Asian shares up on hopes of U.S. budget deal

TOKYO (Reuters) - Asian shares touched their highest levels in more than three weeks and commodities rose on Thursday as sentiment improved after a senior U.S. lawmaker said he was "optimistic" on reaching a budget deal before the end of the year to avoid a fiscal crisis.

European shares will likely extend gains seen in the previous session, with financial spreadbetters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> will open up as much as 0.4 percent.

A 0.4 percent climb in U.S. stock futures also hinted at a solid Wall Street open. <.l><.eu><.n/>

MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> surged 1 percent, after ending a seven-day winning streak on Wednesday with a 0.3 percent drop.

Japan's Nikkei stock average <.n225> also advanced 1 percent, rebounding from the previous session's one-week closing low on optimism over the U.S. budget talks and a weaker yen. The dollar inched up 0.1 percent to 82.17 yen. <.t/>

Australian shares <.axjo> added 0.7 percent to three-week highs, supported by banks and gains in global miner Rio Tinto after its upbeat outlook on China and cost-cutting pledges. Shanghai shares <.ssec> rebounded from their lowest levels since January 2009 hit the previous day.

Market gains were subdued, however, with moves largely attributed to position adjustments ahead of year-end bookclosing, as investors were reluctant to make bets given a lack of clarity on the prospects for U.S. budget talks as well as global growth.

"There is less negative news but there are also few decisively positive news, leaving investors rotating in and out of assets which have been overbought or battered, but basically keeping their positions more or less neutral in whatever assets they have," said Yuuki Sakurai, chief executive of Fukoku Capital Management.

"Whether it's the U.S. fiscal cliff or the euro zone debt crisis, it's the same process of muddling through, taking three steps forward and two steps backward, but nevertheless making progress, so that's helping ease concerns of sharp downside risks and keeping markets in ranges," he said.

U.S. equities jumped overnight after U.S. House of Representatives Speaker John Boehner voiced optimism that Republicans could broker a deal with the White House to avoid year-end austerity measures.

President Barack Obama later said he hoped an agreement can be reached before Christmas to avoid a "fiscal cliff" of tax increases and spending cuts worth $600 billion due to start in the new year and aimed at shrinking the budget deficit.

Market players remain wary of a lack of specifics on how the two major political parties plan to arrive at a compromise.

But sentiment has tended to improve on positive comments, reflecting nervousness that if U.S. lawmakers fail to strike a deal, they risk pushing the U.S. economy into recession and dragging down global growth.

The U.S. economy remains on a moderate recovery trend with modest hiring and a fragile housing market.

NO CLEAR TREND

Asia's growth prospects remain mixed, with economies such as Indonesia and the Philippines underpinned by healthy domestic demand and government spending while others such as South Korea and Japan are dragged down by sluggish domestic demand and falling exports.

A key South Korean manufacturing business survey showed on Thursday its index for December fell to match a more than 3-year low, with companies citing economic uncertainties.

China's economy appears to have emerged from its lows but the outlook is uncertain.

"It's not the best time to be making big positional changes now. Most investors are waiting for policy guidance on the structural reforms the Chinese leadership has been talking a lot about," said Alan Lam, Julius Baer's Greater China equity analyst.

"With the United States, Japan and the euro zone focused on spending cuts, and China's patchy success in turning domestic consumption into the main driver of its economy, the global economy may find it tough to muster momentum," said Thomas Lam, chief economist at DMG & Partners Securities.

"If that's the case, then that's probably going to hold back any substantial increase in demand for metals or other commodities," he added.

The euro was steady around $1.2954 after peaking at $1.3010 on Tuesday, its highest level since October 31, on news of a deal on Greece's debt reduction plan paved the way for further aid to prevent Athens' from an imminent default.

U.S. crude futures rose 0.4 percent to $86.86 a barrel and Brent inched up 0.3 percent to $109.82.

Spot gold steadied around $1,720.06 an ounce after slumping 1.5 percent on Wednesday for its biggest one-day drop in nearly a month when deflation worries related to a U.S. fiscal crisis and debt-stricken Greece triggered a heavy bout of stop-loss orders from momentum-driven fund investors.

But investment interest remained high, as illustrated by holdings of the SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, hitting a record high for a second consecutive day at 1,347.018 metric tons (1484.8 tons) on November 28.

"Generally, people are still pretty bullish on gold and last night was just a one-off correction, nothing extraordinary," said a Singapore-based trader, adding that $1,650-$1,700 would be a good buying level.

Investors were cautiously bullish in Asian credit markets, tightening the spreads on the iTraxx Asia ex-Japan investment-grade index by 1 basis point.

(Additional reporting by Rujun Shen and Melanie Burton in Singapore and Clement Tan in Hong Kong; Editing by Michael Perry & Kim Coghill)

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Dancing with the Stars Crowns an All-Star Winner

TV Watch
Update

By Mike Fleeman

UPDATED
11/27/2012 at 11:00 PM EST

• Originally published 11/27/2012 at 10:50 PM EST

Tom Bergeron and Brooke Burke Charvet

Adam Larkey/ABC

There's a new leading lady!

The first all-female finale of Dancing with the Stars featured all-stars Shawn Johnson, Kelly Monaco and Melissa Rycroft in a fierce battle Tuesday night for the mirror ball trophy.

After taking big risks in Monday night's performance show, the stars and their pro partners – Derek Hough, Val Chmerkovskiy and Tony Dovolani – performed "instant dances."

With the competitors getting their dance-style instructions less than an hour before hitting the floor, the field was whittled down to two couples. Read on to find out who won.

After Monaco was the first eliminated, it came down to Johnson and Rycroft. And the winner was ... Rycroft!

Amid showering confetti, the reality star and Dovolani clutched the trophy. They embraced and jumped up and down.

Rycroft was the only competitor among the final three all-stars to not have won before. Dovolani had labored 14 seasons without previously winning.

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CDC: HIV spread high in young gay males

NEW YORK (AP) — Health officials say 1 in 5 new HIV infections occur in a tiny segment of the population — young men who are gay or bisexual.

The government on Tuesday released new numbers that spotlight how the spread of the AIDS virus is heavily concentrated in young males who have sex with other males. Only about a quarter of new infections in the 13-to-24 age group are from injecting drugs or heterosexual sex.

The Centers for Disease Control and Prevention said blacks represented more than half of new infections in youths. The estimates are based on 2010 figures.

Overall, new U.S. HIV infections have held steady at around 50,000 annually. About 12,000 are in teens and young adults, and most youth with HIV haven't been tested.

___

Online:

CDC report: http://www.cdc.gov/vitalsigns

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Asian shares fall as focus shifts to U.S. budget talks

TOKYO (Reuters) - Asian shares ended a seven-day winning streak on Wednesday and commodities eased as investors fretted that a lack of progress in talks on U.S. budget woes risked putting the world's largest economy into recession, dragging down global growth with it.

European shares will likely track Asian peers lower. Financial spreadbetters predicted London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> will open down as much as 0.5 percent. A 0.1 percent drop in U.S. stock futures also hinted at a soft Wall Street open. <.l><.eu><.n/>

MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> fell 0.5 percent, retreating from Tuesday's nearly three-week highs, with materials and energy sectors <.miapjmt00pus><.miapjen00pus> leading the declines.

"The global economy, China, Europe, needs the U.S. economy to grow, and that is why the pressure to get this deal done is greater than before," said Carl Larry, a derivatives broker at the Houston-based Atlas Commodities. "The global economy can't afford for America to slip back into a recession."

Shares in resource-reliant Australian <.axjo> eased 0.2 percent, off Tuesday's two-week highs as top miners fell on weaker gold prices.

Australia's Bureau of Resources and Energy Economics said committed investment in major resources and energy projects, the main driver of Australian growth, still rose to A$268.4 billion ($280.5 billion) at October 31 from A$260.8 billion at end-April, but the rise partly reflected higher project costs and masked a fall in the number of projects. A fall in commodity prices due to a drop-off in Chinese demand also weighed on shares.

"Markets don't really provide any sort of compelling investment value here at present because the grey cloud of uncertainty still overhangs the economic climate, in particular across Europe and the U.S., but also filtering into this part of the world as well," Jamie Spiteri, senior dealer at Shaw Stockbroking, said of Australian shares.

U.S. stocks slid overnight after Senate Majority Leader Harry Reid expressed disappointment over little progress in dealing with the approaching "fiscal cliff" of deep cuts in government spending and big tax hikes early next year.

The Shanghai Composite Index <.ssec> slid 0.9 percent to its lowest in nearly four years as growth-sensitive sectors sank, extending losses after closing on Tuesday below 2,000 points for the first time since January 2009.

The weak Chinese stock market, along with doubts over the U.S. ability to resolve its fiscal crisis, strengthened demand for sovereign debt, helping to push the 10-year Japanese government bond futures price to a 9-1/2-year high of 144.79, while U.S. Treasuries clung to gains made on Tuesday.

Japan's Nikkei stock average <.n225> slumped 1 percent, after closing on Tuesday at a seven-month high.

The Nikkei had risen 8.8 percent over the past two weeks since the government announced a December 16 election. Japan's main opposition party is forecast to win power, and investors expect it will force the Bank of Japan into aggressive easing. <.t/>

EUROPE LACKS CONFIDENCE

Tuesday's agreement by international lenders to cut Greece's debt offered relief that it has averted an imminent bankruptcy, but uncertainty remained over the lack of details on how Athens will carry out budget reforms to meet its new debt targets as analysts cited the deal as falling short of addressing medium-term financing and debt sustainability issues.

"The uncertainty brought by this approach makes European assets, including the EUR, vulnerable to global growth risks. For that reason, we think the European muddle through amplifies the market's response to the fiscal cliff discussion in the US," Barclays Capital analysts said in a note.

The euro fell 0.2 percent to $1.2924, after peaking at $1.3010 on the Greece news on Tuesday, its highest level since October 31.

Worries over the fiscal crisis overshadowed positive U.S. economic data that showed improvement in durable orders, the real estate sector and consumer confidence, which hit a 4-1/2-year high in November.

The dollar dropped 0.3 percent against the yen to 81.85. U.S. crude futures were steady around $87.16 a barrel while Brent edged up 0.2 percent to $110.13. London copper dropped 0.4 percent to $7,776 a metric ton (1.1023 tons).

Spot gold inched down 0.1 percent to $1,739.40 an ounce after slipping on Tuesday for a second session.

Southeast Asia kept some hopes that the damage to their economies may be contained from global growth deterioration triggered by the prolonged euro zone debt crisis.

Indonesia, Southeast Asia's biggest economy, sees annual economic growth in the fourth quarter at 5.9-6.3 percent, while the Philippine economy picked up more than expected in the third quarter, with the government expecting the economy to surpass its 2012 full-year growth target of 5-6 percent.

Investors were sidelined in Asian credit markets, keeping the spreads on the iTraxx Asia ex-Japan investment-grade index little changed from Tuesday's levels.

(Additional reporting by Miranda Maxwell in Melbourne and Luke Pachymuthu in Singapore; Editing by Jonathan Thatcher)

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Euro zone, IMF reach deal to cut long-term Greek debt

BRUSSELS (Reuters) - Euro zone finance ministers and the International Monetary Fund clinched agreement on reducing Greece's debt on Monday in a breakthrough to release urgently needed loans to keep the near-bankrupt economy afloat.

After 12 hours of talks at their third meeting in as many weeks, Greece's international lenders agreed on a package of measures to reduce Greek debt by 40 billion euros, cutting it to 124 percent of gross domestic product by 2020.

In a significant new pledge, ministers committed themselves to take further steps to lower Greece's debt to "significantly below 110 percent" in 2022 -- the most explicit recognition so far that some write-off of loans may be necessary from 2016, the point when Greece is forecast to reach a primary budget surplus.

"When Greece has achieved, or is about to achieve, a primary surplus and fulfilled all of its conditions, we will, if need be, consider further measures for the reduction of the total debt," German Finance Minister Wolfgang Schaeuble said.

Eurogroup Chairman Jean-Claude Juncker said ministers would formally approve the release of a major aid installment needed to recapitalize Greece's teetering banks and enable the government to pay wages, pensions and suppliers on December 13.

Greece will receive up to 43.7 billion euros in stages as it fulfills the conditions. The December installment will comprise 23.8 billion for banks and 10.6 billion in budget assistance.

The IMF's share, less than a third of the total, will only be paid out once a buy-back of Greek debt has occurred in the coming weeks, but IMF Managing Director Christine Lagarde said the Fund had no intention of pulling out of the program.

To reduce Greece's debt pile, ministers agreed to cut the interest rate on official loans, extend their maturity by 15 years to 30 years, and grant Athens a 10-year interest repayment deferral.

They promised to hand back 11 billion euros in profits accruing to their national central banks from European Central Bank purchases of discounted Greek government bonds in the secondary market.

They also agreed to finance Greece to buy back its own bonds from private investors at what officials said was a target cost of around 35 cents in the euro.

European Central Bank President Mario Draghi said on leaving the talks: "I very much welcome the decisions taken by the ministers of finance. They will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece."

BETTER FUTURE

The euro strengthened against the dollar after news of the deal was first reported by Reuters.

Juncker said the accord opened new hope for Greeks.

"This is not just about money. This is the promise of a better future for the Greek people and for the euro area as a whole, a break from the era of missed targets and loose implementation towards a new paradigm of steadfast reform momentum, declining debt ratios and a return to growth," he told a 2 a.m. news conference.

Greek Finance Minister Yannis Stournaras said earlier that Athens had fulfilled its part of the deal by enacting tough austerity measures and economic reforms, and it was now up to the lenders to do their part.

Greece, where the euro zone's debt crisis erupted in late 2009, is the currency area's most heavily indebted country, despite a big "haircut" this year on privately-held bonds. Its economy has shrunk by nearly 25 percent in five years.

Negotiations had been stalled over how Greece's debt, forecast to peak at 190-200 percent of GDP in the coming two years, could be cut to a more sustainable 120 percent by 2020.

The agreed figure fell slightly short of that goal, and the IMF was still insisting that euro zone ministers should make a firm commitment to further steps to reduce the debt stock if Athens implements its adjustment program faithfully.

The key question remains whether Greek debt can become sustainable without euro zone governments having to write off some of the loans they have made to Athens.

Germany and its northern European allies have hitherto rejected any idea of forgiving official loans to Athens, but EU officials believe that line may soften after next year's German general election.

DEBT RELIEF "NOT ON TABLE"

Schaeuble told reporters earlier that debt forgiveness was legally impossible, not just for Germany but for other euro zone countries, if it was linked to a new guarantee of loans.

"You cannot guarantee something if you're cutting debt at the same time," he said. That did not preclude possible debt relief at a later stage if Greece completed its adjustment program and no longer needs new loans.

At Germany's insistence, earmarked revenue and aid payments will go into a strengthened "segregated account" to ensure that Greece services its debts.

A source familiar with IMF thinking said a loan write-off once Greece has fulfilled its adjustment program would be the simplest way to make its debt viable, but other methods such as forgoing interest payments, or lending at below market rates and extending maturities could all help.

The German banking association (BDB) said a fresh "haircut" or forced reduction in the value of Greek sovereign debt, must only happen as a last resort.

The ministers agreed to reduce interest on already extended bilateral loans from the current 150 basis points above financing costs to 50 bps.

No figures were announced for the debt buy-back in an effort to avoid triggering a rise in market prices in anticipation of a buyer. But before the meetings, officials had spoken of a 10 billion euro buy-back, that would achieve a net reduction of about 20 billion euros in the debt stock.

German central bank governor Jens Weidmann has suggested that Greece could "earn" a reduction in debt it owes to euro zone governments in a few years if it diligently implements all the agreed reforms. The European Commission backs that view.

An opinion poll published on Monday showed Greece's anti-bailout SYRIZA party with a four-percent lead over the Conservatives who won election in June, adding to uncertainty over the future of reforms.

(Additional reporting by Robert-Jan Bartunek, Ethan Bilby, Luke Baker in Brussels, Reinhardt Becker in Berlin; Writing by Paul Taylor; Editing by Luke Baker)

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Exclusive: Egyptian investor seeks to put stamp on Telecom Italia

DUBAI (Reuters) – Egyptian entrepreneur Naguib Sawiris aims to shake up debt-laden Telecom Italia and steer it towards expansion in Brazil if shareholders warm up to his proposal for a 3 billion euro ($ 3.9 billion) cash infusion.

The billionaire tycoon, who got to know Italy well when he owned the third-biggest mobile operator Wind, has put on the table a capital increase that could make him one of the biggest shareholders in Telecom Italia.

Details on the structure of the proposed transaction are scarce, but Sawiris told Reuters that he proposed that the capital increase be open to all shareholders, not just himself, and that it should be conducted around the current market price of 0.70 euros per share.

That is likely to draw the ire of other Telecom Italia shareholders, including Spain’s Telefonica and the three Italian financial institutions who together own 22.4 percent via an unlisted holding company called Telco.

They value Telecom Italia at 1.50 euros per share in their accounts, and Marco Fossati, whose family’s Findim Group SA owns 5 percent of the Italian operator, on Monday said 1.50 was the “correct price” for any capital increase.

Sawiris, going against a trend of retreating investment in crisis-hit southern Europe, said he might also bring in some of his old Wind associates to put Telecom Italia back on the path to growth.

“This proposal will provide a more stable financial structure for Telecom Italia going forward, more growth in Latin America and Brazil, and improved management through the infusion of people who have an excellent knowledge of the Italian market,” Sawiris told Reuters.

Sawiris initially approached Telefonica and the other shareholders in Telco about the possibility of carrying out a capital increase at the holding company level. He was rebuffed, so decided to approach the Italian group directly.

“We are willing to participate in the capital increase, but shareholders have the choice not to get diluted and join in putting the money,” he said.

“If they do not want to, we will come and replace them. But they will benefit from a higher stock price and a more stable company and a company that will grow.”

It remains to be seen whether his vision for the group will be shared by Telecom Italia’s management and core shareholders.

Telefonica, insurer Assicurazioni Generali, and banks Mediobanca and Intesa Sanpaolo had the Sawiris’ offer dropped onto them as a bombshell two weeks ago, insiders have said.

“Sawiris is not a man to go in without being sure he can drive the strategy,” one source familiar with the thinking of the core shareholders said.

Sawiris told Reuters he was also opposed to a current plan to spin off Telecom Italia’s fixed-line network, which is backed by some core investors as a way to raise badly needed cash, and by the Italian government as a means to speed up broadband investment.

“I believe this is a catastrophe,” Sawiris said. “If Telecom Italia does that, they will lose the only differentiator they have left in the telecom market in Italy.”

Telecom Italia is now in talks with an Italian state-backed investment fund over such a spin-off. Under the plan, the fund would take a minority stake in the new company in exchange for Telecom Italia effectively becoming a wholesaler of broadband capacity to other companies.

Proponents of the spin-off argue the move would help Telecom Italia reduce debt while accelerating the modernization of the woeful Internet infrastructure in Europe’s fourth-largest economy.

STRATEGY CROSSROAD

Telecom Italia’s board will meet on December 6 to discuss the network spin-off and whether to bid for Vivendi’s GVT, a broadband specialist in Brazil, to complement its TIM Brasil mobile business unit in the fast-growing market.

GVT’s owner, Vivendi, is seeking up to 7 billion euros for GVT, which provides fixed telephone, broadband, and TV services in 120 Brazilian cities. Preliminary bids are due in December, sources have told Reuters.

Sawiris is waiting in the wings, though he says he has not had any direct contact from Telecom Italia since sending a letter of interest two weeks ago.

However, advisers from both sides – Lazard for Sawiris and Rothschild for Telecom Italia – have been communicating, according to people familiar with the matter.

Meanwhile, sources close to the telecom group’s shareholders have complained of a lack of detail in the Sawiris proposal.

Nuno Matias, a telecoms analyst at Espirito Santo bank, said while Sawiris’s arguments about seeking growth in Brazil via the GVT takeover were persuasive, the tycoon could face an uphill battle getting the board and shareholders onside.

“Sawiris isn’t alone; there are controlling shareholders of Telecom Italia, and they have their own interests,” he said.

“If Telecom Italia strengthens in Brazil then it sets up a conflict with Telefonica.”

Sawiris pointed out that he tried talking to Telefonica.

“I met with them, but my feeling is that they are conflicted. They are happy where they are today holding Telecom Italia as a hostage and preventing it from growing into Latin America.”

Telefonica and Telecom Italia are the number one and number two players in Brazilian mobile, respectively, and also compete in Argentina. The conflict means that Telefonica cannot take part in board deliberations at Telecom Italia over the Latin American units.

Telefonica’s Chief Financial Officer Angel Vila said last week that the group wanted to remain a long-term shareholder in Telecom Italia, and opposed a capital increase.

Telecom Italia has made debt-cutting a priority since late 2008. Cost cuts and asset sales have trimmed net debt more than 4 billion euros to 29.5 billion at the end of September.

Morgan Stanley predicted its net debt was likely to stand at 27.8 billion euros at year-end, or 2.7 times earnings before interest, tax, depreciation and amortization (EBITDA), above sector averages and in the warning zone for rating agencies.

Sawiris, who sold Wind to Vimpelcom last year, wants to re-enter Italy by investing in the incumbent operator, betting on low valuations and turnaround potential in old-world telecoms.

“I’ve worked in Italy for five years and what I’ve learned that very few investors have the insight on what is the real story in Italy,” Sawiris said.

($ 1 = 0.7713 euros)

(Additional reporting by Leila Abboud in Paris and Lisa Jucca in Milan; Editing by Will Waterman)

Tech News Headlines – Yahoo! News

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Women Sizzle in Dancing with the Stars All-Star Finale

TV Watch

By Aaron Parsley

11/26/2012 at 09:35 PM EST

From left: Shawn Johnson, Kelly Monaco and Melissa Rycroft

Craig Sjodin/ABC (3)

It's raining 10s, hallelujah!

On the final Monday night of competition for the all-star season of Dancing with the Stars, the all-female top three – Melissa Rycroft, Shawn Johnson and Kelly Monaco – took big risks during two final routines with their partners.

Each couple performed their favorite dance of the season and "super-sized freestyle," which allowed the pros – Tony Dovolani, Derek Hough and Val Chmerkovskiy – to incorporate the music and choreography of their choice with sets, additional performers and costumes to create routines to wow the judges and the voters at home.

Here's how it all played our inside the ballroom on Monday night:

Melissa and Tony dominated with two perfect 30s for a total of 60. Kelly and Val were close behind with 59 points. And Shawn and Derek remained very much in it with 57.

ROUND 1
Kelly and Val, who have not scored a 10 this season, chose the paso doble as their favorite dance. "I want to make it so technically perfect, so passionate that the judges have no choice but to give us a 10," she said before doing a routine that judge Len Goodman called their "best dance to date." But it wasn't perfect: Carrie Ann Inaba spotted a "little slip-up," an unintentional release, and knocked off half a point, leaving them just shy of 30 with 29.5.

Melissa and Tony performed their favorite dance, a samba. Bruno Tonioli called her a "deliciously irresistible Brazilian bombshell," and said, "You've grown so much as a performer. You really have blossomed." Added Len: "You captured the party flavor of the samba, great technique, great rhythm, fabulous." They earned a perfect 30.

Shawn and Derek decided to revisit their quickstep and performed their original choreography even though some of the moves were against the rules. "The standing ovation means everything to us," Shawn said, explaining their determination to entertain rather than just earn points. Though the judges said the routine was "fantastic," they also called them out for their controversial decision. "You're not allowed to break hold, which you did, you're not allowed to do lifts, which you did," Len said. "You leave me nowhere to go." Added Carrie Ann: "Points do matter ... I'm a little disappointed but I hope your risk pays off." They scored 27 our of 30.

ROUND 2
Kelly started her super-size freestyle by performing aerial work hanging from the ballroom rafters as Val played the violin. According to Bruno the routine, which they danced to "(I've Had) The Time of My Life," combined Cirque du Soleil with Dirty Dancing. "This was the perfect dance," Carrie Ann said of their 29.5-point performance. "You executed everything great, you added artistry and you told us a happy ending to a beautiful love story."

Melissa and Tony did something never done before in the finale – a contemporary routine. "We're taking a huge risk," she said of their lift-heavy dance. Carrie Ann agreed: "With great risk comes great rewards," she said, "Freestyle jackpot!" The routine left Len speechless but when he held up his 10-point paddle, he said, "I wish I had an 11." They earned another perfect 30.

Shawn and Derek performed the final dance of the night with the U.S. Women's Gymnastics team – a.k.a. The Fierce Five. "It was a medley of Derek and Shawn's greatest hits," was Len's assessment. Carrie Ann called it "sensational." Bruno said it was "the crowning glory on a fantastic night," and they got a perfect 30.

But will it be enough to make up for their unconventional quickstep? On Tuesday the couples will perform one more time for points when they pick their music and dance live on the air. And then an all-star winner will be crowned.

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Bounce houses a party hit but kids' injuries soar

CHICAGO (AP) — They may be a big hit at kids' birthday parties, but inflatable bounce houses can be dangerous, with the number of injuries soaring in recent years, a nationwide study found.

Kids often crowd into bounce houses, and jumping up and down can send other children flying into the air, too.

The numbers suggest 30 U.S. children a day are treated in emergency rooms for broken bones, sprains, cuts and concussions from bounce house accidents. Most involve children falling inside or out of the inflated playthings, and many children get hurt when they collide with other bouncing kids.

The number of children aged 17 and younger who got emergency-room treatment for bounce house injuries has climbed along with the popularity of bounce houses — from fewer than 1,000 in 1995 to nearly 11,000 in 2010. That's a 15-fold increase, and a doubling just since 2008.

"I was surprised by the number, especially by the rapid increase in the number of injuries," said lead author Dr. Gary Smith, director of the Center for Injury Research and Policy at Nationwide Children's Hospital in Columbus, Ohio.

Amusement parks and fairs have bounce houses, and the playthings can also be rented or purchased for home use.

Smith and colleagues analyzed national surveillance data on ER treatment for nonfatal injuries linked with bounce houses, maintained by the U.S. Consumer Product Safety Commission. Their study was published online Monday in the journal Pediatrics.

Only about 3 percent of children were hospitalized, mostly for broken bones.

More than one-third of the injuries were in children aged 5 and younger. The safety commission recommends against letting children younger than 6 use full-size trampolines, and Smith said barring kids that young from even smaller, home-use bounce houses would make sense.

"There is no evidence that the size or location of an inflatable bouncer affects the injury risk," he said.

Other recommendations, often listed in manufacturers' instruction pamphlets, include not overloading bounce houses with too many kids and not allowing young children to bounce with much older, heavier kids or adults, said Laura Woodburn, a spokeswoman for the National Association of Amusement Ride Safety Officials.

The study didn't include deaths, but some accidents are fatal. Separate data from the product safety commission show four bounce house deaths from 2003 to 2007, all involving children striking their heads on a hard surface.

Several nonfatal accidents occurred last year when bounce houses collapsed or were lifted by high winds.

A group that issues voluntary industry standards says bounce houses should be supervised by trained operators and recommends that bouncers be prohibited from doing flips and purposefully colliding with others, the study authors noted.

Bounce house injuries are similar to those linked with trampolines, and the American Academy of Pediatrics has recommended against using trampolines at home. Policymakers should consider whether bounce houses warrant similar precautions, the authors said.

___

Online:

Pediatrics: http://www.pediatrics.org

Trade group: http://www.naarso.com

___

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

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Asian shares, euro rise on Greek debt deal

TOKYO (Reuters) - The euro hit a one-month high, commodities rose and Asian shares climbed for a seventh consecutive day on Tuesday as global lenders reached a deal on new debt targets for Greece and a political agreement on disbursing the next installment of aid.

European shares will likely track Asian peers higher, with financial spreadbetters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> to open as much as 0.7 percent higher. <.l><.eu><.n/>

U.S. stock futures were up 0.3 percent, hinting at a firm Wall Street open.

After 12 hours of talks at their third meeting in as many weeks, Greece's international lenders agreed on a package of measures to cut Greek debt to 124 percent of gross domestic product by 2020, and pledged to take further steps to lower the debt below 110 percent of GDP in 2022.

Eurogroup Chairman Jean-Claude Juncker said ministers would formally approve the release of crucial aid for debt-stricken Greece, removing uncertainty over whether Athens could avoid a near-term bankruptcy.

MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> gained 0.7 percent to a near three-week high, led by a 1 percent advance in Korean shares <.ks11> and a 0.7 percent rise in Australian shares <.axjo>. Indian shares <.bsesn> also jumped 1.2 percent.

Shanghai shares <.ssec> bucked the trend to fell 1 percent to their lowest since 2009, dragged by weakness in growth-sensitive companies.

"Overhanging the market for a little while has been these macro concerns, so progress towards sorting the situation out gives room for the market to move higher," said Phillip Weinberg, director at BestEx.

Investors' focus is likely to shift now to another major concern hanging over markets, a looming U.S. fiscal crisis.

Republicans in the U.S. Congress on Monday called on President Barack Obama to detail long-term spending cuts to help solve the country's fiscal crisis, while holding firm against the income tax rate increases for the wealthy that Democrats seek.

"Now people will start focusing on the U.S. fiscal cliff and there could be some nervousness there, particularly if it drags on," said Burrell & Co dealer Jamie Elgar of Australian shares.

The euro gained as much as about 0.3 percent to $1.3010, its highest level since October 31, in reaction to the Greek news, before paring gains to be up 0.1 percent at $1.2982.

"The euro gained but the rise is small, and it's unlikely that it will climb further, with big funds winding down their positions ahead of the year-end. Any rise will be countered by selling to cap the euro's upside," said Hiroshi Maeba, head of FX trading Japan for UBS in Tokyo.

He cautioned that the euro still faced downside risks as the latest agreement does not offer a fundamental resolution to the euro zone's debt crisis.

"While the Eurogroup has set December 13 for formal approval of the disbursement, and Germany's planned parliamentary vote later this week will be watched with interest, for markets the deal should put Greece largely on the backburner for a couple of months before it starts missing its fiscal targets again," Sean Callow, senior currency strategist at Westpac bank in Sydney, said in a note.

He doubted if the euro's short-covering will produce sustained trade beyond $1.3050/$1.3100.

Japan's Nikkei stock average <.n225> rose 0.5 percent, just below Monday's seven-month closing high. The benchmark has climbed more than 8 percent in two weeks as the yen has weakened on expectations of easier monetary policy with the likely election of a new government. <.t/>

WEAK USD, CHINA HELP COMMODITIES

The dollar inched up 0.2 percent against the yen to 82.22 yen. The euro rose 0.3 percent against the yen to 106.72.

Traders said some investors unwound long positions in the dollar built up in recent weeks on expectations the Bank of Japan would come under pressure for more aggressive easing.

The dollar eased 0.1 percent against a basket of key currencies <.dxy>, helping to underpin dollar-based commodities.

U.S. crude futures rose 0.3 percent to $88.03 a barrel and Brent was up 0.2 percent to $111.09.

Spot gold was up 0.1 percent to $1,749.65 an ounce, just below a six-week high of $1,754.10 hit on Friday.

London copper hit a near one-month high of $7,821.50 a metric ton (1.1023 tons) as the Greek debt deal added to confidence over copper demand after recent positive data from its top consumer China.

Sentiment may be further underpinned by a report saying China has approved construction of two city subway projects worth 49 billion yuan ($7.87 billion), adding to the list of recent railway project approvals aimed at boosting growth in the world's second-biggest economy.

In another possible sign that the economy is regaining traction, China's industrial profits in October were up 20.5 percent from a year earlier, accelerating from 7.8 percent growth in September.

Asian credit markets firmed slightly, narrowing the spreads on the iTraxx Asia ex-Japan investment-grade index by 1 basis point.

(Additional reporting by Victoria Thieberger in Melbourne; Editing by Edwina Gibbs & Kim Coghill)

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Egypt's Mursi to meet judges over power grab

CAIRO (Reuters) - Egyptian President Mohamed Mursi will meet senior judges on Monday to try to ease a crisis over his seizure of new powers which has set off violent protests reminiscent of last year's revolution which brought him to power.

Egypt's stock market plunged on Sunday in its first day open since Mursi issued a decree late on Thursday temporarily widening his powers and shielding his decisions from judicial review, drawing accusations he was behaving like a new dictator.

More than 500 people have been injured in clashes between police and protesters worried Mursi's Muslim Brotherhood aims to dominate the post-Hosni Mubarak era after winning Egypt's first democratic parliamentary and presidential elections this year.

One Muslim Brotherhood member was killed and 60 people were hurt on Sunday in an attack on the main office of the Brotherhood in the Egyptian Nile Delta town of Damanhour, the website of the Brotherhood's Freedom and Justice Party said.

Egypt's highest judicial authority hinted at compromise to avert a further escalation, though Mursi's opponents want nothing less than the complete cancellation of a decree they see as a danger to democracy.

The Supreme Judicial Council said Mursi's decree should apply only to "sovereign matters", suggesting it did not reject the declaration outright, and called on judges and prosecutors, some of whom began a strike on Sunday, to return to work.

Mursi would meet the council on Monday, state media said.

Mursi's office repeated assurances that the measures would be temporary, and said he wanted dialogue with political groups to find "common ground" over what should go in Egypt's constitution, one of the issues at the heart of the crisis.

Hassan Nafaa, a professor of political science at Cairo University, saw an effort by the presidency and judiciary to resolve the crisis, but added their statements were "vague". "The situation is heading towards more trouble," he said.

Sunday's stock market fall of nearly 10 percent - halted only by automatic curbs - was the worst since the uprising that toppled Mubarak in February, 2011.

Images of protesters clashing with riot police and tear gas wafting through Cairo's Tahrir Square were an unsettling reminder of that uprising. Activists were camped in the square for a third day, blocking traffic with makeshift barricades. Nearby, riot police and protesters clashed intermittently.

"BACK TO SQUARE ONE"

Mursi's supporters and opponents plan big demonstrations on Tuesday that could be a trigger for more street violence.

"We are back to square one, politically, socially," said Mohamed Radwan of Pharos Securities, an Egyptian brokerage firm.

Mursi's decree marks an effort to consolidate his influence after he successfully sidelined Mubarak-era generals in August. It reflects his suspicions of a judiciary little reformed since the Mubarak era.

Issued just a day after Mursi received glowing tributes from Washington for his work brokering a deal to end eight days of violence between Israel and Hamas, the decree drew warnings from the West to uphold democracy. Washington has leverage because of billions of dollars it sends in annual military aid.

"The United States should be saying this is unacceptable," former presidential nominee John McCain, leading Republican on the Senate Armed Services Committee, said on Fox News.

"We thank Mr. Mursi for his efforts in brokering the ceasefire with Hamas ... But this is not what the United States of America's taxpayers expect. Our dollars will be directly related to progress toward democracy."

The Mursi administration has defended his decree as an effort to speed up reforms that will complete Egypt's democratic transformation. Yet leftists, liberals, socialists and others say it has exposed the autocratic impulses of a man once jailed by Mubarak.

"There is no room for dialogue when a dictator imposes the most oppressive, abhorrent measures and then says 'let us split the difference'," prominent opposition leader Mohamed ElBaradei said on Saturday.

WARNINGS FROM WEST

Investors had grown more confident in recent months that a legitimately elected government would help Egypt put its economic and political problems behind it. The stock market's main index had risen 35 percent since Mursi's victory. It closed on Sunday at its lowest level since July 31.

Political turmoil also raised the cost of government borrowing at a treasury bill auction on Sunday.

"Investors know that Mursi's decisions will not be accepted and that there will be clashes on the street," said Osama Mourad of Arab Financial Brokerage.

Just last week, investor confidence was helped by a preliminary agreement with the International Monetary Fund over a $4.8 billion loan needed to shore up state finances.

Mursi's decree removes judicial review of decisions he takes until a new parliament is elected, expected early next year.

It also shields the Islamist-dominated assembly writing Egypt's new constitution from a raft of legal challenges that have threatened it with dissolution, and offers the same protection to the Islamist-controlled upper house of parliament.

"I am really afraid that the two camps are paving the way for violence," said Nafaa. "Mursi has misjudged this, very much so. But forcing him again to relinquish what he has done will appear a defeat."

Many of Mursi's political opponents share the view that Egypt's judiciary needs reform, though they disagree with his methods. Mursi's new powers allowed him to sack the prosecutor general who took his job during the Mubarak era and is unpopular among reformists of all stripes.

(Additional reporting by Yasmine Saleh and Marwa Awad in Cairo and Philip Barbara in Washington; Editing by Peter Graff and Philippa Fletcher)

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