War II, and Manila’s postwar independence under regimes nominally democratic but repressive, corrupt or indifferent to the miseries of its people.

Mr. Karnow also wrote “Mao and China: From Revolution to Revolution” (1972) and was a co-author of or contributor to books based on his years in Asia, including “Asian-Americans in Transition” (1992), “Passage to Vietnam” (1994), “Mekong” (1995) and “Historical Atlas of the Vietnam War” (1995).

Early in his career he lived in Paris for a decade, and in 1997 he published a memoir, “Paris in the Fifties.” A nostalgic reporter’s notebook of life among the cafe philosophers, berated musicians and pseudo-revolutionary artistes, it danced with digressions about taxes, restaurants, the guillotine, Hemingway, Charles de Gaulle and the Devil’s Island penal colony.

In its range, learning and appetite for fun, Bernard Kalb, the former CBS reporter and Mr. Karnow’s friend since Vietnam, told The Associated Press in 2009, the memoir was vintage Karnow. “Stanley has a great line about how being a journalist is like being an adolescent all your life,” he said.

Stanley Karnow was born in Brooklyn on Feb. 4, 1925, the son of Harry and Henriette Koeppel Karnow. He grew up in a city with more than a dozen daily newspapers and decided early that he wanted to become a reporter. He served in the Army Air Forces in World War II. After graduating from Harvard with a bachelor’s degree in 1947, he sailed for France, intending to spend the summer. He stayed for a decade.

This article has been revised to reflect the following correction:

Correction: January 28, 2013

An earlier version of this article misstated the year in which Stanley Karnow was a Nieman Fellow at Harvard University. It was 1958, not 2002. The article also misspelled the name of the Nieman Fellowship.

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Providence theater experiments with ‘tweet seats’

PROVIDENCE, R.I. (AP) — Sarah Bertness slipped into her seat at a recent staging of the musical “Million Dollar Quartet” and, when the lights dimmed, started doing something that’s long been taboo inside theaters: typing away at her iPhone.

The 26-year-old freelance writer from Providence wasn’t being rude. She had a spot in the “tweet seat” section at the Providence Performing Arts Center.

The downtown theater is now setting aside a small number of seats — in the back — for those who promise to live-tweet from the performance using a special hash tag. They might offer impressions of the set, music or costumes, lines of dialogue that resonate with them or anything else that strikes them, really.

At “Million Dollar Quartet,” based on the true story of a 1956 recording session that united music greats Johnny Cash, Elvis Presley, Jerry Lee Lewis and Carl Perkins, PPAC for the first time had cast members tweeting from backstage, too.

A growing number of theaters, including some on Broadway, have been experimenting in recent years with tweet seats and other real-time uses of social media as they try to figure out the relationship between the stage and the smartphone.

Some insist the theater should remain a sacred, technology-free place and that allowing the use of phones during a show — even discreetly — only serves as a potential distraction for other patrons. But others say theaters can’t afford not to engage the digital generation, and that the way performances were once enjoyed, in a vacuum, doesn’t hold up anymore.

“I think that it’s important that PPAC and cultural institutions in general kind of jump on the social media bandwagon and learn to engage a broader audience,” said Bertness, who runs the blog The Rhode Islander and is such a big Johnny Cash fan that she showed up to the performance wearing all black. “I think it’s such a valuable tool.”

Scott Moreau, an understudy for Johnny Cash, hadn’t ever tweeted from backstage during a performance. He tried to provide a glimpse of what life’s like on the tour, which he likened to the special features on a DVD. He said he enjoyed getting instant feedback from the tweeters — feedback he shared with other cast members.

“It makes it feel a lot more personal,” Moreau said.

A picture of Moreau that was tweeted out from backstage — he was tweeting in it himself — prompted someone in the tweet seats to declare that’s what the Man in Black would have looked like, with an iPhone.

Other theaters are also trying different digital ways to engage with patrons. In Boston, the Huntington Theater plans to introduce a “Twittermission” where an artist affiliated with the production, or someone from the theater’s staff, answers questions about the show on Twitter during intermissions. The tweets will also be projected on screens in the theater lobby, according to spokeswoman Rebecca Curtiss.

The theater won’t be introducing tweet seats, though.

“We feel strongly that the experience that an audience member has in our theater should be limited to what they are seeing on the stage,” Curtiss said. “When the lights go down and the show begins, we want the art on stage to speak for itself.”

PPAC isn’t sure yet whether any social media buzz generated by those in the tweet seats will have a measurable effect at the box office. But spokeswoman P.J. Prokop said the theater intends to keep the program through the end of the year, and then evaluate it. Those who sit in the tweet seats get their tickets for free.

Kirsten DiChiappari, who has tweeted three shows there to her nearly 1,400 followers, grew up in New Jersey going to Broadway musicals, plays and the opera. The 41-year-old social media consultant from Bristol sees her live-tweeting as a way to lure people from their living rooms, where many are glued to “horrible reality television.”

“It’s kind of a way to tease people back to support the live arts, the real arts, the original arts,” she said. “I feel like once they go, they’ll go again.”

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Funniest Quotes We're Still Talking About from the SAG Awards

Tina gives a shout-out to Girls' baby mama Amy, Jennifer Lawrence's super sweet 16 win and more LOL one-liners

Credit: Michael Buckner/WireImage

Updated: Monday Jan 28, 2013 | 12:20 AM EST

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CDC: Flu seems to level off except in the West

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

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

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

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

___

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

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Seoul pulls Asian shares down, solid economic data helps

LONDON (Reuters) - Rallies in European shares and the single currency stalled on Monday after strong gains last week as investors awaited confirmation that financial market conditions and the outlook for the euro area have improved.

Investor sentiment rose strongly on Friday after data showed European banks would repay more than expected of the emergency loans they borrowed from the European Central Bank (ECB) and that business sentiment in Germany was improving sharply.

A solid start to the corporate earnings season has also helped send many equity indexes to pre-financial crisis highs, with the Standard & Poor's 500 index closing last week at its highest level in over five years.

In the equity markets Europe's FTSEurofirst 300 index <.fteu3> shed 0.1 percent in early trade to 1,173.87 points, leveling off near its highest level for almost two years, though traders said there was still strong underlying demand.

"All European benchmarks are at their 2012-2013 highs. Every time there's even a slight pull-back, the buying pressure comes in," Aurel BGC chartist Gerard Sagnier said.

The market's cautious mood on Monday also followed a weaker session in Asia, where falls in technology companies saw the MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> drop 0.4 percent.

The euro held near an 11-month high against the dollar $1.3440

Meanwhile, German government bond futures, a key gauge of investor sentiment, continued to ease, slipping a further 7 ticks to 142.40 on Monday, and gold is languishing near a two-week low as hopes for an economic recovery worldwide dampen the metal's appeal as a safe haven.

Investors are keenly awaiting the ECB's monthly data on bank lending to companies and consumers, due later, for confirmation that growth is returning to the economy. Italy will also provide a test of investor sentiment when it auctions almost 7 billion euros ($9.4 billion) of 2-year and 5-year bonds.

However, the main focus for investors this week will be on the U.S., where the Federal Reserve's Open Market Committee meets on Tuesday and Wednesday, and where the nonfarm payrolls report is due out on Friday.

Oil prices were being held in check by the events coming up in the U.S., with Brent crude unchanged at $113.28 a barrel, while U.S. crude rose 17 cents to $96.05 after seven straight weekly gains - the longest such streak since early 2009.

($1 = 0.7421 euros)

(Reporting by Richard Hubbard; Editing by Will Waterman)

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

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

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

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

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

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

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

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

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SAG Awards: Watch Live with PEOPLE

01/24/2013 at 06:30 PM EST

Happy Screen Actors Guild Awards!

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

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

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

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

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CDC: Flu seems to level off except in the West

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

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

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

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

___

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

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

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

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

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

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

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

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

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

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

MUTUAL FUND INVESTORS COME BACK

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

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

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

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

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

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

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

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

JOBS DATA MAY TEST THE RALLY

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

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

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

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

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

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

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

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

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

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

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