Stock futures flat with data, Fed minutes on tap

NEW YORK (Reuters) - Stock index futures were little changed on Wednesday, ahead of data on the housing market and inflation, as well as minutes from the Federal Open Market Committee's January meeting.

Housing starts and permits for January along with the January producer price index are due at 8:30 a.m. (1330 GMT).

Economists in a Reuters survey forecast the housing starts data to show a 925,000-unit annualized rate in January versus 954,000 in December, and a total of 915,000 permits in January compared with 909,000 in the prior month. PPI is expected to show a 0.4 percent rise compared with a 0.3 percent drop in December. Excluding volatile food and energy items, PPI is expected to rise 0.2 percent versus with a 0.1 percent increase in December.

Later in the session, investors will look to the minutes from the Fed's January meeting for any clues on how long the current monetary policy will remain in effect.

The S&P 500 <.spx> is up 7.4 percent for the year, fueled by legislators' ability to sidestep an automatic implementation of spending cuts on tax hikes on January 1, better-than-expected corporate earnings and modestly improving economic data that has been tepid enough for the Fed to maintain its stimulus policy.

S&P 500 futures slipped 0.5 point and were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 14 points, and Nasdaq 100 futures added 2 points.

As earnings season winds down, S&P 500 companies set to report include Devon Energy Corp and Fluor Corp .

According to the Thomson Reuters data through Tuesday 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 are estimated to have risen 5.6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

European shares traded flat, consolidating after the previous session's sharp gains, held back by weak earnings newsflow and as traders cited caution ahead of the minutes from the Fed's January policy meeting. <.eu/>

Asian shares scaled their highest levels since August 2011 after an improving global economic outlook whetted investor appetite for risk, while the yen firmed amid doubts over Japan's commitment to drastic reflation.

(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama)

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Police: No inconsistencies in Pistorius account

PRETORIA, South Africa (AP) — A police detective, testifying at Oscar Pistorius' bail hearing Wednesday, said that police have not found anything inconsistent with how the star athlete described his shooting of his girlfriend — a killing that Pistorius says was accidental but which prosecutors call murder.

The second day of the bail hearing in a case that has riveted South Africa and much of the world appeared at first to go against the double amputee, with prosecutor Gerrie Nel saying a witness can testify to hearing "non-stop talking, like shouting" between 2 a.m. and 3 a.m. before the predawn shooting on Valentine's Day.

Pistorius said in an affidavit read in court Tuesday that he and girlfriend Reeva Steenkamp, a 29-year-old model and budding reality TV star, had gone to bed and that when he awoke during the night he detected what he thought was an intruder in the bathroom. He testified that he grabbed his 9 mm pistol and fired into the bathroom door, only to discover later to his horror that Steenkamp was there, mortally wounded.

Under cross-examination, police Detective Warrant Officer Hilton Botha acknowledged that the witness who allegedly overheard argument was 600 meters (yards) from Pistorius' house, where the shooting occurred.

Pistorius, the first Paralympian runner to compete at the Olympic Games, is charged with premeditated murder in the case.

The prosecution attempted to cement its argument that the couple had a shouting match, that Steenkamp fled and locked herself into the toilet and that Pistorius fired four shots through the door, hitting her with three bullets.

Botha added: "I believe that he knew that Reeva was in the bathroom and he shot four shots through the door."

But asked if the police found anything inconsistent with the version of events presented by Pistorius, Botha responded that they had not.

Botha, a 16-year police veteran, said the trajectory of the bullets showed the gun was fired pointed down and from a height. Pistorius' statement Tuesday said that he was on his stumps and feeling vulnerable when he opened fired. Prosecutor Gerrie Nel has said the killing was premeditated because Pistorius took time to put on his prosthetic legs before the shooting.

Nel projected a plan of the bedroom and bathroom for the courtroom and argued Pistorius had to walk past his bed to get to the bathroom and could not have done so without realizing the Steenkamp was not in the bed.

"There's no other way of getting there," Nel said.

Hilton said the holster for the 9 mm pistol was found under the side of the bed on which Steenkamp slept — also implying it would have been impossible for Pistorius to get the gun without realizing that Steenkamp was not in the bed and could have been the person in the bathroom. Pistorius testified Tuesday that the bedroom was pitch dark.

Hilton said Steenkamp was shot in the head over her right ear and in her right elbow and hip, with both joints broken by the impacts.

Defense attorney Barry Roux asked Botha if Steenkamp's body showed "any pattern of defensive wounds," and the detective said it did not.

Hilton said the shots were fired from 1.5 meters (five feet), and that police found three spent cartridges in the bathroom and one in the hallway connecting the bathroom to the bedroom.

Police also found two iPhones in the bathroom and two BlackBerrys in the bedroom, Hilton said, adding that none had been used to phone for help. Pistorius had said that he called the manager of his guarded and gated housing complex and a private paramedic service.

Roux said Pistorius did make calls, including to the guards of the housing estate. In one case, he said, a guard could hear Pistorius crying. "Was it part of his premeditated plan, not to switch off the phone and cry?" Roux asked sarcastically.

Botha said Pistorius did not have a license for a .38-caliber weapon and consequently his possession of ammunition for such a weapon was illegal.

The detective said that all Pistorius would say after the shooting was "he thought it was a burglar."

In an additional revelation Wednesday, police said they found two boxes of testosterone and needles in the Pistorius' bedroom.

But Roux said the substance was a "herbal remedy," and not a steroid or a banned substance.

----

Imray reported from Johannesburg, from which Associated Press writer Michelle Faul contributed to this report.

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Time to respect Chavez's merits?

By Samuel Moncada, Special to CNN

February 18, 2013 -- Updated 1218 GMT (2018 HKT)

One Venezuelan official says the reforms enacted in Hugo Chavez's 14-year tenure deserve respect.

STORY HIGHLIGHTS

• Despite perceptions, Hugo Chavez has brought social progress to Venezuela


• Moncada: Venezuela's critics have engineered a false narrative of impending disaster


• Venezuela has used its vast oil reserves to transform lives of ordinary people


• Ambassador says Chavez's most significant achievement is his empowerment of the majority

Editor's note: Samuel Moncada has been the Ambassador of Venezuela to the United Kingdom since 2007 and holds a PhD in Modern History from Oxford University. He is solely responsible for the content of this analysis.

(CNN) -- Reading the international press, one would be forgiven for thinking that Venezuela is on the verge of collapse.

Over the past decade, all sorts of predictions have been made, ranging from catastrophic election defeats to the implosion of the Venezuelan economy. But the fact these predictions have failed to materialize has not deterred many of Venezuela's most fervent critics in their quest to engineer a constant and misleading narrative of impending disaster.

More: Chavez returns after Cuba cancer treatment

The reality is that ever since President Hugo Chavez was first elected, Venezuela has defied these negative predictions and brought unprecedented social progress to the country over the last 14 years. Since 2004 poverty has been reduced by half and extreme poverty has been cut by 70%. University enrolment has doubled, entitlement to public pensions has tripled, and access to health care and all levels of education have been dramatically expanded.

Venezuela now has the lowest levels of economic inequality of any Latin American country as measured by the Gini coefficient. Our country has already achieved many of the Millennium Development Goals, and is well on target to achieve all eight by the 2015 deadline.

This progress has been achieved by using Venezuela's vast oil revenues to transform the lives of ordinary people. The sheer scale of our oil reserves -- the world's largest -- guarantees the complete sustainability of the model in which the country's resources are used to stimulate growth in the economy and aid development.

But Chavez's most significant achievement has been to trigger the awakening and empowerment of the majority. A majority of Venezuelans have seen vast improvements in their living standards and, as a consequence, they have continued to defend their interests at the ballot box.

The Venezuelan people are very clear about what they want. President Chavez was re-elected in October 2012 with 54% of the vote in an election that boasted an 81% turnout. The Venezuelan people showed their support for the government again in December 2012 in the gubernatorial elections, which saw Chavez's political party win 20 out of 23 states.

Governments in Europe and other parts of the world could only dream of these levels of support after 14 years in power. This shows that social progress in Venezuela has been consolidated and that there is a desire to further expand this progress.

In the coming years, the Venezuelan government will continue to respond to the needs of the Venezuelan people. Hundreds of thousands of new homes have been built over the last two years which have not only greatly improved living standards but also provided jobs and contributed to a boom in the construction industry. The government is well on its way to meeting its target of building three million new homes by 2019.

While many economies around the world are shrinking, the Venezuelan economy grew by 5.5% in 2012. Against the backdrop of a continuing international financial crisis, commerce in Venezuela grew by 9.2% and communications by 7.2%, manufacturing grew by 2.1% and the oil sector grew by 1.4% -- making Venezuela one of the fastest growing economies in Latin America.

At a time when many countries are attacking the rights of the most vulnerable sectors of society, Venezuela is providing ever greater protection for low-income senior citizens and single-parent families with younger children or disabled dependents.

The failed development models of previous governments condemned millions of Venezuelans to poverty. Before the election of Chavez in 1998, Venezuela suffered years of falling GDP. The country had one of the worst economic records in the world -- a record that led to mass social unrest and violent military crackdowns.

Venezuela will continue on its path of social progress and empowering ordinary citizens. The greatest hope for the future is the people know that they alone hold the power to determine the direction the country will take.

After so many failed predictions, isn't it time to respect Venezuela's democracy and the will of the people?

Part of complete coverage on

February 19, 2013 -- Updated 1015 GMT (1815 HKT)

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Romanian cinema triumphs again with top Berlin award

BERLIN (Reuters) – Romania claimed another major scalp on the European film festival circuit this weekend when “Child’s Pose” won the Golden Bear in Berlin, underlining the country’s emergence as a powerhouse of hard-hitting cinema in the post-Communist era.

The film, directed by Calin Peter Netzer, tells the story of Cornelia, an obsessive mother who uses every trick in the book to prevent her son from going to jail after he kills a boy in a car accident.

It is the latest in a long list of critical hits that have enjoyed startling success at festivals like Berlin and Cannes in recent years, helping to bring Romania‘s cinema to a wider audience.

Some of Romania‘s top directors, who have enjoyed the artistic freedom that flourished after the death of Communist dictator Nicolae Ceausescu in 1989, dismiss talk of a cinematic “new wave”, saying it lumps together very different styles and stories.

But ever since Cristi Puiu’s “The Death of Mr. Lazarescu” hit Cannes in 2005, and two years later his compatriot Cristian Mungiu won the coveted Palme d’Or there for the harrowing abortion drama “4 Months, 3 Weeks and 2 Days”, Romanian cinema has been firmly on the map.

“It is an acknowledgement, I think, that Romanian cinema is still producing good quality cinema and has been for a few years and it is a good endowment that it is still like this,” Netzer told Reuters after receiving the Golden Bear for best film.

UNFLINCHING STORYTELLING

While each film differs, there is a common thread of unflinching storytelling and compelling human drama often laid out against the backdrop of a cold and uncaring society.

Netzer said “Child’s Pose” was not a critique of Romania today, despite its unflattering portrayal of flashy materialism and casual corruption among the nouveau riche.

“I think basically this is about a relationship, a kind of pathological relationship between mother and son,” he told reporters in Berlin after the closing ceremony late on Saturday.

“The rest – the corruption, the framework, the context, all of that is on a separate level and is really only a backdrop.”

Victory in Berlin is likely to give the movie a major boost in terms of distribution in Romania and beyond, although some critics wondered whether the alienating figures of both mother and son might limit its appeal.

“There’s an instant bond the audience has with the two young women in ’4 Months…’ which we are deliberately not supposed to have in ‘Child’s Pose’,” said Jay Weissberg, critic at trade publication Variety.

“The mother is a monstrous figure and her son is even worse.”

However he, like many others, was impressed by Luminita Gheorghiu’s portrayal of Cornelia, one of several standout performances in Berlin-nominated films by mature actresses making the most of the kind of parts rarely written in Hollywood.

Paulina Garcia was the popular winner of the best actress Silver Bear for her turn in Chilean film “Gloria”, in which she plays a 58-year-old divorcee who sets out to live life to the full despite her setbacks.

“We all face crossroads in our lives where we can retreat into ourselves or we can hit the dance floor,” said “Gloria” director Sebastian Lelio of his character.

The biggest surprise at the Berlin awards ceremony was the best actor prize going to Nazif Mujic, a Bosnian Roma who had never acted before and had to be talked into playing himself in a drama based on his real-life ordeal.

“An Episode in the Life of an Iron Picker”, made for just 30,000 euros ($ 40,000), tells the story of how Bosnian hospitals refused to operate on his wife after she miscarried because she was not insured, despite the fact that her life was in danger.

Best director went to U.S. filmmaker David Gordon Green for his quirky road movie “Prince Avalanche” and Iranian entry “Closed Curtain” picked up the best script prize for directors Kamboziya Partovi and Jafar Panahi.

Panahi made the movie in secret in defiance of a 20-year filmmaking ban and was not allowed to travel to Berlin to collect his award.

“Tradition and culture remain, politicians come and go,” Partovi told reporters after receiving the honour.

(Reporting by Mike Collett-White; Editing by Andrew Heavens)

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Stock futures edge higher after seven-week rally

NEW YORK (Reuters) - Stock index futures edged higher on Tuesday, indicating the S&P 500 will build on its seven-week winning streak ahead of data on the housing market.

* The S&P 500 <.spx> has risen for seven straight weeks, its longest streak since January 2011, and is up 6.6 percent for the year.

* The strong start to the year was fueled by legislators in Washington averting a series of automatic spending cuts and tax hikes that were set to take effect on January 1, as well as better-than-expected corporate earnings and data that pointed to modest economic improvement but no immediate change in the Federal Reserve's stimulus plans.

* But further gains for the benchmark S&P index have been a struggle recently as investors look for new catalysts to lift the index as it hovers near five-year highs.

* Economic data on tap includes the National Association of Home Builders/Wells Fargo housing market index for February at 10 a.m. (1500 GMT). Economists in a Reuters survey expect a reading of 48 compared with 47 in January.

* Improving housing data has been cited by analysts as one of the key factors in the equity market rally.

* S&P 500 futures rose 1.4 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 18 points, and Nasdaq 100 futures added 5.25 points.

* Office Depot Inc jumped 11.1 percent to $5.10 in premarket trading after a person familiar with the matter said the No.2 U.S. office supply retailer is in advanced talks to merge with smaller rival OfficeMax Inc and a deal could come as early as this week. OfficeMax shares climbed 13.5 percent to $12.20 in light premarket trade.

* Computer-maker Dell reports fourth-quarter results, expected to show earnings per share fall to $0.39 from $0.51 one year earlier. Analysts will have their first chance to question management on a buyout deal struck earlier this month by chief executive Michael Dell, private equity firm Silver Lake and Microsoft .

* An investor bid to break up Hess Corp's sprawling energy empire has drawn unwelcome attention to one of the commodity trading world's lesser-known players, a venture that has stumbled in recent years after a decade of success.

* European shares rose on Tuesday, lifted by gains at food group Danone and fresh signs of a German economic recovery, although broader market sentiment remained cautious ahead of Italian elections this weekend. <.eu/>

* Philippine and Australian shares scaled new heights but other Asian shares were mixed, with worries about the risk of an inconclusive outcome in Italy's election and U.S. budget talks limiting the upside after strong rallies in early February.

(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama)

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Pistorius says no intentions to kill girlfriend

PRETORIA, South Africa (AP) — Oscar Pistorius told a packed courtroom Tuesday that he shot his girlfriend to death by mistake, thinking she was a robber. The prosecutor called it premeditated murder.

The double amputee said in an affidavit read by his lawyer at his bail hearing that he felt vulnerable because he did not have on his prosthetic legs when he pumped bullets into the locked bathroom door. Then, Pistorius said in the sworn statement, he realized that model Reeva Steenkamp was not in his bed.

"It filled me with horror and fear ," he said.

He put on his prosthetic legs, tried to kick down the door, then bashed it in with a cricket bat to find Steenkamp, 29, shot inside. He said he ran downstairs with her, but "She died in my arms."

Prosecutor Gerrie Nel on Tuesday charged the 26-year-old athlete and Olympian with premeditated murder, alleging he took the time to put on his legs and walk some seven meters (yards) from the bed to the bathroom door before opening fire. A conviction of premeditated murder carries a mandatory sentence of life in jail.

The Valentine's Day shooting death has shocked South Africans and many around the world who idolized Pistorius for overcoming adversity to become a sports champion, competing in the London Olympics last year in track besides being a Paralympian. Steenkamp was a model and law graduate who made her debut on a South African reality TV program that was broadcast on Saturday, two days after her death.

The magistrate ruled that Pistorius faces the harshest bail requirements available in South African law.

Nel told the court that Pistorius fired into the door of a small bathroom where Steenkamp was cowering after a shouting match. He fired four times and three bullets hit Steenkamp, the prosecutor said.

"She couldn't go anywhere. You can run nowhere," prosecutor Nel argued. "It must have been horrific."

Pistorius sobbed softly as his lawyer, Barry Roux, insisted the shooting was an accident and that there was no evidence to substantiate a murder charge.

"Was it to kill her, or was it to get her out?" he asked about the broken-down door. "We submit it is not even murder. There is no concession this is a murder."

He said the state had provided no evidence that the couple quarreled nor offered a motive.

Nel rebutted: "The motive is 'I want to kill.'"

As details emerged at the dramatic court hearing in the capital, Steenkamp's body was being cremated Tuesday at a memorial service in the south-coast port city of Port Elizabeth. The family said members had arrived from around the world. Six pallbearers carried her coffin, draped with a white cloth and covered in white flowers, into the church for the private service.

Pistorius was born without fibula bones and had them amputated when he was 11 months old.

The man known as the Blade Runner because of his running prostheses last year became the first double-amputee track athlete to run at the Olympics.

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Model: Getting what I don't deserve

STORY HIGHLIGHTS

• Model Cameron Russell's TED Talk has been viewed more than a million times


• She says, as winner of "genetic lottery," she has been able to have a modeling career


• Her looks fit a narrow definition of beauty, she says


• Russell: I work hard but my modeling career gives my views undeserved attention

Editor's note: Cameron Russell has been a model for brands such as Victoria's Secret, Calvin Klein, Ralph Lauren and Benetton and has appeared in the pages of Vogue, Harpers Bazaar and W. She spoke at TEDx MidAtlantic in October. TED is a nonprofit dedicated to "ideas worth spreading" which it makes available through talks posted on its website.

(CNN) -- Last month the TEDx talk I gave was posted online. Now it has been viewed over a million times. The talk itself is nothing groundbreaking. It's a couple of stories and observations about working as a model for the last decade.

I gave the talk because I wanted to tell an honest personal narrative of what privilege means.

I wanted to answer questions like how did I become a model. I always just say, " I was scouted," but that means nothing.

The real way that I became a model is that I won a genetic lottery, and I am the recipient of a legacy. What do I mean by legacy? Well, for the past few centuries we have defined beauty not just as health and youth and symmetry that we're biologically programmed to admire, but also as tall, slender figures, and femininity and white skin. And this is a legacy that was built for me, and it's a legacy that I've been cashing in on.

Some fashionistas may think, "Wait. Naomi. Tyra. Joan Smalls. Liu Wen." But the truth is that in 2007 when an inspired NYU Ph.D. student counted all the models on the runway, of the 677 models hired, only 27, or less than four percent, were non-white.

Usually TED only invites the most accomplished and famous people in the world to give talks. I hoped telling a simple story -- where my only qualification was life experience (not a degree, award, successful business or book) -- could encourage those of us who make media to elevate other personal narratives: the stories of someone like Trayvon Martin, the undocumented worker, the candidate without money for press.

Instead my talk reinforced the observations I highlighted in it: that beauty and femininity and race have made me the candy of mass media, the "once you pop you just can't stop" of news.

In particular it is the barrage of media requests I've had that confirm that how I look and what I do for a living attracts enormous undeserved attention.

Do I want a TV show? Do I want to write a book? Do I want to appear in a movie? Do I want to speak to CNN, NBC, NPR, the Times of India, Cosmo, this blogger and that journal? Do I want to speak at this high school, at that college, at Harvard Law School or at other conferences?

TED.com: A teen just trying to figure it out

I am not a uniquely accomplished 25-year-old. I've modeled for 10 years and I took six years to finish my undergraduate degree part-time, graduating this past June with honors from Columbia University. If I ever had needed to put together a CV it would be quite short. Like many young people I'd highlight my desire to work hard.

But hard work is not why I have been successful as a model. I'm not saying I'm lazy. But the most important part of my job is to show up with a 23-inch waist, looking young, feminine and white. This shouldn't really shock anyone. Models are chosen solely based on looks. But what was shocking to me is that when I spoke, the way I look catapulted what I had to say on to the front page.

Even if I did give a good talk, is what I have to say more important and interesting than what Colin Powell said? (He spoke at the same event and his talk has about a quarter of the view count.)

TED.com: Isaac Mizrahi on fashion and creativity

Like many young people I believe I have potential to make a positive impact in the world. But if I speak from a platform that relies on how I look, I worry that I will not have made room for anyone else to come after me. I will have reinforced that beauty and race and privilege get you a news story. The schoolteacher without adequate support, the domestic worker without rights, they won't be up there with me.

So what do I do? I am being handed press when good press for important issues is hard to come by. These outlets are the same outlets that spent two years not reporting a new drone base in Saudi Arabia while press in the UK covered it.

They are the same organizations that have forgotten New Orleans and forgotten to follow up on contractors who aren't fulfilling their responsibilities there -- important not only for the people of NOLA, but also for setting a precedent for the victims of Sandy, and of the many storms to come whose frequency and severity will rise as our climate changes.

TED. com: Amy Tan on where creativity hides

Should I tell stories like these instead of my own? I don't feel like I have the authority or experience to do so.

How can we change this cycle? The rise of the Internet and the camera phone have started to change what stories are accessible. And we now have the ability to build more participatory media structures. The Internet often comes up with good answers to difficult questions. So I ask: How can we build media platforms accessible to a diversity of content creators?

On a personal note, what should I talk about? Do I refuse these offers outright because of my lack of experience, because I'm not the right person to tell the stories that are missing from the media? Can I figure out a way to leverage my access to bring new voices into the conversation? Right now I'm cautiously accepting a few requests and figuring out what it all means.

I'm listening, tweet me @cameroncrussell

Follow @CNNOpinion on Twitter.

Join us at Facebook/CNNOpinion.

The opinions expressed in this commentary are solely those of Cameron Russell.

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Bulgari will showcase Elizabeth Taylor’s gems in Oscar-week exhibit

(Reuters) – Famed jeweler Bulgari said on Sunday it would put eight pieces of the late actress Elizabeth Taylor‘s jewels on display at its Beverly Hills boutique, more than a year after the Hollywood star’s world-class collection fetched record prices at auction.

The exhibition of pieces from that sale will include jewels Taylor obtained and wore during well-documented times in her storied life, including the filming of “Cleopatra,” which launched her romance with Richard Burton, Bulgari said.

Included are Taylor’s first piece of Bulgari jewelry, an emerald-and-diamond brooch which achieved a record per-carat price for any emerald at the Christie’s sale. The brooch sold for $ 6,578,500, setting a record price for an emerald jewel and emeralds per carat at $ 280,000.

An emerald and diamond necklace which sold at the Christie’s auction for $ 6.1 million, and a diamond and gold sautoir set with six ancient Roman coins acquired for $ 5.9 million, will also be shown along with other diamonds, sapphires and more.

The jewels, widely reported to have been bought from the Taylor estate by Bulgari at the December 2011 auction of her collection at Christie’s, will go on display this week in advance of next Sunday’s Academy Awards, Bulgari said.

“There couldn’t have been a more appropriate celebrity to have fallen in love with Bulgari,” it said in announcing the display.

Noting Taylor’s “grounded” nature in contrast to her impossibly glamorous life, it said Bulgari is known for creating jewels that pair precious stones with items of no intrinsic value such as antique coins, ceramics and silk cords.

Burton, whom Taylor married and divorced twice, once famously quipped that “The only Italian word Elizabeth knows is Bulgari.” The Italian luxury house was founded in 1884 in Rome by Greek Sotirios Voulgaris, known in Italy as Sotirio Bulgari.

It was acquired in 2011 for 4.3 billion euros ($ 6.01 billion) and other considerations by the French luxury house LVMH Moet Hennessy Louis Vuitton SA.

Taylor died in 2011 aged 79 of congestive heart failure. The Christie’s auction of her gems took in a record $ 116 million.

(Editing by Chris Michaud and Todd Eastham)

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Euro, dollar up after G20, stocks ease on growth concern

LONDON (Reuters) - The euro and the dollar rose against the yen on Monday after the G20 decided not to criticize Japan for its expansionist policies, but shares eased as Europe's weak growth outlook weighed on sentiment.

Financial leaders from the world's 20 biggest economies promised on Saturday not to devalue their currencies to boost exports, aiming to defuse talk of currency wars that had been roiling the markets.

The euro gained 0.2 percent to 125.32 yen, edging up toward a 34-month high of 127.71 yen hit earlier this month, while the dollar rose 0.6 percent to 94 yen, closer to its highest level since May 2010 of 94.46 hit on February 11.

"Future yen direction will continue to be driven by domestic monetary policy from the Bank of Japan and improving international investor confidence, which are both driving the yen weaker," said Lee Hardman, currency analyst at Bank of Tokyo-Mitsubishi UFJ.

Japanese Prime Minister Shinzo Abe is poised to nominate a new BOJ governor. Sources told Reuters that former financial bureaucrat Toshiro Muto, considered likely to be less radical than other candidates, was leading the field.

Abe said on Monday that buying foreign bonds was a future option for the Bank of Japan, which would entail selling of the yen by the central bank.

The euro was also rising against the dollar, gaining 0.1 percent to $1.3375 ahead of address by European Central Bank president Mario Draghi to the region's parliament which may touch on the outlook for the single currency after the G20 meeting.

In European markets, attention was also switching to the release of euro area Purchasing Managers' Indexes for February and German sentiment indices due later in the week, and the upcoming general elections in Italy.

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

Concerns over an inconclusive outcome in Italian elections at the end of the week added to the weaker sentiment as a fragmented parliament could hamper a future government's reform efforts.

The worries about the outlook for Italy were encouraging investors back into safe have German government bonds on Monday, with 10-year Bund yields easing 3.6 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 near term.

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 company to report a weaker-than-expected quarterly profit, sending its shares to lowest level in nearly a month.

The 5 percent drop in price for shares in the world's fourth biggest brewery helped send the FTSEurofirst 300 index <.fteu3> of top European shares down 0.4 percent in morning trade. Germany's DAX <.gdaxi>, the UK FTSE <.ftse> and France's CAC-40 <.fchi> were all also slightly weaker. <.l><.eu/>

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

U.S. stock futures were barely changed and are expected to stay little changed as Wall Street will be closed on Monday for the Presidents' Day holiday. <.n/>

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

Data from EPFR Global, a US-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, had kept activity subdued, with worries about the euro zone economy weighing on sentiment.

Copper, for which China is the world's largest consumer, fell 0.8 percent to $8,135 a metric ton (1.1023 tons) on the London futures market.

Gold rebounded by 0.3 percent from a six-month low to be $1,614 an ounce as jewelers in China returned to the physical market after the Lunar New Year holiday.

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

U.S. crude fell 20 cents to $95.66 a barrel but Brent inched up two cents $117.86.

(Reporting by Richard Hubbard; editing by Philippa Fletcher)

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Danica Patrick wins pole for NASCAR's Daytona 500

DAYTONA BEACH, Fla. (AP) — Danica Patrick is at her best in the spotlight.

Good thing, too, because she's going to be there all week.

Patrick won the Daytona 500 pole Sunday, becoming the first woman to secure the top spot for any race in NASCAR's premier circuit. It's by far the biggest achievement of her stock-car career. She's braced for the attention that will follow.

"I think when pressure's on and when the spotlight's on, I feel like it ultimately ends up becoming some of my better moments and my better races and better results," Patrick said. "I just understand that if you put the hard work in before you go out there that you can have a little peace and a little peace of mind knowing that you've done everything you can and just let it happen."

Patrick, who taped interviews Sunday with CNN, ESPN and Good Morning America, was the first woman to lead laps in the Indianapolis 500. She finished third in 2009, the highest finish in that illustrious race for a woman. And she became the only woman to win an IndyCar race when she did it in Japan in 2008.

Her latest stamp in the history books came with a lap at 196.434 mph around Daytona International Speedway. Patrick went out eighth in the qualifying session, then had to wait about two hours as 37 fellow drivers tried to take her spot.

Only four-time Cup champion Jeff Gordon even came close to knocking her off the pole. Gordon was the only other driver who topped 196 mph in qualifying. He locked up the other guaranteed spot in next week's season-opening Daytona 500.

"It's great to be a part of history with Danica being on the pole," said Gordon, who joked that at least he was the fastest guy. "I think we all know how popular she is, what this will do for our sport. Congratulations to her. Proud to be on there with her."

The rest of the field will be set in duel qualifying races Thursday.

However the lineup unfolds, all drivers — including boyfriend Ricky Stenhouse Jr. — will line up behind Patrick's No. 10 Chevrolet SS.

"I was brought up to be the fastest driver, not the fastest girl," she said. "That was instilled in me from very young, from the beginning. Then I feel like thriving in those moments, where the pressure's on, has also been a help for me. I also feel like I've been lucky in my career to be with good teams and have good people around me. I don't think any of it would have been possible without that.

"For those reasons, I've been lucky enough to make history, be the first woman to do many things. I really just hope that I don't stop doing that. We have a lot more history to make. We are excited to do it."

Even before her fast lap, Patrick had been the talk of Speedweeks. Not only did she open up about her budding romance with Stenhouse — Patrick officially filed to end her seven-year marriage to 47-year-old Paul Hospenthal in January — but she was considered the front-runner for the pole after leading practice sessions Saturday.

Now, she will garner even more hype.

"That's a huge accomplishment," team owner and fellow driver Tony Stewart said. "It's not like it's been 15 or 20 years she's been trying to do this. It's her second trip to Daytona here in a Cup car. She's made history in the sport. That's stuff that we're proud of being a part of with her. It's something she should have a huge amount of pride in.

"It's never been done. There's only one person that can be the first to do anything. Doesn't matter how many do it after you do, accomplish that same goal. The first one that does always has that little bit more significance to it because you were the first."

The result surely felt good for Patrick, especially considering the former IndyCar driver has mostly struggled in three NASCAR seasons. Her best finish in 10 Cup races is 17th, and she has one top-five in 58 starts in the second-tier Nationwide Series.

She raced part-time in 2010 and 2011 while still driving a full IndyCar slate. She switched solely to stock cars last season and finished 10th in the Nationwide standings.

She made the jump to Sprint Cup this season and will battle Stenhouse for Rookie of the Year honors.

Starting out front in an unpredictable, 500-mile race doesn't guarantee any sort of result, but securing the pole will put her in the limelight for at least the rest of the week.

"I don't think about Danica as a female race-car driver," defending Cup champion Brad Keselowski said. "I think of her as a rookie and someone that hasn't won races or proved that she is competitive."

Patrick won the pole at Daytona for last year's Nationwide race.

But this is considerably different, significantly bigger.

The previous highest female qualifier in a Cup race was Janet Guthrie. She started ninth at Bristol and Talladega in 1977.

"It's obviously a history-making event that will last a long, long time," Guthrie said, praising Patrick's feat. "It's a different era, of course. Different times. I can't imagine what I would do with a spotter or somebody telling me how to drive. It's rather a different sport now. Back then, there was a much greater difference from the front of the field to the back."

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