Brent holds near $111 on US fiscal uncertainty; Japan supports

SINGAPORE (Reuters) – Brent crude held near $ 111 per barrel on Thursday as jittery investors stayed on the sidelines with a deadline to avert a U.S. fiscal crisis approaching, while hopes the new Japanese government’s policies will spur demand supported prices.

U.S. President Barack Obama and Republican lawmakers resumed talks on Wednesday over the so-called fiscal cliff – tax hikes and spending cuts slated to take effect next week that could push the economy back into recession.

“There is no easy way to resolve the U.S. fiscal cliff, but there should be a compromise at some point and that’s what the market is looking for,” said Tetsu Emori, a commodity fund manager at Astmax in Tokyo.

Front-month Brent futures slipped 16 cents to $ 110.91 per barrel at 0501 GMT, giving up some of the previous session’s 2 percent gain.

Brent may face some resistance between $ 112 and $ 113 before falling towards $ 102.7 over the next three months, according to Wang Tao, Reuters market analyst for commodities and energy technicals.

U.S. crude dropped from a nine-week high reached on Wednesday, shedding 6 cents to $ 90.92.

Oil futures rose in early Asian trade, taking a cue from Japanese stocks, which were at an 18-month high after the country’s new prime minister said beating deflation in the world’s No. 3 oil consumer and taming a strong yen were his top priorities.

“There are hopes that the aggressive fiscal policies will help Japan get out of deflation and, as it is an importer of commodities, that’s a positive for oil markets,” Emori said.

The government will pursue bold monetary policy, flexible fiscal policy and a growth strategy to encourage private investment, Prime Minister Shinzo Abe said on Wednesday .

CLIFFHANGER

The White House and Republicans are still far apart, as hopes for legislation to prevent the U.S. economy from tumbling off the fiscal cliff switch to the Senate.

Democrats control a majority in that chamber but still need some support from Republicans across the aisle for a likely attempt to raise taxes on the wealthy.

Obama will try to revive budget crisis talks – which stalled last week – when he returns to Washington on Thursday after cutting short his Christmas holiday in Hawaii.

“While markets have vacillated between optimism and pessimism over the prospects for a compromise, we expect a deal only at the last minute, with lots of decisions delayed into the New Year and austerity of roughly 2 percent of GDP,” Bank of America-Merril Lynch analysts said in their weekly report.

Worries about supplies from the Middle East rose once more after security forces in the United Arab Emirates arrested a cell of UAE and Saudi Arabian citizens which they said was planning to carry out militant attacks in both countries and other states.

The region holds some of the world’s largest oil fields and as a result any unrest in the area triggers supply concerns.

Oil futures may rise in the first quarter of 2013 with the global economy showing early signs of a pick-up, and on expectations that the fiscal crisis will be resolved.

Encouraging economic data from China, aggressive action by the European Central Bank to help its economies, and quantitative easing by the U.S. Federal Reserve together brighten the outlook for oil in the near-term.

U.S. crude could rise to $ 100 per barrel and Brent may test $ 120 by the end of March, said Emori.

Also supporting prices are expectations that U.S. crude stockpiles may have decreased last week as refiners kept inventory low for year-end tax purposes.

Crude stocks may have dropped by 1.9 million barrels in the week ended Dec 21, a Reuters poll showed on Wednesday.

Inventory data from the American Petroleum Institute will be released on Thursday, while numbers from the Energy Information Administration will be out on Friday, a day later than usual, because of the Christmas holiday.

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CD rates for Dec. 27, 2012

• 0.28% (1-year CD yields)


• 0.9% (5-year CD yields)

This week, long-term maturities slipped in Bankrate’s survey of rates on certificates of deposit.

The average one-year CD yield is 0.28 percent for the second week. The average five-year yield is down 1 basis point to 0.9 percent. A basis point is one-hundredth of 1 percentage point.

For deposits of $ 100,000, the average one-year jumbo CD yield is unchanged at 0.31 percent. The five-year jumbo yield is down 1 basis point to 0.91 percent.

The average money market account yield is 0.11 percent for the 10th straight week.

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Stock futures signal steady open

PARIS (Reuters) - U.S. stock index futures pointed to a steady open on Wall Street on Thursday, with futures for the S&P 500 up 0.04 percent, Dow Jones futures up 0.05 percent and Nasdaq 100 futures down 0.02 percent at 0941 GMT.

European shares rose early on Thursday in their first trading session following the Christmas break, with investors focusing on Washington's last-ditch efforts to avoid a damaging bout of fiscal tightening next year. <.eu/>

Efforts to prevent the U.S. economy from going over its 'fiscal cliff' resumed on Wednesday with less than a week to go before the potentially disastrous tax hikes and spending cuts kick in.

In a sign that there may be a way through the deadlock in Congress, Republican House of Representatives Speaker John Boehner offered to at consider any bill the Democrat-controlled Senate produced. President Barack Obama will try to revive budget crisis talks when he returns to Washington on Thursday after cutting short his Christmas break.

U.S. stocks fell on Wednesday, dragged lower by retail stocks after a report showed consumers spent less in the holiday shopping season than last year.

The 2012 holiday season may have been the worst for retailers since the 2008 financial crisis, with sales growth far below expectations, forcing many to offer massive post-Christmas discounts in hopes of shedding excess inventory.

The Dow Jones industrial average <.dji> slipped 24.49 points, or 0.19 percent, to 13,114.59 at Wednesday's close. The Standard & Poor's 500 Index <.spx> shed 6.83 points, or 0.48 percent, to 1,419.83. The Nasdaq Composite Index <.ixic> dropped 22.44 points, or 0.74 percent, to 2,990.16.

(Reporting by Blaise Robinson; Editing by John Stonestreet)

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James leads Heat over Thunder in Finals rematch

MIAMI (AP) — Kevin Durant and Russell Westbrook combined to score 54 points, more than any set of teammates had managed in a game against Miami all season.

Oklahoma City needed them to score at least three more.

That didn't happen, and an NBA Finals rematch went just as last year's title series did — to the Heat.

LeBron James had 29 points, nine assists and eight rebounds, Dwyane Wade scored 21, and the Heat survived a frantic finish to beat the Thunder 103-97 on Tuesday night, a game where Durant and Westbrook both missed potential tying 3-pointers in the final seconds.

"A great game to play," Thunder coach Scott Brooks said, "and a great game to coach."

For the Heat, it was just a little greater.

Mario Chalmers scored a season-high 20 for the Heat, who were 19 for 19 from the foul line, the second-best effort in franchise history behind only a 30-for-30 game in Boston on March 24, 1993. Chris Bosh added 16 points for Miami, which has beaten the Thunder five straight times dating to last June's title series.

"Felt a little bit like a different month," Heat coach Erik Spoelstra said. "Regardless of what your script is coming into the game, when you play this team, it's not going to go according to script. They're too good."

It's the first losing streak of the season for the Thunder, who had been 4-0 after losses. Serge Ibaka and Kevin Martin each scored 15 for Oklahoma City.

The game had a little of everything — a fast start by the reigning champions, a one-handed dunk by James on an offensive rebound that will be added to his copious highlight reel, a scrum after a hard foul that led to double-technicals on Wade and Ibaka early in the fourth, an easy rally by the Thunder from an early double-digit deficit, and even workout partners in Durant and James barking back and forth in the final minutes.

Such was the intensity that James slumped over the scorer's table with 1:08 left, exhausted.

"I'm tired as hell right now," James said — and that was more than an hour after the game ended.

With good reason. On an emotional day, there was a wild finish.

Wade lost the ball on an ill-advised, behind-the-back dribble, and the turnover set up Durant for a two-handed dunk that got the Thunder within 96-95 with 44.1 seconds remaining.

Needing a stop on the next trip, the Thunder instead forgot to play defense. Kendrick Perkins and Ibaka both were confused on the ensuing Miami possession, and Bosh was left alone to take a pass from James and throw down a dunk that restored Miami's three-point edge.

"We went over and helped," Durant said. "We just needed to help on the backside. There was miscommunication but we still had a chance to go into overtime."

Two chances, actually.

Oklahoma City got within one when Durant made a jumper over James, but no closer. Ray Allen's two free throws with 15.6 seconds left made it 100-97, and Miami's last three points came from the line. Durant missed a 3-pointer that James contested, Westbrook wound up with a second chance that Wade defended, and the Thunder guard smacked a nearby table arguing that he was fouled.

"Part of the game," Westbrook said.

While the stars were stars, the Heat got help from one unexpected source. Chalmers was making everything, even unintended plays. Allen lost possession on what looked to be a pass to no one, but Chalmers picked up the bouncing ball on the right wing, whirled and made a 3-pointer — putting Miami up 86-79 with 8:14 left.

In the end, that cushion was necessary.

"I got going early," Chalmers said, "and I stuck with it."

The Heat came out flying, opening a quick 13-2 lead after making six of their first seven shots. About all that didn't go right for the Heat early on was James committing a foul, the first time he was called for a personal since Dec. 8.

It happened 4:03 into the game — 254 minutes and 7 seconds of on-court time since his last one — when James fouled Ibaka on a dunk attempt.

Chalmers had 12 points, matching his season high, in the opening quarter alone, and that was also Miami's lead after his layup for a 15-3 edge. When Durant headed to the bench after being called for his second personal, plus a technical, with 2:08 left in the first, the Heat led 27-16.

But even with Durant out, Oklahoma City scored the last eight points of the quarter, six coming from the line. The Thunder shot 17 of the game's first 18 free throws and finished with a 38-19 edge in tries from the stripe.

The Heat were held to two points in the first 5:05 of the third, and the Thunder grabbed the lead for the first time. Durant connected on a baseline jumper while falling out of bounds and getting fouled by James. The resulting free throw gave Oklahoma City a 58-56 edge.

With that, the back-and-forth began, and Miami found a way.

"Both teams really played up to the billing," Wade said. "An excellent basketball game."

NOTES: James scored at least 20 points for the 30th straight regular-season game and 46th overall. ... Wade is 7-1 on Christmas, and James has won six straight on the holiday. ... Miami's Mike Miller became the 48th active player to reach 10,000 points. ... The Thunder have used the same starting lineup for all 27 games. ... James passed Bernard King for 39th on the NBA career scoring list. ... Attendance was 20,300, the largest crowd for a Heat home game since they moved into AmericanAirlines Arena.

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Look to MADD to change gun culture

STORY HIGHLIGHTS

• Candace Lightner: After my daughter was killed by a drunk driver, I started MADD


• Lightner: MADD radically changed our society's view toward drunk driving


• She says those who want to change our gun culture can look to MADD's strategy


• Lightner: Engage the media and harness the support that is pouring in

Editor's note: Candace Lightner is the founder of Mothers Against Drunk Driving.

(CNN) -- When I learned about the tragic shooting at Sandy Hook elementary school, I wept and mourned like many other Americans. I was also reminded of my own daughter's death 32 years ago.

For those parents, families or friends of victims who want to see less guns fall into the hands of potential shooters, my personal journey may help serve as a path for change.

My daughter, Cari, was killed by a multiple repeat offender drunk driver on May 3, 1980. Four days later, I started Mothers Against Drunk Driving. I was shocked to learn that over the past decade, approximately 250,000 people were killed in alcohol-related fatal crashes. At that time, public health professionals considered drunk driving to be the No. 1 killer of Americans between the ages of 15 and 24. Drunk driving seemed like the only socially acceptable form of homicide in this country and the attitude toward perpetrators was benign, if not passive.

Candace Lightner

I also learned that probably nothing would happen to the man who killed my daughter. So I became a grass roots activist. As I found out, grass roots means, "working outside the system to change the inequities within" and activist means, "getting the job done."

I started MADD because I was angry over the injustice of the status quo. Over time, my efforts helped incite others to action. You kick a few pebbles, you turn a few stones, and eventually you have an avalanche. My "kicking a few pebbles" began in my home with the help of my father and a few friends.

Within three years, MADD developed into an international organization with almost 400 chapters worldwide, a staff of 50 employees, 2 million members, thousands of volunteers and an annual budget of more than $12 million.

Initially, we were mothers who lost children, but soon our membership included everyone who believed in our cause. Before long, voices from long forgotten victims who lost loved ones to drunk driving became loud and clear.

It was gratifying to realize that many people, given a chance, wanted the same things I did. Our small grass-roots movement grew into a groundswell that radically changed society's views on drunk driving.

Early on, it became clear that I must seek broad and strategic alliances for MADD to be successful. I turned to law enforcement officials, restaurateurs, legislators and civic organizations. It was only by building broad coalitions of such highly influential constituents that MADD, during my tenure, was able to initiate a sweeping change in public attitudes and laws against drunk driving.

There is another very important factor that helped our cause: the power of media attention. From 1980 to 1983, when MADD was very active, some of the biggest reductions in motor vehicle deaths occurred in large part because of the media attention we were able to generate. Jay Winsten, director of the Frank Stanton Center for Health Communication at the Harvard School of Public Health, said in a New York Times article, "During each high media period, alcohol related fatalities ... fell twice as rapidly as low media periods."

Before MADD, there was little education in the schools about alcohol or impaired driving. The press rarely mentioned alcohol involvement when reporting a crash. Drinking and driving was still legal in many states. Victims of drunk driving had almost no recourse in an apathetic court system more concerned about the rights of the accused. Involvement in the judicial process was discouraged. Victims had no movement to join, little or no legislation to endorse, and no emotional support system where they could share their grief.

The advent of MADD changed all that:

• Governor's task forces on drunk driving were formed in almost every state.

• At our urging, President Ronald Reagan initiated a Presidential Commission on Drunk Driving, and I was a member.

• MADD was the catalyst for SADD, Students Against Drunk Driving, started by my daughter, Serena.

• We aggressively lobbied for state and federal legislation that would raise the legal drinking age to 21, and we pushed for laws that would hold drunk drivers accountable for their crimes.

• Between 1981 and 1986, 729 state laws pertaining to drunk driving were enacted to help reduce alcohol-related traffic fatalities

• Most importantly, hundreds of thousands of lives have been saved because of the grass-roots efforts

Society no longer considers drunk driving socially acceptable. At long last, in many cases, drunk drivers are being forced to accept responsibility for their heinous acts because a fed up public has had enough.

MADD is a good example of how to change society. We didn't give up and neither should those who wish to see a safer world. You can have an impact and you can save lives.

That was the least I could do for my daughter.

I feel the pain for families of those who died at Sandy Hook. For those who want to do something about gun violence, change isn't easy. What is needed is a grass-roots movement similar to MADD that encompasses all aspects of society. To be effective, it must include all the stakeholders involved and reach a consensus that will make implementation -- whether in laws, increased education or other policy changes -- a given.

Ask for a Presidential Commission while the White House is focused on this issue. Don't take no for an answer. Accept each obstacle as a challenge to be overcome. Engage the media and harness the outpouring and support that is pouring in. People need direction. Leadership is key and MADD had that at the local, state and national level. Develop a strategy that people can follow and provide directions and concrete steps that will guarantee successes and keep people motivated. Don't lose the momentum, anger and rage. Now is the time to take action.

Follow us on Twitter @CNNOpinion

Join us on Facebook/CNNOpinion

The opinions expressed in this commentary are solely those of Candace Lightner.

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Britain’s royal family attends Christmas services

LONDON (AP) — Britain‘s royal family is attending Christmas Day church services — with a few notable absences.

Wearing a turquoise coat and matching hat, Queen Elizabeth II arrived at St. Mary Magdelene Church on her sprawling Sandringham estate in Norfolk. She was accompanied in a Bentley by granddaughters Beatrice and Eugenie.

Her husband, Prince Philip, walked from the house to the church with other members of the royal family.

Three familiar faces were missing from the family outing. Prince William is spending the holiday with his pregnant wife Kate and his in-laws in the southern England village of Bucklebury. Prince Harry is serving with British troops in Afghanistan.

Later Tuesday, the queen will deliver her traditional, pre-recorded Christmas message, which for the first time will be broadcast in 3D.

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Egypt’s leader signs contentious constitution into law

CAIRO (Reuters) – Egyptian President Mohamed Mursi has signed into law a new Islamist-drafted constitution he says will help end political turmoil and allow him to focus on fixing the fragile economy.

Anxiety about the deepening economic crisis has gripped Egypt in past weeks, with many people rushing to take out their savings from banks and the government imposing new restrictions to reduce capital flight.

Results announced on Tuesday showed Egyptians had approved the text with an overwhelming 63.8 percent, paving the way for a parliamentary election in about two months.

The win gives Islamists their third straight electoral victory since veteran autocrat Hosni Mubarak was toppled in a 2011 revolution, following their earlier wins in parliamentary and presidential elections.

The presidency said Mursi signed a decree enforcing the charter late on Tuesday after the official announcement of the result of a referendum approving the basic law, Egypt’s first constitution since Mubarak’s overthrow.

The text has sharpened painful divisions in the Arab world’s most populous nation and prompted often violent protests on the streets of Cairo.

Opposition groups condemn the new basic law as too Islamist and undemocratic, saying it could allow clerics to intervene in the lawmaking process and leave minority groups without proper legal protection.

But Mursi, catapulted into power by his Islamist allies, believes adopting the text is key to ending a protracted period of turmoil and uncertainty that has wrecked the economy.

He argues the constitution offers enough protection to all groups, saying many Egyptians are fed up with street protests that have prevented a return to normality and distracted the government from focusing on the economy.

An atmosphere of crisis has deepened in Egypt since the vote, with many Egyptians rushing to take out cash from banks and hoarding hard currency savings at home.

Sharpening people’s concerns, the authorities imposed currency controls to prevent capital flight. Leaving or entering Egypt with more than $ 10,000 cash is now banned.

Rocked by often violent protests in the run up to the two-stage referendum this month, Cairo was calm, with only a small group of protesters burning tires overnight.

Mursi’s government says its opponents are damaging the economy by prolonging political upheaval. It has pledged to impose unpopular tax increases and spending cuts to win a loan package from the International Monetary Fund.

Adding to the government’s long list of worries, Communications Minister Hany Mahmoud resigned from his post citing his “inability to adapt to the government’s working culture”.

The United States, which provides billions of dollars a year in military and other support for Egypt and sees it as a pillar of security in the Middle East, called on Egyptian politicians to bridge divisions and on all sides to reject violence.

“President Mursi, as the democratically elected leader of Egypt, has a special responsibility to move forward in a way that recognizes the urgent need to bridge divisions,” State Department spokesman Patrick Ventrell said.

(Writing by Maria Golovnina; Editing by Jon Boyle)

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Find a new home for IRA from previous employer

Dear Dr. Don,
I rolled over a 401(k) from a former employer back in 2002 when I left for graduate school. I cannot recall how much money was actually rolled over, but the current balance is $ 5,000. I am certain that balance is far less than the amount that initially went into the account. I have not added any additional funds to it in the past 10 years. In fact, they made it somewhat complicated to change the account name after I was married, so everything with this particular individual retirement account, or IRA, rollover has been at a standstill for many years.

I have wanted to move this money elsewhere, such as into a Roth IRA or even into my current employer’s 401(k). Is that allowed? I am uncertain what the best course of action is and would like to know what you recommend. Please advise.
– Janet Juncture

Dear Janet,
If you’ve never completed the name change on the account, then you should take on that task again. The reason why I say that is the new account has to have the same name as the old account. Accomplish that task, and the money can be moved to another retirement account quite easily.

Then you have to decide between rolling it into a traditional IRA or a Roth IRA, or investing it in your current company’s 401(k) plan. A Roth IRA allows people to withdraw money in retirement tax-free.

Choosing which course to take depends on the investment options available in your 401(k) plan and the fees and expenses you’ll pay in investing the money in the different types of accounts. If you can find an inexpensive Roth IRA or traditional IRA, I lean toward those options because you have more investment choices. Others lean toward the convenience of having the money incorporated into their company’s 401(k) plan.

Part of the decision about whether to convert the money into a Roth IRA is your current marginal federal income tax bracket and your expected tax bracket in retirement. Another factor is whether or not you can afford to pay the income tax due from money other than the $ 5,000 account balance. If you can, that helps point to the decision to use the Roth IRA. There’s a host of Roth conversion calculators on the Internet that can help you make your decision, including one on Bankrate.com.

To ask a question of Dr. Don, go to the “Ask the Experts” page and select one of these topics: “Financing a home,” “Saving & Investing” or “Money.” Read more Dr. Don columns for additional personal finance advice.

Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrate’s Terms of Use.

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Yen falls, Nikkei surges as Japan gets a new government

TOKYO (Reuters) - The yen fell to a 20-month low against the dollar on Wednesday, buoying the benchmark Nikkei stock average to nine-month highs, as Japan swore in a new prime minister eager to pursue drastic stimulus steps to drive the country's economy out of deflation.

Asian shares and other assets were capped in thin holiday trade, with investors focusing on the fate of U.S. negotiations to avert a budget crunch looming at the end of the year.

Markets in Singapore <.ftsti>, Malaysia <.klse>, Indonesia <.jkse>, the Philippines <.psi> and South Korea <.ks11> reopened on Wednesday after closing on Tuesday for the Christmas holiday.

Hong Kong and Australia remain closed on Wednesday. Europe also will not trade, but U.S. markets reopen later in the day.

MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> was little changed. Shanghai shares <.ssec> were flat, but stayed in positive territory on the year after a 2.5 percent jump on Tuesday erased 2012 losses. It is set for a first annual gain in three years. South Korean shares <.ks11> ended nearly flat.

Shinzo Abe, whose party won a landslide victory in an election earlier this month, was elected Japan's premier on Wednesday. Abe, who is expected to appoint his cabinet later Wednesday, is calling for a mix of aggressive monetary policy easing and big fiscal spending to beat deflation and rein in the strong yen.

He has kept up pressure on the Bank of Japan to be more drastic and adopt a 2 percent inflation target to beat deep-rooted deflation, pushing the yen to a 20-month low of 85.38 yen on trading platform EBS on Wednesday. Traders eyed the dollar's 2011 high of 85.53 yen as the next target.

The euro rose as high as 112.55 yen on EBS, just below its 16-month high of 112.59 yen hit on December 19.

The weaker yen has bolstered hopes for better earnings from Japanese companies and underpinned the Nikkei, which has gained some 18 percent since mid-November when the election was scheduled, fuelling expectations for Abe's party to win. The yen has lost nearly 8 percent against the dollar in the same period.

The Nikkei <.n225> closed at a nine-month high with a 1.5 percent gain. <.t/>

"Most foreign funds have added Japanese shares and there are fewer participants today, but there still is a reason for the Nikkei to rise," said Hideyuki Okoshi, general manager at Chibagin Securities. "Not only exporters but investors are buying other stocks which could benefit under the new government."

Japanese government debt prices fell, with the 10-year bond futures hitting a three-month low of 143.65 in active trade. Ten-year JGB yields rose 1.5 basis points to 0.780 percent, matching a six-week high hit on December 19.

"We continue to see equities going high, so the pressure is on the long end of the JGB curve. For the short end of the curve, we continue to see the BOJ ease aggressively, so there is no change in that," said Tadashi Matsukawa, head of Japan fixed income at PineBridge Investments.

Minutes of the BOJ's policy-setting meeting in November, released on Wednesday, showed that some board members said the central bank must act decisively, without ruling out any policy options, if the outlook for the economy and prices worsens further.

"FISCAL CLIFF" RISK

The dollar was expected to stay firm this week as the U.S. fiscal impasse is likely to continue to sap investor appetite for risky assets and raise the dollar's safe-haven appeal.

Ten-year U.S. Treasury notes held steady in price to yield roughly 1.776 percent in Asia, little changed from late U.S. trade on Monday. The U.S. bond market was closed on Tuesday for Christmas.

"I think there is about a 50 percent chance of the cliff being avoided at the year-end through an agreement of some kind, even if it turns out to be just a short-term postponement," said Tomoaki Shishido, a rate analyst for Nomura Securities in Tokyo.

A U.S. official said on Tuesday that President Barack Obama may return to Washington from his Hawaiian holiday as early as Wednesday evening to address the unfinished negotiations over the "fiscal cliff" of some $600 billion in automatic spending cuts and tax increases set to start on January 1.

If the United States falls off the fiscal cliff, economists warn that the world's largest economy could plunge into recession and drag global economies down as well.

Data out of Asia on Wednesday underscored fragile global growth.

Exports in Thailand, Southeast Asia's second-largest economy, rose nearly 27 percent in November from a year ago, but that reflected recovery from flooding in late 2011 and not growth in global demand.

South Korea's key consumer sentiment index held steady in December from November and stood below the neutral point for a fifth consecutive month, diminishing hopes of a quick economic rebound.

Gold edged lower on Wednesday on uncertainty over the fiscal cliff, but a weaker yen sparked a rally in bullion futures on the Tokyo Commodity Exchange (TOCOM).

Brent crude climbed above $109 per barrel on Wednesday in thin trade, with investors hoping for a last-minute deal to avoid a U.S. fiscal crisis. U.S. crude futures also inched up 0.4 percent to $88.94.

(Additional reporting by Ayai Tomisawa and Dominic Lau in Tokyo and Masayuki Kitano in Singapore; Editing by Richard Borsuk)

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Pagano back to coach Colts after cancer treatment

INDIANAPOLIS (AP) — Chuck Pagano stepped to the podium Monday, hugged his team owner, thanked his family for its support and wiped a tear from his eye.

He might, finally, turn out the lights in his office, too.

Nearly three months to the day after being diagnosed with leukemia, the Colts' first-year coach returned to a team eager to reunite with a boss healthy enough to go back to work.

"I told you my best day of my life was July 1, 1989," Pagano said, referring to his wedding date. "Today was No. 2. Getting to pull up, drive in, get out of my car, the key fob still worked. I was beginning to question whether it would or not. When I asked for Bruce to take over, I asked for him to kick some you-know-what and to do great. Damn Bruce, you had to go and win nine games? Tough act to follow. Tough act to follow. Best in the history of the NFL. That's what I have to come back to."

The comment turned tears into the laughter everyone expected on such a festive occasion.

For Pagano and the Colts, Monday morning was as precious as anyone could have imagined when Pagano took an indefinite leave to face the biggest opponent of his life, cancer.

In his absence, all the Colts was win nine of 12 games, make a historic turnaround and clinch a playoff spot all before Sunday's regular-season finale against Houston, which they pegged as the day they hoped to have Pagano back. If all goes well at practice this week, Pagano will be on the sideline for the first time since a Week 3 loss to Jacksonville.

Pagano endured three rounds of chemotherapy to put his cancer in remission.

That Pagano's return came less than 24 hours after Indy (10-5) locked up the No. 5 seed in the AFC and the day before Christmas seemed fitting, too.

"I know Chuck is ready for this challenge. In speaking to his doctor multiple times, I know that the time is right for him to grab the reins, get the head coaching cap on and begin the journey," owner Jim Irsay said. "It's been a miraculous story. It really is a book. It's a fairytale. It's a Hollywood script. It's all those things but it's real."

The reality is that he's returning to a vastly different team than the one he turned over to Arians, his long-time friend and first assistant coaching hire.

Back then, the Colts were 1-2 and most of the so-called experts had written them off as one of the league's worst teams. Now, they're ready to show the football world that they can be just as successful under Pagano as they were under Arians, who tied the NFL record for wins after a midseason coaching change.

Pagano also has changed.

The neatly-trimmed salt-and-pepper hair and trademark goatee that were missing in November have slowly returned, and the thinner man who appeared to be catching his breath during a postgame speech in early November, looked and sounded as good as ever Monday.

He repeatedly thanked fans for their prayers and letters, the organization and his family for their unwavering help and promised to provide comfort and support to other people who are facing similar fights. During one poignant moment that nearly brought out tears again, Pagano even recounted a letter sent to him by a 9-year-old child who suggested he suck on ice chips and strawberry Popsicles in the hospital and advised him to be nice to the nurses regardless of how he felt — and he never even paused.

"I feel great, my weight is back, my energy is back and again, it's just a blessing to be back here," Pagano said.

In the minds of Colts players and coaches, Pagano never really left.

He continually watched practice tape and game film on his computer, used phone calls and text messages to regularly communicate with players and occasionally delivered a pregame or postgame speech to his team.

"He texted me and called me so much, it was like he was standing there in my face every day," said receiver Reggie Wayne, who has been friends with Pagano since the two were working together at the University of Miami.

But the Colts found plenty of other ways to keep Pagano's battle in the forefront.

They began a fundraising campaign for leukemia research, calling it Chuckstrong. Players had stickers with the initials CP on their locker room nameplates, and Arians wore an orange ribbon on his baseball cap during games. Orange is the symbolic color for leukemia. At one point, nearly three dozen players shaved their heads to show their ailing coach they were with him.

That's not all.

Arians and first-year general manager Ryan Grigson decided to leave the lights on in Pagano's office until he returned. Pagano noted the team even installed plastic clips to make sure those lights were not mistakenly turned off while he was gone. Those clips were removed when Pagano arrived Monday morning.

And Arians said nobody sat in the front seat of the team bus.

"He's always been our head coach," Arians said.

So after getting medical clearance from his oncologist, Dr. Larry Cripe, to return with no restrictions, Pagano couldn't wait to get to the office Monday morning.

Arians arrived at 7 a.m., three hours early for the scheduled team meeting. By then, Pagano had already driven past the inflatable Colts player with the words "Welcome Back Chuck" printed on its chest and was back in his office preparing for the Texans.

Players showed up a couple of hours later, and when the torch was passed from Arians back to Pagano, players gave their returning coach a standing ovation that Wayne said was well-deserved.

All Pagano wants to do now is emulate the success Arians and his players have had this season.

"I asked him (Arians) if he would lead this team and this ballclub and this organization and take over the reins," Pagano said. "What a masterful, masterful job you did Bruce. You carried the torch and all you went out and did was win nine ballgames. You got us our 10th win yesterday and you got us into the playoffs. You did it with dignity and you did it with class. You're everything that I always knew you were and more."

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