Wall Street extends losses; Nasdaq off one percent

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Bulgarian government resigns amid growing protests


SOFIA (Reuters) - Bulgaria's government resigned on Wednesday after mass protests against high power prices and falling living standards, joining a long list of European administrations felled by austerity during four years of debt crisis.


Prime Minister Boiko Borisov, an ex-bodyguard who took power in 2009 on pledges to root out graft and raise incomes in the European Union's poorest member, faces a tough task of propping up eroding support ahead of an expected early election.


Wage and pension freezes and tax hikes have bitten deep in a country where earnings are less than half the EU average and tens of thousands of Bulgarians have rallied in protests that have turned violent, chanting "Mafia" and "Resign".


Moves by Borisov on Tuesday to blame foreign utility companies for the rise in the cost of heating homes was to no avail and an eleventh day of marches saw 15 people hospitalized and 25 arrested in clashes with police.


"My decision to resign will not be changed under any circumstances. I do not build roads so that blood is shed on them," said Borisov, who began his career guarding the Black Sea state's communist dictator Todor Zhivkov.


A karate black belt, Borisov has cultivated a Putin-like "can-do" image since he entered politics as Sofia mayor in 2005 and would connect with voters by showing up on the capital's rutted streets to oversee the repair of pot-holes.


But critics say he has often skirted due process, sometimes to the benefit of those close to him, and his swift policy U-turns have wounded the public's trust.


The spark for the protests was high electricity bills, after the government raised prices by 13 percent last July. But it quickly spilled over into wider frustration with Borisov and political elites with perceived links to shadowy businesses.


"He made my day," said student Borislav Hadzhiev in central Sofia, commenting on Borisov's resignation. "The truth is that we're living in an extremely poor country."


POLLS, PRICES


The prime minister's final desperate moves on Tuesday included cutting power prices and risking a diplomatic row with the Czech Republic by punishing companies including CEZ, moves which conflicted with EU norms on protection of investors and due process.


CEZ officials were hopeful on Wednesday that it would be able to avoid losing its distribution license after all and officials from the Bulgarian regulator said the company would not be punished if it dealt with breaches of procedure.


But shares in what is central Europe's largest publicly-listed company fell another 1 percent on Wednesday.


If pushed through, the fines for CEZ and two other foreign-owned firms will not encourage other investors in Bulgaria, who already have to navigate complicated bureaucracy and widespread corruption and organized crime to take advantage of Bulgaria's 10-percent flat tax rate.


Financial markets reacted negatively to the turbulence on Wednesday. The cost of insuring Bulgaria's debt rose to a three-month high and debt yields rose some 15 basis points, though the country's low deficit of 0.5 percent of gross domestic product means there is little risk to the lev currency's peg against the euro.


Borisov's interior minister indicated that elections originally planned for July would probably be pulled forward by saying that his rightist GERB party would not take part in talks to form a new government.


MILLIONS GONE


GERB's woes have echoes in another ex-communist EU member, Slovenia, where demonstrators have taken to the streets and added pressure to a crumbling conservative government.


A small crowd gathered in support of Borisov outside Sofia's parliament, which is expected to approve his resignation on Thursday, while bigger demonstrations against the premier were expected in the evening.


Unemployment in the country of 7.3 million is far from the highs hit in the decade after the end of communism but remains at 11.9 percent. Average salaries are stuck at around 800 levs ($550) a month and millions have emigrated, leaving swathes of the country depopulated and little hope for those who remain.


GERB's popularity has held up well and it still led in the latest polls before protests grew in size last weekend, but analysts say the opposition Socialists should draw strength from the demonstrations.


The leftists, successors to Bulgaria's communist party, have proposed tax cuts and wage hikes and are likely to raise questions about public finances if elected.


(Additional reporting by Angel Krasimirov; editing by Patrick Graham)



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Twitter begins integrating advertising software






SAN FRANCISCO (Reuters) – Twitter Inc said on Wednesday it is opening up its platform to third-party advertising management software, taking another step to establish its ad-based business model ahead of an initial public offering.


The ads application programming interface, or API, would allow advertisers to connect their existing ad management software to their Twitter account to automate ads on the micro-messaging platform.






Twitter said that it would begin by integrating with ad software by Adobe Systems Inc, Salesforce Inc, Hootsuite, SHIFT and TBG Global.


“With the Ads API, marketers now have more tools in their arsenal to help them deliver the right message, to the right audience, on the desktop and on mobile devices — all at scale,” Twitter product manager April Underwood wrote in a blog post.


Under pressure to show growing revenues, Twitter in recent years has ramped up its ad-serving capabilities while building a sales staff to woo corporate marketers. The firm said last year it would allow marketers to target Twitter users based on a profile of their perceived interests and by location.


Twitter makes money every time a user clicks or retweets a “promoted” message paid for by an advertiser. The new API would allow great automation for advertisers, who previously had to manually write every promoted tweet.


In 2013, Twitter’s ad revenues are expected to grow nearly 90 percent to $ 545 million, according to eMarketer which noted that Facebook Inc experienced similarly rapid growth after opening its API to advertisers in 2011.


(Reporting By Gerry Shih; Editing by Bernard Orr)


Tech News Headlines – Yahoo! News





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Mindy McCready 'Really Loved Her Dog'















02/19/2013 at 03:45 PM EST



When Mindy McCready was found dead on Sunday of an apparent suicide, the country singer was not alone: Her dog, who'd been fatally shot, was by her side.

But a source close to the star tells Fox News that her decision to end the animal's life would "not have been an act of malice."

"Mindy really loved her dog," the friend said. "It would have been more of a case where she just didn't want to leave the dog alone."

The troubled star, whose boyfriend, David Wilson, died of a self-inflicted gunshot wound in January, was reportedly under investigation at the time of her death. Police were concerned about details surrounding Wilson's passing.

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UK patient dies from SARS-like coronavirus


LONDON (AP) — A patient being treated for a mysterious SARS-like virus has died, a British hospital said Tuesday.


Queen Elizabeth Hospital in Birmingham, central England, said the coronavirus victim was also being treated for "a long-term, complex unrelated health problem" and already had a compromised immune system.


A total of 12 people worldwide have been diagnosed with the disease, six of whom have died.


The virus was first identified last year in the Middle East. Most of those infected had traveled to Qatar, Saudi Arabia, Jordan or Pakistan, but the person who just died is believed to have caught it from a relative in Britain, where there have been four confirmed cases.


The new coronavirus is part of a family of viruses that cause ailments including the common cold and SARS. In 2003, a global outbreak of SARS killed about 800 people worldwide.


Health experts still aren't sure exactly how humans are being infected. The new coronavirus is most closely related to a bat virus and scientists are considering whether bats or other animals like goats or camels are a possible source of infection.


Britain's Health Protection Agency has said while it appears the virus can spread from person to person, "the risk of infection in contacts in most circumstances is still considered to be low."


Officials at the World Health Organization said the new virus has probably already spread between humans in some instances. In Saudi Arabia last year, four members of the same family fell ill and two died. And in a cluster of about a dozen people in Jordan, the virus may have spread at a hospital's intensive care unit.


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M&A deals lift shares, suggest value in market

NEW YORK (Reuters) - U.S. stocks rose on Tuesday as this year's ongoing surge of merger activity suggested investors were still finding value in the market even as indexes hover near five-year highs.


Office Depot Inc surged 12.4 percent to $5.15 after a person familiar with the matter said the No. 2 U.S. office supply retailer was in advanced talks to merge with smaller rival OfficeMax Inc , which jumped 22 percent.


News of the potential move came just days after Berkshire Hathaway and a partner agreed to acquire H.J. Heinz Co for $23 billion, and a revised $20 billion takeover of Mexican brewer Grupo Modelo by Anheuser-Busch InBev .


Deal activity has helped equities resist a pullback as investors use dips in stocks as buying opportunities. The S&P is up about 7 percent so far in 2013 and has climbed for the past seven weeks in its longest weekly winning streak since January 2011, though most of the weekly gains have been slim.


"Deals are good for the market," said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago. "The fact that they're being done is a positive."


More than $158 billion in deals has been announced so far in 2013, more than double the activity in the same period last year and accounting for 57 percent of global deal volumes, according to Thomson Reuters Deals Intelligence.


The Dow Jones industrial average <.dji> gained 54.19 points, or 0.39 percent, to 14,035.95. The Standard & Poor's 500 Index <.spx> gained 9.66 points, or 0.64 percent, to 1,529.45. The Nasdaq Composite Index <.ixic> gained 13.53 points, or 0.42 percent, to 3,205.56.


Other stocks in the office supplies sector also rose. Larger rival Staples Inc shot up 12.9 percent to $14.61 as the best performer on the S&P 500.


"Equity investors have to be encouraged by M&A since, if the number crunchers are offering large premiums, that shows how much value is still in the market," said Mike Gibbs, co-head of the equity advisory group at Raymond James in Memphis, Tennessee.


On the downside, health insurance stocks tumbled, led by a 6.4 percent drop in Humana Inc to $72.99 after the company said the government's proposed 2014 payment rates for Medicare Advantage participants were lower than expected and would hurt its profit outlook.


UnitedHealth Group lost 1.9 percent to $56.25. The Morgan Stanley healthcare payor index <.hmo> dropped 1.6 percent.


Wall Street's strong start to the year for was fueled by better-than-expected corporate earnings, as well as a compromise by legislators in Washington that temporarily averted automatic spending cuts and tax hikes that are predicted to damage the economy.


The compromise on across-the-board spending cuts postponed the matter until March 1, at which point the cuts take effect. Ahead of the debate over the cuts, known as sequestration, further gains for stocks may be difficult to come by.


"If there's no major contention with sequestration, it looks like stocks are prepared to handle it, but until then we'll probably stay in a consolidation period marked by sideways trading with a slow rate of ascent," said Gibbs.


Economic data showed the NAHB/Wells Fargo Housing Market index unexpectedly edged down to 46 in February from 47 in the prior month as builders faced higher material costs.


According to the Thomson Reuters data through Monday morning, of the 391 companies in the S&P 500 that have reported results, 70.1 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.


Fourth-quarter earnings for S&P 500 companies have risen 5.6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


Express Scripts rose 1.7 percent to $56.49 after the pharmacy benefits manager posted fourth-quarter earnings.


(Additional reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama, Kenneth Barry and Nick Zieminski)



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Syria "Scud-type" missile said to kill 20 in Aleppo


AMMAN (Reuters) - A Syrian missile killed at least 20 people in a rebel-held district of Aleppo on Tuesday, opposition activists said, as the army turns to longer-range weapons after losing bases in the country's second-largest city.


The use of what opposition activists said was a large missile of the same type as Russian-made Scuds against an Aleppo residential district came after rebels overran army bases over the past two months from which troops had fired artillery.


As the uprising against President Bashar al-Assad, now a civil war, nears its two-year mark, rebels also landed three mortar bombs in the rarely-used presidential palace compound in the capital Damascus, opposition activists said on Tuesday.


The United Nations estimates 70,000 people have been killed in the conflict between largely Sunni Muslim rebels and Assad's supporters among his minority Alawite sect. An international diplomatic deadlock has prevented intervention, as the war worsens sectarian tensions throughout the Middle East.


A Russian official said on Tuesday that Moscow, which is a long-time ally of Damascus, would not immediately back U.N. investigators' calls for some Syrian leaders to face the International Criminal Court for war crimes.


Moscow has blocked three U.N. Security Council resolutions that would have increased pressure on Assad.


Casualties are not only being caused directly by fighting, but also by disruption to infrastructure and Syria's economy.


An estimated 2,500 people in a rebel-held area of northeastern Deir al-Zor province have been infected with typhoid, which causes diarrhea and can be fatal, due to drinking contaminated water from the Euphrates River, the World Health Organization (WHO) said on Tuesday.


"There is not enough fuel or electricity to run the pumps so people drink water from the Euphrates which is contaminated, probably with sewage," the WHO representative in Syria, Elisabeth Hoff, told Reuters by telephone.


The WHO had no confirmed reports of deaths so far.


BURIED UNDER RUBBLE


In northern Aleppo, opposition activists said 25 people were missing under rubble of three buildings hit by a several-meter-long missile. They said remains of the weapon showed it to be a Scud-type missile of the type government forces increasingly use in Aleppo and in Deir a-Zor.


NATO said in December Assad's forces fired Scud-type missiles. It did not specify where they landed but said their deployment was an act of desperation.


Bodies were being gradually dug up, Mohammad Nour, an activist, said by phone from Aleppo.


"Some, including children, have died in hospitals," he said.


Video footage showed dozens of people scouring for victims and inspecting damage. A body was pulled from under collapsed concrete. At a nearby hospital, a baby said to have been dug out from wreckage was shown dying in the hands of doctors.


Reuters could not independently verify the reports.


Opposition activists also reported fighting near the town of Nabak on the Damascus-Homs highway, another route vital for supplying forces in the capital loyal to Assad, whose family has ruled Syria since the 1960s.


Rebels moved anti-aircraft guns into the eastern Damascus district of Jobar, adjacent to the city centre, as they seek to secure recent gains, an activist said.


"The rebels moved truck-mounted anti-aircraft guns to Jobar and are now firing at warplanes rocketing the district," said Damascus activist Moaz al-Shami.


Russian Deputy Foreign Minister Gennady Gatilov told a news conference a U.N. war crimes report, which accuses military leaders and rebels of terrorizing civilians, was "not the path we should follow ... at this stage it would be untimely and unconstructive."


Syria is not party to the Rome Statute that established the ICC and the only way the court can investigate the situation is if it receives a referral from the Security Council, where Moscow is a permanent member.


(Writing by Oliver Holmes; Editing by Jason Webb)



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6 Things Not to Expect from Sony’s PlayStation Event






Would it be fair to call Sony‘s Manhattan-based Feb. 20 shindig “P-day”? We might as well, what with that PlayStation logo headlining Sony’s “Meeting 2013″ event teaser site — a site that’s now sporting a mini-history of most of the hardware that falls under the renowned moniker’s umbrella.


My memories of the first PlayStation’s earliest days are mixed. Maybe that’s because I was playing the thing months in advance. The guy I worked for — the store manager of a Babbages — paid a shedload of cash for a Japanese import model. He liked to drop it in the store display window, then run the Ridge Racer start screen demo to see how many passerby would stop to gawk, or ask what the heck it was. Remember when video games still had that power over us?






(MORE: The Great Hotmail-to-Outlook.com Transition Begins)


Don’t worry, this isn’t my PlayStation retrospective, which, like yours, could probably fill a book three people want to read. Let’s talk instead about Sony’s ballyhooed Wednesday evening event, 6:00pm ET, where we’re expecting to see the company’s next-gen game system. TIME Tech editor Doug Aamoth is kindly attending in my stead and should have all the details straightaway, and you’ll be able to watch things unfold live courtesy the event site.


I’ve already scribbled down a few lessons I hope Sony’s learned since the PS3′s debut in November 2006, so here’s another list — this one of things I’m not expecting from the event. Like…


…something that isn’t the next PlayStation. We don’t know what we don’t know, to paraphrase Donald Rumsfeld, but the way this typically works is, a company announces it’s holding a major media event, the press speculates irresponsibly, and if that speculation morphs into certainty (as it has in this case), the company typically follows up with some sort of off-the-record denial to recalibrate expectations. Sony’s done nothing to quiet the rumor mill here. In fact you could say it’s poured rocket fuel on the rumormongering with its PlayStation retrospective videos, all but guaranteeing that what we’ll see tomorrow night is the next PlayStation. That said, whether Sony dubs it a “PlayStation 4,” something awful like “PlayStation Orbis,” or just goes with something catchall like “PlayStation,” Apple iPad-style, is anyone’s guess.


…a look at the new console and nothing else. Hardware, schmard-ware, we want software that’s interesting, not just pretty. I don’t expect Sony to go into elaborate detail about the next PlayStation’s backend systems, but I’m predicting (okay, really more hoping) that we’ll see event time given to whatever nifty new ecosystem this thing’s going to live in, including some of its hypothetical features, like game streaming (recall that Sony picked up streaming company Gaikai for about $ 380 million last summer and may be planning to tap that technology in lieu of, say, hardware-based backward compatibility). I know, I’m not a huge fan of game streaming either, but I’d rather hear about stuff like that than how many polygons this thing can shove around.


…much about motion-control. Motion-control’s spotlight moment may have passed, but it’s still pretty young technology. Microsoft‘s seemingly cool but too often clumsy Kinect did well enough off the block (driven, I suspect, mostly by hype), but sales slowed to a crawl by mid-2012. Sony’s more precise PlayStation Move — better received overall by critics — started even slower and never quite caught on. (Sony blames this on a lack of compelling software; I concur.) That said, I’m betting Sony’s going to redouble its motion control efforts, angling the experience more toward casual players, but that we won’t see much (or anything) about this at the event. That’d be fine by me, and shouldn’t be interpreted as the company jumping ship.


…much, if any, talk about pricing. The PlayStation 3 was, by all accounts, way too expensive at launch: $ 500 to $ 600, plus $ 60 a pop for games, plus whatever else you had to buy to get started, say an HDMI cable, which back then could go for upwards of $ 50. Whether you blame Sony for not taking a bigger margin hit (by selling for $ 300 to $ 400 at launch) or simply the hardware design team for overbuilding (some estimates put Sony’s PS3 manufacturing costs at $ 800 per system), the sequel to the bestselling game console in history (Sony’s own PS2) launched with negative momentum and, though it eventually made up for some of that lost time with price cuts, still lags behind the Xbox 360 in worldwide sales today. Early reports are that Sony’s next PlayStation could debut for $ 400, but given how much time there is between now and a probable fall launch timeframe — a timeframe during which manufacturing costs could change — don’t expect Sony to throw out specific numbers.


…a quiet, respectable, Apple-style briefing. This is Sony we’re talking about after all. Like Microsoft, the company doesn’t seem to know how to stage a presser that doesn’t feel like a garish Lady Gaga, WWF, Cirque de Soleil mashup. Speaking of, hopefully the company won’t be as pretentious as Microsoft was with its E3 2010 Project Natal (Kinect) launch, forcing everyone to don creepy cult-like ponchos and watch Cirque performers pull off crazy-cool gymnastics that had nothing to do with the actual technology…sort of like suggesting Taylor Swift is going to come play your house if you buy her new album.


…actual hands-on time. I’m thinking this event is meant to be a tease, a chance to highlight a handful of key system features while showing a few graphics-angled sizzle reels and maybe trotting out a few developers to demo stuff. My guess is Sony’s going to keep its powder dry for E3 2013, where, having hyped the merciful you-know-what out of this thing for months, it’ll pull the curtain all the way back and let us scribble to our heart’s content about what it’s like to actually use the thing. Expect to walk away with more questions than answers when the curtain drops, in other words.


What else might we see? In the “wishful thinking” column you could put a Sony designed and branded PlayStation phone (unlikely), a Sony designed and branded PlayStation tablet (surely not), a PlayStation Vita price cut (probable: Sony just dropped the Japan model’s price) as well as news about new Vita games (or updates on previously announced ones) and maybe even a swan song PlayStation 3 price cut. The irony of Sony announcing a reasonably priced next-gen system while dropping the cost of its original wallet-burner would be sweet indeed.


MORE: From Innovation to Marketing: Understanding Technology Cycles


Gaming News Headlines – Yahoo! News





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Michelle Williams: Matilda Loved Being On Oz Set With Me




Celebrity Baby Blog





02/15/2013 at 04:00 PM ET



Michelle Williams Matilda Oz The Great and Powerful Premiere
Jordan Strauss/Invision/AP


Michelle Williams‘ daughter Matilda Rose has yet to see her mom’s latest movie, but she’s already giving the film two thumbs up.


“She’s dying to see it. She’s very excited,” the Oz The Great and Powerful star, 32, told PEOPLE during its Wednesday premiere in Hollywood.


“[Director Sam Raimi] really welcomed her on set and he made a very kid-friendly space. She witnessed so much of it being made so she’s really excited to see it come together.”


An avid fan of the original The Wizard of Oz, the 7-year-old has been known to skip over the scarier scenes — “She runs out of the room when … the baboons start to fly,” says Williams — but promises to be brave for the newest flick.



“She said, ‘Mommy, don’t worry, I won’t be scared because I know how everything happens,” says the actress.


However, the cultured little girl doesn’t limit her film intake to only kid-oriented movies.


“She’s very open. Her interests are kind of broad,” says Williams. “She’ll watch a black and white movie and that’s fine with her.”


– Anya Leon with reporting by Scott Huver


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Yen resumes fall after G20, U.S. holiday thins trade

LONDON (Reuters) - The yen resumed falling on Monday after Japan signaled it would push ahead with expansionist monetary policies having escaped criticism from the world's 20 biggest economies at the weekend.


Industrial metals also dipped and European shares were soft on lingering worries about the economic outlook, especially for the euro zone. While the risk of an inconclusive outcome in Italy's forthcoming election added to investor concerns.


However, activity was curtailed by the closure of markets in the United States for the Presidents' Day holiday.


The yen, which has dropped 20 percent against the dollar since mid-November, fell further after financial leaders from the G20 promised not to devalue their currencies to boost exports and avoided singling out Japan for any direct criticism.


The dollar rose 0.5 percent to 93.95 yen, near a 33-month peak of 94.47 yen set a week ago. The euro added 0.3 percent to 125.40 yen, to be midway between Friday's two-week low of 122.90 and a 34-month high of 127.71 yen hit earlier this month.


Strategists said the yen was likely to stay weak, though its decline could lose momentum until it becomes clear who will be taking the helm at the Bank of Japan when the current governor steps down on March 19.


"The yen probably will weaken a little further in anticipation of more aggressive easing under a new leadership team at the Bank of Japan," said Julian Jessop, chief global economist at Capital Economics.


Japan's Prime Minister Shinzo Abe is poised to nominate the new governor in the next few days. Sources have told Reuters that former financial bureaucrat Toshiro Muto, considered likely to be less radical than other candidates, was leading the field.


Meanwhile the euro dipped slightly against the dollar when European Central Bank president Mario Draghi said the currency's recent gains made any rise in inflation less likely and added that he had yet to see any improvement in the euro zone economy.


Speaking before the European Parliament, Draghi said the euro's exchange rate was not a policy target but was important for growth and stability, adding that appreciation of the euro "is a risk".


The comments left the euro down 0.2 percent at $1.3334.


Elsewhere in the currency market, sterling hit a seven-month low against the dollar, after a key policymaker made comments about the need for further weakness and recent poor data which has kept alive worries of another British recession.


Sterling fell 0.25 percent to $1.5476 having earlier touched $1.5438, its lowest since July 13.


DATA LOOMS


A big week for data on the outlook for the world's economy weighed on other riskier asset markets following the recent dire fourth-quarter growth numbers for the euro zone and Japan, along with Friday's soft U.S. manufacturing figures.


In European markets, attention is focused on the euro area Purchasing Managers' Indexes for February and German sentiment indices due later in the week which could affect hopes for a recovery this year.


Analysts expect Thursday's euro area flash PMI indices, which offer pointers to economic activity around six months out, to show growth stabilizing across the recession-hit region, leaving intact hopes for a recovery in the second half of 2013.


Concerns over an inconclusive outcome in the Italian election on Sunday and Monday have added to the weaker sentiment as a fragmented parliament could hamper a future government's efforts to reform the struggling economy.


The worries about the outlook for Italy were encouraging investors back into safe-haven German government bonds on Monday, with 10-year Bund yields easing 3.5 basis points to be around 1.63 percent.


"Political uncertainty will keep Bunds well bid this week," ING rate strategist Alessandro Giansanti said, adding that only better than expected economic data could create selling pressure on German debt in the near term.


Italian 10-year yields were 4 basis points higher on the day at 4.41 percent.


EARNINGS HIT


European equity markets were taking their lead from corporate earnings reports which have been reflecting the sluggish economic conditions across the region.


Danish brewer Carlsberg , which generates just over 60 percent of its sales in western Europe, became the latest to report a weaker-than-expected quarterly profit, sending its shares to their lowest level in almost a month.


The 5.8-percent drop for shares in the world's fourth biggest brewery helped send the FTSEurofirst 300 index <.fteu3> of top European shares down 0.2 percent. Germany's DAX <.gdaxi>, France's CAC-40 <.fchi> and Britain's FTSE-100 <.ftse> ranged between 0.4 percent up and 0.15 percent lower.


Earlier, the G20 statement and subsequent comment from Prime Minster Abe indicating a renewed drive to stimulate the Japanese economy lifted the Nikkei stock index <.n225> by 2.1 percent, near to its highest level since September 2008.


MSCI's world equity index <.miwd00000pus> was flat as markets extended a two-week period of consolidation that has followed the big run-up in January, when demand was buoyed by the efforts of central banks to stimulate the world economy.


Data from EPFR Global, a U.S.-based firm that tracks the flows and allocations of funds globally, shows investors pulled $3.62 billion from U.S. stock funds in the latest week, the most in 10 weeks after taking a neutral stance the prior week.


But demand for emerging market equities remained strong, with investors putting $1.81 billion in new cash into stock funds, the fund-tracking firm said.


CHINA RETURN


In the commodity markets, traders played catch-up after a week-long holiday last week in China, the world's second biggest consumer of many raw materials, which had kept activity subdued, with worries about the economic outlook weighing on sentiment.


Copper, for which China is the world's largest consumer, dipped to a near three-week low at $8,125.25 a metric ton (1.1023 tons) on the London futures market. Benchmark tin and nickel also touched three-week lows.


Gold managed to edge away from six-month lows as jewelers in China returned to the physical market after the Lunar New Year holiday but a lack of demand from U.S. markets saw the precious metal slip back to be down 0.1 percent to $1,607.06 an ounce.


Crude oil markets were mostly steady after the weak U.S. industrial production data on Friday [ID:nL1N0BF44A] was seen dampening demand, while tensions in the Middle East lent some support.


"We continue to see a mixed picture out of the United States. Industry output was lower than expected but that shouldn't affect the general upward direction," Olivier Jakob, analyst at Geneva-based Petromatrix, said.


Brent crude was down 20 cents at $117.46 a barrel after posting its first weekly loss since the first half of January. U.S. crude slipped 24 cents to $95.62.


(Additional reporting by Marius Zaharia and Ron Bousso; Editing by Philippa Fletcher and Alastair Macdonald)



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