Global shares, oil fall, but growth prospects limit falls

LONDON (Reuters) - World stocks and oil prices eased on Monday as some investors booked profits after last week's strong rally, but signs of a brightening global economic growth outlook limited the falls.

Data from the United States on Friday showed employers kept up a steady pace of hiring in December and its vast services sector was expanding at a brisk rate, while manufacturing surveys last week pointed to a pick up in China.

This compounded the boost to markets from the last-minute deal to avert a U.S. fiscal crisis reached at the start of the year, at least for the moment.

"Overall, the market's positive trend is still intact," said Lionel Jardin, head of institutional sales at Assya Capital in Paris. "The (stock) market is ripe for a pause, but with so much cash on the sidelines, there are a lot of buyers showing up each time we have a dip."

After touching a 22-month peak last week, the FTSE Eurofirst <.fteu3> index of top European shares was down 0.2 percent at 1,164 points. The UK's FTSE 100 index <.ftse> was down 0.25 percent, Germany's DAX index <.gdaxi> fell 0.4 percent, and France's CAC 40 <.fchi> eased 0.5 percent.

Asia-Pacific shares outside Japan <.miapj0000pus>, which reached their highest levels since August 2011 on Thursday, eased 0.1 percent, while Tokyo's Nikkei share average <.n225> ended down 0.8 percent, just below a 23-month high.

MSCI's broad world equity index <.miwd00000pus> had dipped 0.1 percent but wasn't far from an 18-month peak scaled when investors returned to the market after an immediate U.S. fiscal crisis was averted.

Financial shares outperformed the broader market after global regulators agreed to give banks four more years and greater flexibility to build up cash buffers so they can use some of their reserves to help economies grow.

The STOXX 600 European banking index <.sx7p> was up by 1.5 percent to 172.58 points.

"The move gives the banking sector some breathing space, which would be good for the economy as a whole," said Koen De Leus, senior economist at KBC Group.

U.S. stock index futures point to a weaker open on Wall Street later as buyers take a breather after they pushed the benchmark Standard & Poor's 500 index <.spx> to a five-year high on Friday in the wake of the jobs report. <.n/>

Brent crude oil futures slipped 40 cents to $110.89 per barrel after rising 0.6 percent last week.

ECB LOOMS

Investors were beginning to look to the first policy meetings of the year at the European Central Bank and Bank of England on Thursday, when no rate moves are expected but new euro zone forecasts are due.

Some analysts expect the ECB to point to the prospect of easier rates early this year, a week after the U.S. Federal Reserve indicated it may pursue less accommodative policies in future. The Bank of Japan is also expected to take major steps to stimulate the country's economy later this month as the new government aims to end deflation and recession.

The possibility of less monetary stimulus in 2013 from the Fed and more from the BOJ sent the dollar to a two-and-a-half year peak against the yen last week. However, profit taking saw it pull back on Monday by 0.5 percent to 87.75 yen.

The euro eased 0.2 percent to $1.3040 but was trading above a three-week low of $1.2998 hit on Friday. Analysts said it could stay around these levels until the ECB meeting.

DEBT STEADIES

In the European bond markets, investors scooped up German government bonds after their steep falls last week as expectations changed over the Fed's next move.

Ten-year German cash yields were 2.2 basis points lower on the day at 1.523 percent. Other euro zone bond yields were steady to slightly higher as traders awaited debt auctions by Spain and Italy later in the week.

U.S. Treasury 10-year notes were mostly steady at 1.90 percent after reaching 1.975 percent on Friday in a sell-off fuelled by the expectations of less easy monetary policy this year.

Further moves are likely to be limited due to sales of three-year notes on Tuesday, 10-year notes on Wednesday and 30-year bonds on Thursday.

Gold was off its lows of last week but in line with equities and oil had eased slightly. Spot gold was down 0.15 percent $1,653.50 an ounce though above Friday's $1,625.79, its lowest price since August.

(Additional reporting by Blaise Robinson and Atul Prakash,; editing by David Stamp)

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Packers show off depth in 24-10 win over Vikes

GREEN BAY, Wis. (AP) — Deep on offense and scary-good on defense, the Green Bay Packers were way too much for the Minnesota Vikings.

Maybe everyone else in the NFC, too.

Aaron Rodgers, Charles Woodson and the Packers reminded everyone of how dangerous they can be when they're at full strength Saturday night, overwhelming the Vikings 24-10 in an NFC wild-card game that was never really close.

"Our defense played great," Rodgers said. "Our defense tonight played at a championship level and that's what you need in the playoffs."

John Kuhn scored two touchdowns, DuJuan Harris added another and Rodgers connected with an NFL playoff-record 10 receivers as he threw for 274 yards in his first playoff victory at home. Defensively, the Packers (12-5) finally managed to contain Adrian Peterson and were all over Vikings backup Joe Webb, pressed into service because of Christian Ponder's triceps injury.

Peterson was held to 99 yards — an improvement after gaining 199 and 210 in the first two games against Green Bay. It was only the second time in the last 11 games that he was held below 100 yards. Webb, who hadn't thrown a pass all season, was sacked three times and off target all night. His only highlight was a 50-yard scoring pass to Michael Jenkins late in the fourth quarter, but it was far too late for the Vikings (10-7).

"No disrespect to Ponder, but ... it's about one guy and that's Adrian Peterson," said Woodson, who played his first game since breaking his right collarbone Oct. 21. "Our main focus, whether it was Ponder or Webb, was to keep 28 (Peterson) from getting off. And if we were going to keep him from getting off, put the ball in the quarterback's hands, whatever quarterback it was, we felt good about what was going to happen."

With a little over a minute left, Packers fans began taunting the Vikings (10-7) with chants of "Nah-nah-nah-nah ... goodbye." The win snapped a two-game losing streak at Lambeau Field in the playoffs, and sent the Packers to San Francisco next Saturday for an NFC divisional game with the 49ers. The teams met in the season opener, with San Francisco winning 30-22.

"A lot has happened since we played San Francisco," Packers coach Mike McCarthy said. "We're a different team."

This was the third game in six weeks between Green Bay and the Vikings, and second in six days. The Packers' loss in Minnesota last weekend cost them the No. 2 seed in the NFC, along with a bye this weekend, and left them looking — dare we say it? — vulnerable going into the playoffs. But with Woodson back and Rodgers having all four of his top receivers for, essentially, the first time since Sept. 30, Green Bay looked like a team that could make the kind of deep run it did two years ago when it won the Super Bowl.

Rodgers used so many different options other NFL quarterbacks must have been drooling. He went with Harris on Green Bay's first scoring drive, mixed it up between James Jones, Tom Crabtree and Greg Jennings on the second, and had 22- and 23-yard completions to Jordy Nelson before Kuhn scored on a 3-yard run that put the Packers up 17-3 just before the half.

And pretty much everyone got in on the fun on the last score, a 12-play, 80-yard drive that chewed up more than 5 ½ minutes. Rodgers connected with Jones on a 19-yard completion to put the Packers in Packers territory, then connected with Harris for 14 yards two plays later to reach the red zone. Rodgers threw incompletes on second and third downs, but just when the Packers thought they'd have to settle for a field goal, the Vikings were whistled for 12 men on the field, giving Rodgers another crack at the end zone.

He found Kuhn for the 9-yard score, and the game was all but over.

"That was tough. We were down seven and they went and scored and they were coming out of the half, too, getting the ball, too, and they got it and scored again," Antoine Winfield said. "Can't do that against the Green Bay Packers."

Harris, who didn't play in the first game against Minnesota this season because he'd only been elevated from the practice squad a day earlier, led the team in receiving (five catches for 61 yards) and rushing (47 yards on 17 carries). Jennings and Jones had four catches each and Nelson had three before hobbling off late in the fourth quarter.

"We have some stuff to work on," Rodgers said. "We've got to help our defense out more, close a team out like that. Tough test next week back in San Francisco."

Hey, at least the Packers are still playing. That's more than the Vikings can say.

Ponder was hurt last weekend when Morgan Burnett slammed into him on a blitz. Though initially thought to be an elbow injury, Ponder said it was actually a deep bruise in his right triceps. It limited his flexibility along with his power and, though it is better, there simply wasn't enough time to recover with the short, six-day turnaround.

After testing the arm before the game, the Vikings decided to go with Webb, whose only playing time this year was a couple of handoffs at the end of a blowout of Tennessee in early October.

"I can play with pain. The biggest thing is the loss of flexibility," Ponder said. "I couldn't get the ball in the position to where I could throw it normally and lost a lot of power and everything. It wouldn't have been wise to play."

It was the first time Buffalo's Frank Reich in 1993 a quarterback had started a playoff game after not starting during the regular season, according to STATS Inc. And, in the first series at least, he seemed to have caught the Packers off guard. That or they were too busy trying to bottle up Peterson, who bulldozed them for 409 yards in their first two games, to pay attention.

With what seemed like every Packers defender focused on Peterson, Webb converted a third-and-3 with a 17-yard pickup. His 5-yard run four plays later put the Vikings at the Green Bay 13. But Webb's first pass of the night went into the ground, and the Vikings were forced to settle for Blair Walsh's 33-yard field goal that gave them a 3-0 lead.

But the Packers quickly settled down and Webb and the Vikings never stood a chance. Especially with Peterson not allowed to roam free as he's done against the Packers in the past.

"The energy level was at an all-time high," Woodson said. "This week, like last week, we buzzed around. But this week we made the tackles, we didn't allow (Peterson) to get through the line of scrimmage and get yards after first contact. We just kept putting heat on them. That was the difference."

Notes: With two sacks of Webb, Matthews joined Reggie White as the only Packers to have two or more sacks in two postseason games. ... Minnesota had 157 of its 324 yards in the fourth quarter, when the game was out of hand. ... Kuhn is the only player in the NFL to score a touchdown in each of the last four postseasons. ... Mason Crosby's 20-yard field goal in the second quarter was his sixth straight in the postseason, a Packers record. ... Vikings S Harrison Smith left the game briefly with a left knee injury, but was able to return. Minnesota coach Leslie Frazier said after the game he was fine.

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

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Storm over Depardieu's 'pathetic' move

STORY HIGHLIGHTS

• Russian President Vladimir Putin has bestowed Russian citizenship on actor Gérard Depardieu


• For Depardieu, a public war of words erupted, with many in France disgusted by his move


• Depardieu more than anyone, represents the Gallic spirit, says Agnes Poirier


• Majority of French people disapprove of his action but can't help loving him, she adds

Agnes Poirier is a French journalist and political analyst who contributes regularly to newspapers, magazines and TV in the UK, U.S., France, Italy. Follow her on Twitter.

Paris (CNN) -- Since the revelation on the front page of daily newspaper Libération, on December 11, with a particularly vicious editorial talking about France's national treasure as a "former genius actor," Gérard Depardieu's departure to Belgium, where he bought a property just a mile from the French border, has deeply divided and saddened France. Even more so since, as we have learnt this week, Russian President Vladimir Putin has bestowed the actor Russian citizenship.

Back in mid-December, the French media operated along political lines: the left-wing press such as Libération couldn't find strong enough words to describe Depardieu's "desertion" while right-wing publications such as Le Figaro, slightly uneasy at the news, preferred to focus on President François Hollande's punishing taxes which allegedly drove throngs of millionaires to seek tax asylum in more fiscally lenient countries such as Belgium or Britain. Le Figaro stopped short of passing moral judgement though. Others like satirical weekly Charlie hebdo, preferred irony. Its cover featured a cartoon of the rather rotund-looking Depardieu in front of a Belgian flag with the headline: "Can Belgium take the world's entire load of cholesterol?" Ouch.

Quickly though, it became quite clear that Depardieu was not treated in the same way as other famous French tax exiles. French actor Alain Delon is a Swiss resident as is crooner-rocker Johnny Halliday, and many other French stars and sportsmen ensure they reside for under six months in France in order to escape being taxed here on their income and capital. Their move has hardly ever been commented on. And they certainly never had to suffer the same infamy.

Agnes Poirier

For Depardieu, a public war of words erupted. It started with the French Prime Minister Jean-Marc Ayrault, and many members of his government, showing their disdain, and talking of Depardieu's "pathetic move." In response the outraged actor penned an open letter to the French PM in which he threatened to give back his French passport.

The backlash was not over. Fellow thespian Phillipe Torreton fired the first salvo against Depardieu in an open letter published in Libération, insulting both Depardieu's protruding physique and lack of patriotism: "So you're leaving the ship France in the middle of a storm? What did you expect, Gérard? You thought we would approve? You expected a medal, an academy award from the economy ministry? (...)We'll get by without you." French actress Catherine Deneuve felt she had to step in to defend Depardieu. In another open letter published by Libération, she evoked the darkest hours of the French revolution. Before flying to Rome to celebrate the New Year, Depardieu gave an interview to Le Monde in which he seemed to be joking about having asked Putin for Russian citizenship. Except, it wasn't a joke.

In truth, French people have felt touched to their core by Depardieu's gesture. He, more than anyone, represents the Gallic spirit. He has been Cyrano, he has been Danton; he, better than most, on screen and off, stands for what it means to be French: passionate, sensitive, theatrical, and grandiose. Ambiguous too, and weak in front of temptations and pleasures.

In truth, French people have felt touched to their core by Depardieu's gesture. He, more than anyone, represents the Gallic spirit
Hugh Miles

For more than two weeks now, #Depardieu has been trending on French Twitter. Surveys have showed France's dilemma: half the French people understand him but there are as many who think that paying one's taxes is a national duty. In other words, a majority of French people disapprove of his action but can't help loving the man.

Putin's move in granting the actor Russian citizenship has exacerbated things. And first of all, it is a blow to Hollande who, it was revealed, had a phone conversation with Depardieu on New Year's Day. The Elysées Palace refused to communicate on the men's exchange. A friend of the actor declared that Depardieu complained about being so reviled by the press and that he was leaving, no matter what.

If, in their hearts, the French don't quite believe Depardieu might one day settle in Moscow and abandon them, they feel deeply saddened by the whole saga. However, with France's former sex symbol Brigitte Bardot declaring that she too might ask Putin for Russian citizenship to protest against the fate of zoo elephants in Lyon, it looks as if the French may prefer to laugh the whole thing off. Proof of this: the last trend on French Twitter is #IWantRussianCitizenship.

The opinions expressed in this commentary are solely those of Agnes Poirier.

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French actor Depardieu in Russia to meet Putin

MOSCOW (Reuters) – French film star Gerard Depardieu arrived in Russia on Saturday to meet President Vladimir Putin, who granted him citizenship after a public spat in France over his efforts to avoid a potential 75 percent income tax.

Putin’s spokesman Dmitry Peskov said the two would meet in the Black Sea resort of Sochi, where Putin was spending part of the 10-day New Year and Russian Orthodox Christmas holiday.

He said it was possible Putin would hand Depardieu his Russian passport during the meeting.

“It is a private meeting, we will not be releasing any other details,” Peskov said by phone.

Russian media quoted him as saying the meeting would take place on Saturday. Depardieu’s spokesman could not immediately be reached for comment.

On Thursday, the Kremlin announced that Putin had signed a decree granting Russian citizenship to Depardieu, who objected to Socialist president Francois Hollande’s plan to impose a 75 percent tax rate on millionaires.

Depardieu is a popular figure in Russia, where he has appeared in many advertising campaigns, including for ketchup. He also worked there in 2011 on a film about the eccentric Russian monk Grigory Rasputin.

The star of the movies “Cyrano de Bergerac” and “Green Card” was also among the Western celebrities invited in 2012 to celebrate the birthday of Ramzan Kadyrov, the Kremlin-backed strongman leader of Russia’s Chechnya province who is accused by rights groups of crushing dissent.

Some of Putin’s critics called the passport move a stunt and pointed out that Putin last month announced a campaign to prevent rich Russians keeping their money offshore.

At a press conference on December 20 during which he offered Depardieu a passport, Putin said Russia had a close, special relationship with France and that he had developed warm ties with the actor, even though they had rarely met.

But Moscow suffered a blow in November when it was forced to suspend its bid to build an Orthodox church with five domes in the heart of Paris, whose mayor called the plan “ostentatious”.

Russia has a flat-rate income tax of 13 percent compared to the 75 percent rate that French President Francois Hollande wants to introduce on income over 1 million euros ($ 1.32 million).

Depardieu has already bought a house in Belgium to establish Belgian residency in protest at Hollande’s tax plans.

Hollande’s original proposal was struck down by France’s Constitutional Court in December, but he has pledged to press ahead with a redrafted tax on the wealthy.

French Prime Minister Jean-Marc Ayrault called Depardieu’s decision to seek Belgian residency “pathetic” and unpatriotic, prompting an angry reply from the actor.

Russia does not require people to hand in their foreign passports once they acquire a Russian one. But it is rare for people from the European Union or the United States to seek Russian citizenship unless they have recent Russian roots.

(Additional reporting by John Irish in Paris; Writing by Gabriela Baczynska and Steve Gutterman; Editing by Kevin Liffey)

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200,000 take child benefit opt-out

5 January 2013 Last updated at 14:18 ET

Some 200,000 people – of 1.2 million – have opted out of receiving child benefit, ahead of changes on Monday.

Treasury Minister David Gauke said that was “slightly above” what was expected.

Families with one parent earning more than £50,000 will lose part of the benefit. It will be fully withdrawn where one parent earns above £60,000.

But unless parents opt out of receiving it by the end of Sunday, higher earners will still get the benefit and will have to pay it back later.

Those parents opting out will no longer receive child benefit – which is tax-free – but will also not be liable for any extra tax.

But for those families who continue receiving the benefit, the higher earner who earns above £50,000 will have to fill in self-assessment forms and pay a new tax. This will not necessarily be the parent receiving child benefit.

The level of tax paid will increase progressively based on how much more than £50,000 that parent earns. It will not be higher than the amount they or their partner would have received in child benefit.

Critics say the change will mean many thousands more people will end up having to fill in self-assessment tax returns, while a children’s charity said the move would come as a “damaging blow” to some families.

In total, fewer than a fifth of parents who are to lose some or all of their child benefit have opted out of receiving the payment.

Labour shadow treasury minister Chris Leslie said this was just a “small fraction” of those affected.

“It could be a very nasty surprise for those families if they perhaps next year discover that they should have opted out by tomorrow night,” he told the BBC News Channel.

He said it was “possibly one of the greatest administrative shambles” the coalition government would preside over during its term in office.

‘Lot of awareness’

Continue reading the main story

If you or your partner get child benefit and either of you has an income of above £50,000 a year you may have to pay more tax from Monday.

The income that counts is confusingly called ‘net-adjusted income’. In fact, it is your gross income before tax from all sources but minus pension contributions, child care vouchers, and gift aid donations.

If you live as a couple it is the higher income that is counted not your joint income.

If that income is more than £50,000, the person who earns it will have to pay a new tax called ‘high income child benefit charge’. It will be collected through self-assessment and you must register with HMRC by 7 October.

If that income is £50,000 to £60,000, the charge will be less than the child benefit received on a sliding scale – at £55,000 it will be 50% of the child benefit received.

If that income is £60,000 or more, the charge will equal the child benefit received. In other words, one partner will get the child benefit but the higher earning partner will pay it all back in the new tax.

Q&A: Child benefit changes

On Friday, leading think tank, the Institute for Fiscal Studies (IFS), warned the policy created “administrative complexities” and could cause “incoherence in the welfare system”.

Speaking on BBC Radio 5 live, Mr Gauke defended the changes, insisting the part of the HM Revenue and Customs (HMRC) website which explains the changes had had around 1.2 million visitors.

He said: “Something like 200,000 people have opted out, which is slightly above what we’d expected at this stage so there does seem to be quite a lot of awareness about it.”

HMRC chief executive Lin Homer agreed the transition was going “smoothly” and officials had written to some 800,000 of the estimated 1.2 million people who will be affected by the changes.

She told BBC Radio 4′s Today programme HMRC had been “proactive” and was already “well ahead of where we expected to be at this point”.

“Because it has worked better than expected, the administration charge of implementing this change we think is only going to be 50% of what we expected,” she added.

However, some families say “opting out” of child benefit is not an option.

‘Penalised by changes’

Anne Longfield, chief executive of 4Children, which runs Sure Start children’s centres, said it undermined the government’s commitment to children and families.

“Hard working families are already worried about how they will accommodate the rising cost of many day to day necessities such as childcare, rail fares and food. Removing their child benefit will be a damaging blow for families already feeling stretched to the limit,” she said.

“Government has difficult decisions to make but families with children should not be on the frontline of cuts once again.”

Nina Ketel, a mother from Cheshire, told BBC News: “I earn only £6,000 a year, but my husband earns just over £50,000 – so we are being penalised by these changes.

“I work part time for the local council so I can fit in child care around my job – I can’t increase my hours.

“We can’t afford to opt out so we will have to fill in the self assessment tax form.”

Tax expert Heather Self said filling in tax returns can often be complex.

“I think people are concerned, not so much about whether this is fair or not, but the way the government’s chosen to do it is almost the most complicated route they could have chosen,” she said.

Child benefit is currently paid at the rate of £20.30 a week for the first child, and then £13.40 a week for each child after that.

It lasts until each child reaches 16, or 18 if they are still in full-time education, and in some cases until they are 20.

Because child benefit is tax-free, it has been suggested that the change for those losing all child benefit is the equivalent of a £4,000 salary cut for families with three children.

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Sudan, South Sudan agree to implement oil deal

ADDIS ABABA, Ethiopia (AP) — The presidents of Sudan and South Sudan agreed Saturday to the unconditional and speedy implementation of deals reached in September to demilitarize their shared borders and allow oil exports to flow from South Sudan’s oil fields north through Sudan’s pipelines, an African Union official said.

Sudan President Omar al-Bashir and South Sudan President Salva Kiir met on Friday and Saturday in Ethiopia’s capital to revive a stalled oil exportation deal that has lagged for months over disputes on the setup of security arrangements in the border regions.

AU mediator Thabo Mbeki told reporters late Saturday that the two presidents agreed to the “speedy, unconditional and coordinated” implementation of the agreements.

“We are very, very pleased indeed with the outcome of this because it has indeed opened the way for the implementation of all of these various agreements,” said Mbeki. “They have also agreed that action should be taken immediately, as soon as possible, to implement all the existing agreements unconditionally.”

AU mediators will present officials of the two sides the timetable for oil exports and the withdrawal of military forces from border areas. The schedule will be ready by Jan. 13, Mbeki said.

“The presidents agreed that steps should be taken without any further delay to demarcate those parts of the border which have been agreed,” said Mbeki.

Ethiopian Prime Minister Hailemariam Desalegn hailed the two leaders’ agreements. Hailemariam last week went to both capitals to help move the process forward. The two sides fought a decades-long war and still don’t trust each other. South Sudan alleged that Sudan carried out attacks against its territory even when Hailemariam was in the Sudanese capital Khartoum.

The two sides are still at odds over some disputed areas, including the contested Abyei region.

South Sudan chief negotiator Pagan Amum on Friday said that in case of disagreements over the recommendation of the mediators, his country is proposing to go to binding international arbitration. There was no agreement on the issue during the summit and AU officials say how the two sides would proceed in such events remains open ended.

South Sudan held a vote and broke away from Sudan in 2011. South Sudan was pumping its oil through Sudan’s pipelines up until early 2012, when it accused Sudan of stealing its oil. That decision has crippled government budgets in both countries.

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"Cliff" concerns give way to earnings focus

NEW YORK (Reuters) - Investors' "fiscal cliff" worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way next week.

Financial results, which begin after the market closes on Tuesday with aluminum company Alcoa , are expected to be only slightly better than the third-quarter's lackluster results. As a warning sign, analyst current estimates are down sharply from what they were in October.

That could set stocks up for more volatility following a week of sharp gains that put the Standard & Poor's 500 index <.spx> on Friday at the highest close since December 31, 2007. The index also registered its biggest weekly percentage gain in more than a year.

Based on a Reuters analysis, Europe ranks among the chief concerns cited by companies that warned on fourth-quarter results. Uncertainty about the region and its weak economic outlook were cited by more than half of the 25 largest S&P 500 companies that issued warnings.

In the most recent earnings conference calls, macroeconomic worries were cited by 10 companies while the U.S. "fiscal cliff" was cited by at least nine as reasons for their earnings warnings.

"The number of things that could go wrong isn't so high, but the magnitude of how wrong they could go is what's worrisome," said Kurt Winters, senior portfolio manager for Whitebox Mutual Funds in Minneapolis.

Negative-to-positive guidance by S&P 500 companies for the fourth quarter was 3.6 to 1, the second worst since the third quarter of 2001, according to Thomson Reuters data.

U.S. lawmakers narrowly averted the "fiscal cliff" by coming to a last-minute agreement on a bill to avoid steep tax hikes this weeks -- driving the rally in stocks -- but the battle over further spending cuts is expected to resume in two months.

Investors also have seen a revival of worries about Europe's sovereign debt problems, with Moody's in November downgrading France's credit rating and debt crises looming for Spain and other countries.

"You have a recession in Europe as a base case. Europe is still the biggest trading partner with a lot of U.S. companies, and it's still a big chunk of global capital spending," said Adam Parker, chief U.S. equity strategist at Morgan Stanley in New York.

Among companies citing worries about Europe was eBay , whose chief financial officer, Bob Swan, spoke of "macro pressures from Europe" in the company's October earnings conference call.

REVENUE WORRIES

One of the biggest worries voiced about earnings has been whether companies will be able to continue to boost profit growth despite relatively weak revenue growth.

S&P 500 revenue fell 0.8 percent in the third quarter for the first decline since the third quarter of 2009, Thomson Reuters data showed. Earnings growth for the quarter was a paltry 0.1 percent after briefly dipping into negative territory.

On top of that, just 40 percent of S&P 500 companies beat revenue expectations in the third quarter, while 64.2 percent beat earnings estimates, the Thomson Reuters data showed.

For the fourth quarter, estimates are slightly better but are well off estimates for the quarter from just a few months earlier. S&P 500 earnings are expected to have risen 2.8 percent while revenue is expected to have gone up 1.9 percent.

Back in October, earnings growth for the fourth quarter was forecast up 9.9 percent.

In spite of the cautious outlooks, some analysts still see a good chance for earnings beats this reporting period.

"The thinking is you need top line growth for earnings to continue to expand, and we've seen the market defy that," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.

Based on his analysis, energy, industrials and consumer discretionary are the S&P sectors most likely to beat earnings expectations in the upcoming season, while consumer staples, materials and utilities are the least likely to beat, Jackson said.

Sounding a positive note on Friday, drugmaker Eli Lilly and Co said it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity.

(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)

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Manziel leads A&M to Cotton Bowl rout of Sooners

ARLINGTON, Texas (AP) — At one point early in the Cotton Bowl, with "Johnny B. Goode" blaring through the stadium speakers, Heisman Trophy winner Johnny Manziel peeked up at the accompanying highlights on the huge video board hanging over the field.

Texas A&M's exciting dual-threat quarterback known as Johnny Football sure puts on a show worth watching.

"Best player I've ever played. He does so many good things. He's got magic," Oklahoma defensive coordinator Mike Stoops said. "He'll have a chance to win four (Heismans) if he stays healthy."

Manziel tiptoed down the sideline for a 23-yard TD on the game's opening drive and went on to an FBS bowl record for quarterbacks with 229 yards rushing on 17 carries. He also set a Cotton Bowl record with 516 total yards as the 10th-ranked Aggies beat No. 12 Oklahoma 41-13 on Friday night to wrap up their first SEC season.

With first-year coach Kevin Sumlin and their young star quarterback after leaving the Big 12 for the SEC, the Aggies (11-2) overwhelming won the only bowl game matching teams from those two power conferences. They won 11 games for the first time since 1998, their only Big 12 title season.

The Aggies never trailed while winning their last six games and became the first SEC team with more than 7,000 total yards — 7,261 after gaining 633 in the Cotton Bowl.

"It's huge for this program, and for me especially, with the kind of woes A&M has had over the past decade or however long it's been since they had 11 wins," Manziel said. "For us to get up tonight and watch them battle back, it's good when we strike first. That's what we like to do. It was good to do that and not really look back."

Texas A&M led by only a point at halftime, but scored on its first three drives of the second half — on drives of 91 and 89 yards before Manziel threw a short pass to Ryan Swope on fourth-and-5 that turned into a 33-yard TD and a 34-13 lead.

Oklahoma (10-3), which like the Aggies entered the game with a five-game winning streak, went three-and-out on its first three drives after halftime in what was quarterback Landry Jones' 50th and final career start.

"Feel just disappointed that he's going out this way, getting beat like that," Sooners center Gabe Ikard said.

Jones completed 35 of 48 passes for 278 yards with a touchdown and an interception. He won 39 games and three bowls for the Sooners, in a career that started on the same field in the 2009 season opener when he replaced injured Heisman winner Sam Bradford in the first college game at Cowboys Stadium.

But Jones missed out becoming only the third NCAA quarterback to go 4-0 as a starter in bowl games.

"It was obvious tonight that we didn't play the way we should have played," said Jones, whose frustration was evident when he yelled at a teammate after a failed fourth-down play. "We couldn't run it. We couldn't throw it. It happens, you know."

SEC teams have won the last five Cotton Bowls, all against Big 12 teams, and nine out of 10. That included Texas A&M's loss to LSU only two years ago.

It had been six weeks since the Aggies played their last game, and four weeks since Manziel became the first freshman to win college football's highest individual award.

Manziel got it started with an electrifying 24-yard run on third down on the opening drive. Then on a third-and-10, Manziel rolled to his left and took off, juked around a defender and got near the sideline. He tiptoed to stay in bounds and punctuated his 23-yard score with a high-step over the pylon for a quick lead.

Officials reviewed the play to make sure he did stay in bounds, and the replays showed clearly that he did.

"There is too much talk about how you perform after the Heisman and about the layoff and all of that," said Manziel, who set an SEC record with 4,600 total yards in the regular season. "There wasn't anything holding us back. No rust, there was no nothing. We played as a unit."

The chants of "S-E-C! S-E-C!" began after Swope's TD catch with 4 minutes left in the third quarter. They got louder and longer after that, and Manziel spread both his arms out and ran off the field like he was flying.

Oklahoma was in the Cotton Bowl for only the second time. It was the first bowl matchup between the former Big 12 rivals, but the 17th consecutive season they have played each other.

The Sooners had won 11 of 13 in the series since Bob Stoops became their coach. That included a 77-0 Oklahoma win in 2003 that was the most-lopsided loss in Texas A&M history.

Sumlin was the A&M offensive coordinator in 2002 when the Aggies upset the top-ranked Sooners. The next year, Sumlin was hired by Stoops as an assistant, and he stayed there five seasons before going to Houston as head coach and now the Aggies.

"I think tonight was really indicative of this season," Sumlin said. "It's one of the teams I thought in the country that truly got better every week."

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Polar ends of fight for female equality

Hillary Clinton in Kolkata, India, last May. Clinton said that women still suffered from a 'glass ceiling' in politics.

STORY HIGHLIGHTS

• Frida Ghitis: Hillary Clinton illness and New Delhi rape tell different stories about state of women


• She says women's equality faces sharp divide; some ascend, most kept powerless


• She says Egypt's new constitution presents time-bomb for new oppression of women


• Ghitis: Progress for women needs strong legislation, education, sometimes protests

Editor's note: Frida Ghitis is a world affairs columnist for The Miami Herald and World Politics Review. A former CNN producer and correspondent, she is the author of "The End of Revolution: A Changing World in the Age of Live Television." Follow her on Twitter: @FridaGColumns

(CNN) -- As the New Year approached, millions anxiously followed the news from two very different parts of the world about two very different women -- women whose lives somehow touched us, whose fate seemed, somehow, linked to all of us.

The world held its breath when word came that Secretary of State Hillary Clinton was hospitalized in New York. The news arrived at a time when we were trying to absorb, with profound sadness, a seemingly unrelated drama unfolding thousands of miles away. In New Delhi, a 23-year-old woman, a university student on her way home after watching a movie with her boyfriend, was brutally raped and beaten by a group of men. She later died from her injuries.

Frida Ghitis

The parallel stories point to a sharp divide in the worldwide struggle for women's equality. While women have made major strides, in some cases reaching the pinnacle of power, the most fundamental human rights -- such as freedom to go outside without risking harassment and physical attack -- elude millions, and full equality remains an unreached goal for most.

iReport: 'She could have been me'

Clinton, one of the world's most powerful women and an icon of the global fight for women's equality, has returned home and doctors say they expect a full recovery. In India, the plight of an anonymous woman nicknamed "Nirbhaya," Sanskrit for dauntless, has become a turning point for the country. (That we don't use Nirbhaya's real name proves the grotesque reality that being raped remains a source of shame for the victim.)

Nirbhaya's ashes have been scattered, and it seems her death was not in vain. The attack sent tens of thousands of people -- men and women -- into New Delhi's streets and pulled the thick cover from India's unspeakable rape statistics. Most rapes go unreported for good reason. Of the more than 600 cases filed with the Delhi police last year, only one resulted in conviction. Powerless rape victims often resort to suicide.

News: Clinton's future 'as good as her past,' docs say

The contrast could not be sharper with the woman many call simply Hillary. Speculation about whether she will run for president in 2016 is unending. The day she was hospitalized with a blood clot, we heard that she again came in first in Gallup's Most Admired Woman poll, finishing at the top for 11 years in a row and a total of 17 times since 1993, more than anyone in Gallup's history.

She is probably the world's best-known woman and unquestionably one of the most influential. But she is only one of many who have reached so far. Women lead some of the globe's biggest, most important countries. Chancellor Angela Merkel heads the government of Germany, Julia Gillard leads Australia, Dilma Rousseff is president of Brazil, and the list goes on.

American voters just elected 20 women to the Senate, the largest number in history. And yet, that's just 20% of the seats. It's sad we find this an accomplishment worth celebrating.

The push for equality has unleashed push-back. Rape, we are told, is about power. In traditional societies, men see improvements in the status of women as a challenge to their own. Sexual assaults by gangs of self-congratulating, hyperventilating men, whether in New Delhi, in Cairo's Tahrir Square or somewhere in Somalia, amount to chest-pounding assertions of dominance from fearful, cowardly individuals. In countries with strong laws and changing attitudes about women, the number of rapes has been plummeting.

Opinion: End global rape culture

Then there are the murders and attempted murders. Last year we saw Pakistan's Taliban try to kill Malala Yousafzai, the 14-year-old girl who demanded nothing more than the right to an education. And last month, in neighboring Afghanistan, gunmen murdered Najia Sediqi, the provincial director of women's affairs.

Between the two extremes in women's status, we have a much less dramatic -- but still crucial -- struggle.

The women of Egypt, who stood on the front lines of the revolution, will now have to live with a new constitution that commits the state to "preserve the genuine character of the Egyptian family" and vaguely notes the "duties of a woman toward her family," opening the door to who-knows-what efforts by the state to keep women in their place.

In the United States, where progress is indisputable in so many areas, women still make, in the aggregate, 76 cents for every dollar men earn.

Inequality is pervasive in areas that are subtly important. Despite having a female secretary of State, and even, possibly, a female secretary of Defense on the horizon, Washington remains a "city of men," as the writer Micah Zenko noted, with women woefully underrepresented in the corridors of power, in think tanks and in academia.

Women's minds and ideas don't receive an equal hearing on the national stage partly because, as one survey showed, only 20% of all op-eds are written by women, and just 15% of columns dealing with foreign policy and security issues.

Opinion: House GOP failed women on Violence Against Women Act

Every women walks on the path laid painstakingly and deliberately by people like Hillary Clinton, or accidentally, tragically, by women like Nirbhaya. The road to women's equality, it turns out, is paved with potholes, quicksand and death traps.

There is a reason so many feel a close connection to Hillary Clinton and to Nirbhaya. Their stories, like those of 3 billion others, are of women seeking to make it in what is still today mostly a man's world.

As Clinton recovers and as the people of India work to build a positive legacy from Nirbhaya's death, the obvious lesson is that much work remains ahead. Strong headwinds will push against women's progress, but progress can be achieved through urgent legislation, through patient education, and when necessary -- as it is now -- through mass protests and unrelentingly firm demands.

Follow @CNNOpinion on Twitter.

Join us at Facebook/CNNOpinion.

The opinions expressed in this commentary are solely those of Frida Ghitis.

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Anna Faris Joins Chuck Lorre’s CBS Pilot ‘Mom’

LOS ANGELES (TheWrap.com) – Anna Faris has joined the ranks of big-screen talent taking on small-screen projects.

“The House Bunny” and “Scary Movie 4” star Faris has been cast to star in “Mom,” the CBS pilot from “Two and a Half Men” and “The Big Bang Theory” executive producer Chuck Lorre, individuals familiar with the situation told TheWrap on Friday.

Faris will play a newly sober single mom who attempts to pull her life together in California’s Napa Valley. (Which could pose a problem, given the region’s prodigious wine output.)

The half-hour, multi-camera comedy, which has received a pilot production order from a spec script, is executive-produced by Lorre and Eddie Gorodetsky (who’s served as a producer on “The Big Bang Theory” and “Two and a Half Men“). The pair are also writing, along with Gemma Baker (“Two and a Half Men“). Baker is also a producer on the project.

Chuck Lorre Productions is producing in association with Warner Bros. Television.

TV News Headlines – Yahoo! News

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