Asian stocks mixed as economic fears weigh

HONG KONG: Asian stock markets were narrowly mixed Friday, with Japan's benchmark up 1.5 percent, as persistent worries about the deteriorating world economy and financial system sidelined many investors.Trade was listless throughout the region after a bruising, volatile month that saw Asia's export-driven economies sink deeper into recession amid collapsing global demand and their currencies wither.Sentiment was buoyed somewhat by reports slumping banking giant Citigroup, which has already taken billions in government aid, was nearing a deal to give the U.S. an ever bigger ownership stake, as much as 40 percent. Combined with more bailout measures in Britain and shake-ups at European banks, the agreement lifted some financial shares in Japan and elsewhere.But most investors appeared to be holding back as the onslaught of negative news about the global economy showed no signs of letting up.The recession's toll on global economies widened Thursday as Royal Bank of Scotland and General Motors Corp. reported billions more in losses.And in Asia Friday, figures showed that Japan's industrial production plunged a record 10 percent in January from December as manufacturers continued to slash output. Household spending and retail sales also fell. India's economic growth sputtered to a worse-than-expected 5.3 percent in the last quarter from the previous year — the slowest in about six years.Until there was evidence sweeping government measures to jump-start the global economy were starting to take effect, equities markets were likely to remain lackluster, traders said."Confidence remains really beaten up," said Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong. "Internationally the picture is very negative. A lot of people are very happy to be sitting on the sidelines."The Nikkei 225 stock average rose 110.49 points, or 1.5 percent, to 7,568.42 — but finished the month down nearly 4 percent to extend this year's losses to almost 15 percent.In Hong Kong, the Hang Seng pulled back 83.37 points, or ABOUT 0.7 percent, to 12,880.89 in a back-and-forth session. South Korea's Kospi rose 0.8 percent to 1,063.03.Elsewhere, India's slumping growth figures sent the country's main index tumbling by 2 percent. China's Shanghai benchmark dropped 1.8 percent as investors continued to pocket gains from the market's recent rally. Singapore sank, Taiwan gained.Among financials received some support as news about the Citigroup deal, expected to be announced in the U.S. later Friday, ease fears about the financial sector. Japan's Mitsubishi UFJ Financial Group Inc., the country's largest bank, rose 2.7 percent. South Korea's KB Financial Group Inc. jumped 6.5 percent.After trading ended, Sony Corp. said its president was stepping down — adding to the string of Japanese companies hoping to fight the global slowdown with renewed leadership. The stock rose 2 percent.In the U.S., major stock indexes gave up early leads to close lower, with health care stocks bearing the brunt of the selling. The Dow Jones industrial average fell 88.81, or 1.2 percent, to 7,182.08. The Standard & Poor's 500 index fell 12.07, or 1.6 percent.U.S. stock index futures little changed. Dow futures were flat at 7,178, while S&P futures were down 1 point at 751.1.In currencies, the dollar shed some if its recent gains, falling to 97.59 yen from 98.27 yen. The euro slipped to $1.2658 from $1.2710.Oil prices weakened in Asian trade after an overnight rally. Light, sweet crude for April delivery down $1.33 at $43.89 a barrel. On Thursday, the contract jumped $2.72, or 6.4 percent, to settle at $45.22 on the New York Mercantile Exchange.

Euro slips versus dollar amid eurozone inflation

LONDON: The European single currency retreated Friday against the dollar as investors digested tumbling eurozone inflation data ahead of fourth-quarter economic growth numbers in the United States.In midday London trade, the European single currency fell to 1.2673 dollars from 1.2743 late on Thursday.Against the Japanese currency, the dollar sank to 97.30 yen from 98.46 yen on Thursday.Official EU figures Friday showed that inflation in the 16 countries using the euro dropped in January by the sharpest rate on record, slumping to 1.1 percent in the face of a sharp economic downturn.The fall brought 12-month eurozone inflation to the lowest point since July 1999 and was down sharply from the 1.6 percent that the European Union's Eurostat data agency recorded in December.The drop, which was greater than market expectations for 1.4 percent, confirmed an earlier estimate and brought inflation to well below the European Central Bank's comfort zone of close to but less than 2.0 percent.The ECB is likely to lower its key interest rate by another half a percentage point at its meeting next month, a member of the bank's board suggested on Wednesday.The prospect of lower interest tends to weigh on currencies as they become a less attractive investment.After hitting a record high of 4.0 percent in June and July, eurozone inflation has fallen sharply as oil and other commodity prices have collapsed in the face of a deep economic downturn.The drop in inflation has paved the way for a series of interest rate cuts by the ECB which has slashed its main rate to a record low of 2.0 percent.The battered eurozone economies suffered further bad news on Friday with a quarter of a million jobs lost in January, bringing the unemployment rate to 8.2 percent, the highest level in over two years.Elsewhere, the yen rallied against the dollar on relief that a raft of dismal economic data was not worse than investors had feared, dealers said.A record 10 percent drop in Japan's factory output in January, while bad, was in line with market expectations, noted Yuji Saito, head of forex at Societe Generale."This triggered profit taking" by speculators who had sold the yen in anticipation of weak data, he said.In London trade on Friday, the euro changed hands at 1.2673 dollars against 1.2743 dollars late on Thursday, at 123.15 yen (125.49), 0.8933 pounds (0.8895) and 1.4854 Swiss francs (1.4841).The dollar stood at 97.30 yen (98.46) and 1.1576 Swiss francs (1.1644).The pound was at 1.4170 dollars (1.4322).On the London Bullion Market, the price of gold rose to 945.13 dollars an ounce from 936.50 dollars on Thursday

Asian stocks rise after Bernanke comments

HONG KONG: Asian stocks rose Wednesday, taking their cue from Wall Street after U.S. Federal Reserve Chairman Ben Bernanke said the government had no plans to nationalize hard-hit banks and the recession might end this year.

Gains across the region were far more modest compared with U.S. markets, where the major benchmarks surged from near 12-year lows as banking shares led a broad rally.

Investors seemed heartened by Bernanke's comments that formally nationalizing the banks to ensure their viability "just isn't necessary." In recent days, fears of nationalization have weighed heavily on markets as investors worry the move would dilute share prices and turn over major decision to government regulators.

Analysts were skeptical the rally would last in the face of further deterioration in the global economy.

The U.S. government may end up nationalizing the banks, but do so piecemeal rather than in a single injection, said Dariusz Kowalczyk, chief investment strategist for SJS Markets in Hong Kong.

"The political difficulty of nationalization is hampering efforts to jump-start the recovery, and I think the rally (on Wall Street) yesterday was only temporary," Kowalczyk said.

In Japan, the Nikkei 225 stock average rose 94.26 points, or 1.3 percent, to 7,362.82 despite news the world's second-largest economy posted a record trade deficit in January, with exports tumbling 46 percent from a year earlier.

Benchmarks in Singapore and Taiwan were also higher, though Shanghai and Australian stock measures lost ground.

Overnight in New York, the Dow rose 236.16, or 3.3 percent, to 7,350.94. On Monday, the major indexes tumbled more than 3 percent, including the Dow, which fell 251 points and hit its lowest close since May 7, 1997.

In currencies, the dollar continued its advance, rising to 96.91 yen from 96.70 yen. The euro traded lower at $1.2812 from $1.2763.

In oil, light, sweet crude for April delivery was exchanging hands at $39.60 a barrel, down 36 cents. Overnight, the contract, staged a late-session rally to settle up $1.52 at $39.96 on the New York Mercantile Exchange.

Elusive Oscar finally within reach of Winslet

LOS ANGELES: Win or lose at Sunday's Oscar ceremony, British actress Kate Winslet will enter Academy Award history.

Winslet, 33, will either walk past her chief rival, Meryl Streep, to collect her first Oscar for her performance as a woman with a secret Nazi past in "The Reader," or share the dubious title of biggest loser for having been nominated for the coveted honor, and lost, six times.

The betting in Hollywood ahead of the February 22 ceremony for the world's top film awards is that Winslet should be getting her acceptance speech ready.

"I think it is her time. When Academy members are voting, they are going to be thinking not just of 'The Reader' but of 'Revolutionary Road,'" said Hollywood.com movie critic Pete Hammond, when talking about the two movies starring Winslet that were released within weeks of each other in 2008.

"That is pretty daunting when you have two great performances like that back to back," Hammond said.

The three other best actress nominees are Anne Hathaway as a resentful sister in "Rachel Getting Married," Melissa Leo in border smuggling drama "Frozen River" and Angelina Jolie playing a mother searching for her child in "Changeling."

Winslet, who parlayed art house success into international stardom in "Titanic" in 1997, has already picked up two Golden Globes for her role as a German woman with a teenage lover and a secret in "The Reader" and as a frustrated 1950s American housewife in "Revolutionary Road."

Discover the exclusive world of Celina Jaitley

MUMBAI: Celina Jaitley's official online and mobile destination was launched recently, aiming to invite fans of the gorgeous actress into her very personal and professional life is an interactive and user-friendly website which takes fans on a journey through memories & career highlights that have made Celina Jaitley who she is.

am really excited about launching my own digital platform. My fans and my well wishers can now get a glimpse of my personal life, get to know me more and talk to me about my style statement, my professional life etc,'' says Celina.''

This really makes me feel connected to my fans and I feel like this is an ideal platform for people to reach out to me,'' she adds

Shilpa releases music to promote IPL team

MUMBAI: Shilpa who joined the IPL league after Preity Zinta, is set to make a super rich music video to promote her cricket team.

The sizzling music video will have an evocative Rajasthani-folk number 'Halla Bol' composed by music director Anand Raj Anand.

Interestingly it will be choreographed by Ken Ghosh who stopped doing music videos after turning feature filmmaker.

Shilpa says, ''I'm so glad that Ken is making an exception for me. We chose Anand Raj Anand because he's an expert at catchy folk songs. I first worked in a film with his music when he scored for PARDESI BABU. I was simply bowled over by the numbers. Today when I hear the song he has composed for our team I feel deeply enthused.''

Shilpa's beau and partner Raj Kundra is mighty excited by Anand Raj Anand's Rajasthani song and have apparently decided to shell out a mini fortune close to Rs. 1 crore, to shoot the song featuring Shilpa.

The inside buzz is that this video would be better than any other song that she has done before. The word is that close to a total amount of Rs. 3 crores is expected to be spent.

The source said, ''From 'UP Bihar Lootne' to 'Shut Up And Bounce'...Shilpa's item songs have always been special. She wants her IPL music video to be her best item song ever. She's working on the costumes, accessories everything in advance so that when they shoot the video in March she'll sizzle like never before.''

However Shilpa refused to reveal any figures and simply said that they could all see the end product when the video releases.

Oil prices hold under $35 in New York

LONDON: Oil prices firmed on Wednesday but held under 35 dollars per barrel in New York on the eve of data forecast to show falling US energy demand amid the global economic downturn, analysts said.

New York's main futures contract, light sweet crude for delivery in March, firmed two cents to 34.91 dollars a barrel, after earlier falling as low as 34.43.

Brent North Sea crude for April delivery added 32 cents to 41.35 dollars per barrel, after earlier touching 40.30.

The US Department of Energy will publish its weekly report on American energy inventories on Thursday, one day later than normal because of a public holiday on Monday.

The report is keenly awaited by traders because the United States is the world's biggest energy consuming nation.

"Crude oil traded below 35 dollars a barrel on speculation that US stockpiles climbed ... amid a drop in demand because of the global economic contraction," said BetOnMarkets analyst Dave Evans.

"The price of (New York) crude will probably stay around the 35-dollar level until the inventory report."

Oil had tumbled in value on Tuesday, mirroring steep falls in equity markets, as traders were gripped by energy demand worries in a worldwide economic downturn.

Investors also fretted over the effectiveness of a new US economic stimulus law and the health of the US banking system, while two automakers raced to submit restructuring plans.

Data on manufacturing activity in the New York region deepened the gloom, showing a fall in the Empire State index to another record low in February.

"Crude futures suffered heavy losses (on Tuesday), slipping lower on renewed fears over the global economy," said analyst Andrey Kryuchenkov at VTB Capital in London.

"It was the first trading day in New York after the long holiday weekend and pessimism was overwhelming everything, even increasing calls from OPEC on the possibility of further supply cuts."