Italy PM Monti says he will resign when budget passed

ROME (Reuters) – Italian Prime Minister Mario Monti announced on Saturday that he would resign once the 2013 budget is approved, potentially bringing forward an election due early next year and fuelling speculation that he might run.

The surprise announcement came two days after Silvio Berlusconi‘s party withdrew parliamentary support for the technocrat government and hours after Berlusconi said he would run to become premier for a fifth time on a platform that attacks Monti’s stewardship of the economy.

Parliament is already poised to pass the budget by Christmas, and so Monti’s resignation probably brings the expected vote forward by no more than a month to February. Elections must follow no more than 70 days after President Giorgio Napolitano dissolves parliament.

Monti’s move turns the tables on Berlusconi, who seemed to have once again seized a political opportunity to keep his party in the political game just a year after being forced to resign amid a sex scandal and a debt crisis.

Berlusconi could now be forced into an election earlier than he expected with his badly divided party trailing in opinion polls behind the centre-left and the anti-establishment 5-Star Movement of the comic Beppe Grillo.

Monti’s announcement will also increase speculation that he could be eyeing a run as a candidate in the election himself although he has yet to make any clear statement.

At a conference in France earlier, Monti, a former European commissioner who is widely credited with restoring Italy‘s international credibility after the scandal-plagued Berlusconi era, appeared to take aim at Berlusconi, warning against “populism”.

He said Italy should not go back to where it was when he took over for Berlusconi a year ago.

Following a two-hour meeting with Napolitano, he warned that not approving the budget “would render more serious the government crisis, also at a European level,” and said that after it is approved, his resignation would be “irrevocable”.

Leaders of both Berlusconi’s centre-right People of Freedom (PDL) party and the centre-left Democratic Party (PD), which is leading in the opinion polls, said they were willing to accelerate the passage of the budget.

“Faced with the irresponsibility of the right that betrayed a commitment it made a year ago before the whole country… Monti responded with an act of dignity that we profoundly respect,” said PD leader Pier Luigi Bersani.

“We are ready to approve the budget in the fastest possible manner,” he said in a statement.

“RECESSIVE SPIRAL”

Italians will vote in the middle of a severe economic crisis, with a recession that began mid-way through last year showing no signs of abating, a massive public debt and unemployment at 11.1 percent, a record high.

With the support of a cross-party alliance including both the PD and the PDL, Monti imposed tax hikes and spending cuts to bring borrowing costs under control and undertook a series of reforms to improve the competitiveness of the economy.

But Berlusconi said on Wednesday that the former economics professor’s austerity policies had left Italy facing a “recessive spiral without end”.

The PDL withdrew parliamentary support for Monti on Thursday, driving up the difference between German and Italian benchmark bonds by about 30 basis points.

“On Monday morning the markets will judge this latest outburst by Berlusconi and they certainly will not judge it positively,” PD vice president Enrico Letta commented. Letta added that elections now were likely in February.

Berlusconi’s centre-right PDL lags the PD by at least 16 percentage points in opinion polls, and also trails the anti-establishment 5-Star Movement, which has surged to prominence on a tide of public anger against the mainstream political class.

Monti’s move will fuel speculation over whether he intends to run to lead the country next year once he has resigned. So far he has said he will step in only if the election result is unclear, but there has been growing speculation he could join forces with a centrist group.

Financial markets have been closely watching the political upheaval in Italy and many in the business establishment have hoped for a second term from Monti.

However Berlusconi, Italy’s most proved election campaigner, said that he would not give in easily.

“I race to win,” Berlusconi told reporters at the practice field for AC Milan, the soccer club he controls.

“To win, everyone said there had to be a tested leader. It’s not that we did not look for one. We did, and how! But there isn’t one… I’m doing it out of a sense of responsibility.”

The media magnate has ample resources to back his bid – the country’s biggest television network, its biggest magazine publisher and a family-owned newspaper.

Echoing comments by the leader of the 5-Star Movement, Beppe Grillo, Berlusconi criticized the single currency earlier this year and has slammed Germany’s influence on European policy.

In his blog, Grillo said Berlusconi is running for office because he knows the average Italian “is literally terrified about the prospects of five more years of Monti-like rule”.

(With additional reporting by Elvira Pollina in Milan, Giselda Vagnoni in Rome, and Lionel Laurent in Cannes, France; Editing by Matthew Tostevin)

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Election underscores Ghana’s democratic reputation

ACCRA, Ghana (AP) — Voters in Ghana selected their next president Friday in a ballot expected to mark the sixth transparent election in this West African nation, known as a beacon of democracy in a tumultuous region.

Proud of their democratic heritage, residents of this balmy, seaside capital trudged to the polls more than four hours before the sun was even up, standing inches apart in queues that in some places stretched 1,000-people deep.

By afternoon, some voters were getting agitated, after hitches with the use of a new biometric system caused delays at numerous polling stations.

Each polling station had a single biometric machine, and if it failed to identify the voter’s fingerprint, or if it broke down, there was no backup. At one polling station where the machine had broken down, a local chief said he’d barely moved a few inches: “I’m 58 years old, and I’ve been standing in this queue all day,” Nana Owusu said. “It’s not good.”

Late Friday, when it became clear that large numbers of people had not been able to vote, the election commission announced it would extend voting by a second day. This nation of 25 million is, however, deeply attached to its tradition of democracy, and voters were urging each other to remain calm while they waited their turn to choose from one of eight presidential contenders, including President John Dramani Mahama and his main challenger, Nana Akufo-Addo. The election commission

“Elections remind us how young our democracy is, how fragile it is,” said author Martina Odonkor, 44. “I think elections are a time when we all lose our cockiness about being such a shining light of democracy in Africa, and we start to get a bit nervous that things could go back to how they used to be.”

Ghana was once a troubled nation that suffered five coups and decades of stagnation, before turning a corner in the 1990s. It is now a pacesetter for the continent’s efforts to become democratic. No other country in the region has had so many elections deemed free and fair, a reputation voters hold close to their hearts.

The incumbent Mahama, a former vice president, was catapulted into office in July after the unexpected death of former President John Atta Mills. Before becoming vice president in 2009, the 54-year-old served as a minister and a member of parliament. He’s also written an acclaimed biography, recalling Ghana’s troubled past, called “My First Coup d’Etat.”

Akufo-Addo is a former foreign minister and the son of one of Ghana’s previous presidents. In 2008, Akufo-Addo lost the last presidential election to Mills by less than 1 percent during a runoff vote. Both candidates are trying to make the case that they will use the nation’s oil riches to help the poor.

Besides being one of the few established democracies in the region, Ghana also has the fastest-growing economy. But a deep divide still exists between those benefiting from the country’s oil, cocoa and mineral wealth and those left behind financially.

A group of men who had just voted gathered at a small bar a block away from a polling station in the middle class neighborhood of South Labadi. Danny Odoteye, 36, who runs the bar, said that the country’s economic progress is palpable and that the ruling party, and its candidate, are responsible for ushering in a period of growth.

“I voted for John Mahama,” he said. “Ghana is a prosperous country. Everything is moving smoothly.”

Administrator Victor Nortey, sitting on a plastic chair across from him, disagreed, saying the country’s newfound oil wealth should have resulted in more change.

“I voted for Nana Akufo-Addo,” He said. “Now we have oil. What is Mahama doing with the oil money?” Nortey said. “We can use that money to build schools.”

In an interview on the eve of the vote, Akufo-Addo told The Associated Press that the first thing he will do if elected is begin working on providing free high school education for all. “It’s a matter of great concern to me,” he said, adding that he plans to use the oil wealth to educate the population, industrialize the economy and create better jobs for Ghanaians.

Policy-oriented and intellectual, Akufo-Addo is favored by the young and urbanized voters. He was educated in England and comes from a privileged family. The ruling party has depicted him as elitist.

“The idea that merely because you are born into privilege that automatically means you are against the welfare of the ordinary people, that’s nonsense,” he said.

Ghana had one of the fastest growing economies in the world in 2011. Oil was discovered in 2007 and the country began producing it in December 2010.

Throughout the capital, new condominiums are rising up next to slums and luxury cars creep along narrow alleys lined with open sewers. A mall downtown features a Western-style cinema and is packed on weekends with middle class families. At the same time shantytowns are cropping up, packed with the urban poor.

Polls show that voters are almost evenly split over who can best deliver on the promise of development.

Kojo Mabwa said that he is voting for Akufo-Addo, because he is impressed by his promise of free education. He dismissed critics that say the project is too ambitious. “There is money,” he said. “(The ruling party) has done nothing for us. They are misusing our money.”

Paa Kwesi, a 30-year-old systems analyst, said he doesn’t think Akufo-Addo is making promises he can keep.

“He says he can do free education, but you have to crawl before you can walk. It’s not possible,” he said.

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Associated Press writer Francis Kokutse contributed to this report from Accra, Ghana.

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Big-data analytics company Cloudera raises $65 million

SAN FRANCISCO (Reuters) – Cloudera, a distributor of software that helps companies analyze big data, said it has raised $ 65 million in new funding.

The company is part of a growing group of businesses that help dig into the vast trove of data created by digital sources such as sensors, posts to the Internet, pictures and videos.

The field caught investor attention when Splunk, another data analytics firm, held an initial public offering earlier this year and doubled in price on its first trading day.

Cloudera’s business is based on Hadoop, open-source software that aggregates results from large sets of data. Cloudera provides services that allow companies to easily use Hadoop.

The funding round was led by Accel Partners, with participation from Greylock Partners, Ignition Partners, In-Q-Tel and Meritech Capital Partners. All Things D, which first reported the funding, said the company’s valuation was $ 700 million.

Cloudera, based in Palo Alto, California, last raised $ 40 million in November 2011.

(Reporting By Sarah McBride; Editing by Edmund Klamann)

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“Gangnam Style” singer Psy apologizes for past anti-U.S. songs

LOS ANGELES (Reuters) – The South Korean pop singer behind the viral smash hit “Gangnam Style” apologized on Friday for past concerts featuring anti-American lyrics, ahead of a holiday performance to be attended by U.S. President Barack Obama and his family.

Psy issued the apology after reports surfaced in the United States on Friday about his participation in two performances critical of the U.S. military in 2004.

Psy’s “Gangnam Style” Korean pop and dance video is now the most-watched video ever on YouTube, with more than 900 million views since it was first uploaded in July.

“While I’m grateful for the freedom to express one’s self, I’ve learned there are limits to what language is appropriate and I’m deeply sorry for how these lyrics could be interpreted,” the rapper said in a statement.

“I will forever be sorry for any pain I have caused by those words,” he added.

In one performance, which Psy said was from eight years ago, the rapper protested the deaths of two teenage South Korean girls who were run over by a U.S. tank stationed in the country.

In a separate performance, Psy was critical of the U.S.-led invasion of Iraq and its occupation, in which South Korean forces participated.

Psy is scheduled to perform at the annual “Christmas in Washington” television special that will also be attended by Obama and his family, the White House said on Friday. Broadcaster TNT said Psy would still perform as planned.

(Reporting by Eric Kelsey; Additional reporting by Mark Felsenthal in Washington; Editing by Jill Serjeant and Peter Cooney)

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Roche breast cancer drug extends overall survival

ZURICH (Reuters) – Swiss pharma group Roche‘s drug Perjeta significantly extended the lives of women with an aggressive and incurable form of breast cancer compared to a placebo, according to new data from a late-stage study presented on Saturday.

The detailed data presented at the San Antonio Breast Cancer Symposium found that the risk of death was reduced by 34 percent in women treated with a combination treatment of the drugs Perjeta and Herceptin plus chemotherapy compared to women treated with Herceptin, chemotherapy and a placebo, Roche said.

Roche is hoping that the Perjeta combination will become the standard treatment for women with a form of cancer known as HER2-positive, which makes up about a quarter of all breast cancers and has no cure.

At the time of the analysis, median overall survival had not yet been reached in people receiving the Perjeta combination, as more than half of these people continued to survive, Roche said.

Median overall survival was more than three years for people who received Herceptin and chemotherapy, Roche said, adding no new safety signals had been observed in the phase III study.

“This treatment combination with Perjeta is the first to have significantly extended survival compared to Herceptin and chemotherapy in people with previously untreated HER2-positive metastatic breast cancer,” Roche’s Chief Medical Officer Hal Barron said in the statement.

Breast cancer is the most common cancer among women worldwide, with about 1.4 million new cases diagnosed each year and more than 450,000 women dying of the disease annually, according to the World Health Organisation.

Perjeta, also known as pertuzumab, is a personalized medicine that targets a protein found in high quantities on the outside of cancer cells in HER2-positive cancers.

It was granted approval by U.S. health regulators in June. Roche is awaiting a decision from European regulators.

Vontobel analyst Andrew Weiss forecasts peak sales of 2 billion Swiss francs ($ 2.15 billion) for the drug.

Roche is also developing an “armed antibody” known as TDM-1 as a treatment for HER2-positive breast cancer. TDM-1 combines Herceptin with a derivative of a powerful type of chemotherapy and is designed to reduce unpleasant side effects. ($ 1 = 0.9313 Swiss francs)

(Reporting by Silke Koltrowitz and Caroline Copley; Editing by Paul Tait)

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S.Africa’s rand firms with emerging market currencies

JOHANNESBURG (Reuters) – South Africa‘s rand firmed slightly against the dollar on Friday as positive U.S. jobs numbers boosted the currencies of several emerging market countries on the hopes they would benefit from a more buoyant American economy.

The rand was 0.29 percent firmer at 8.6577 against the dollar at 1619 GMT from New York’s Thursday close of 8.6850.

“The good jobs numbers fundamentally boosted the global mood, which immediately impacted U.S. equities for the better, and this benefitted the rand and other emerging currencies,” said Anisha Arora, emerging market analyst for London-based 4Cast.

The yield on the three year bond slid one basis point to 5.47 percent while the longer dated 14-year paper fell seven basis points to 7.435 percent.

The rand was expected to come under pressure ahead of a major meeting of the African National Congress from mid-December with investors worried debt could increase if the ruling party pushes for populist policies that drive up spending.

Data scheduled for release next week include retail sales and manufacturing production data for October. There will also be data on November consumer inflation and producer inflation.

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Ghana election, test of democratic reputation

ACCRA, Ghana (AP) — Voters in Ghana were selecting their next president and a 275-seat parliament in elections Friday, solidifying the West African nation‘s reputation as a beacon of democracy in the region.

Some 14 million people are expected to turn out. President John Dramani Mahama, in office for only five months, is running against seven contenders. A former vice president, Mahama became president in July after the unexpected death of former President John Atta Mills. The 54-year-old is also a former minister and parliamentarian and has written an acclaimed biography, “My First Coup d’Etat.”

His main challenger is Nana Akufo-Addo, a former foreign minister and the son of one of Ghana’s previous presidents. The contender lost the 2008 election to Mills by less than 1 percent. Both men are trying to make the case that they will use the nation’s newfound oil wealth to help the poor.

Ghana, a nation of 25 million, is one of the few established democracies in the region as well as the fastest-growing economy. But a deep divide still exists between those benefiting from the country’s oil, cocoa and mineral wealth and those left behind financially.

In an interview on the eve of the vote, Akufo-Addo told The Associated Press that the first thing he will do if elected is begin working on providing free high school education for all. “It’s a matter of great concern to me,” he said, adding that he plans to use the nation’s oil wealth to educate the population, industrialize the economy and create better jobs for Ghanaians.

Policy-oriented and intellectual, Akufo-Addo is favored by the young and urbanized voters. He was educated in England and comes from a privileged family. The ruling party has depicted him as elitist, which Akufo-Addo calls “a little PR construct.”

“The idea that merely because you are born into privilege that automatically means you are against the welfare of the ordinary people, that’s nonsense,” he said.

Ghana had one of the fastest growing economies in the world in 2011. Allegations of corruption against the ruling party are rife.

Akufo-Addo said that if elected, he would not be able to weed out corruption in the government overnight.

“It’s a long fight,” he said. “But we build the institutions that can fight it.”

He said that in 30 years in politics he has never been accused of corruption.

Many analysts believe Mahama and Akufo-Addo are neck-and-neck.

Results are expected to be announced by Sunday, but could be delayed. If no one wins an absolute majority, a second round of voting will be held on December 28.

All candidates have signed a peace pact and have promised to accept the results of Friday’s poll.

Ghana, a nation of 25 million, has previously held five transparent elections in a row. Nearby Mali, which was also considered a model democracy, was plunged into chaos this March following a military coup.

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Associated Press writer Francis Kokutse contributed to this report from Accra, Ghana.

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AP Interview: Jackson, cast discuss ‘The Hobbit’

WELLINGTON, New Zealand (AP) — Many fans are eagerly anticipating a return to the fictional world of Middle-earth with next week’s general release of the first movie in “The Hobbit” trilogy. Director Peter Jackson and the film’s stars speak to The Associated Press about making “The Hobbit: An Unexpected Journey“:

— Jackson on shooting at 48 frames per second instead of the standard 24: “We’ve seen the arrival of iPhones and iPads and now there’s a generation of kids — the worry that I have is that they seem to think it’s OK to wait for the film to come out on DVD or be available for download. And I don’t want kids to see ‘The Hobbit‘ on their iPads, really. Not for the first time. So as a filmmaker, I feel the responsibility to say, ‘This is the technology we have now, and it’s different … How can we raise the bar? Why do we have to stick with 24 frames? …’”

“The world has to move on and change. And I want to get people back into the cinema. I want to play my little tiny role in encouraging that beautiful, magical, mysterious experience of going into a dark room full of strangers, and being transported into a piece of escapism.”

— Martin Freeman (Bilbo Baggins) on shooting some scenes without other actors around: “I must admit I found the green screen and all that easier than I thought I would. … I found the technical aspect of it quite doable. Some of it’s difficult, but it’s quite enjoyable, actually. It taps into when I used to play ‘war’ as a 6-year-old. And the Germans were all imaginary. Because I was playing a British person. So yeah, I was on the right side. …”

On marrying his performance to that of Ian Holm, who played an older Bilbo Baggins in the “Lord of the Rings” trilogy: “I knew I couldn’t be a slave to it. Because as truly fantastic as Ian Holm is in everything, and certainly as Bilbo, I can’t just go and do an impression of Ian Holm for a year and a half. Because it’s my turn. But it was very useful for me to watch and listen to stuff he did, vocal ticks or physical ticks, that I can use but not feel hamstrung by.”

— Hugo Weaving (Elrond) on the differences in tone to the “Rings” trilogy: “This one feels lighter, more buoyant, but it’s got quite profoundly moving sequences in it, too … I think it’s very different in many ways, and yet it’s absolutely the same filmmaker, and you are inhabiting the same world.”

— Elijah Wood (Frodo) on returning to Middle-earth in a cameo role: “It was a gift to come back … what they’d constructed was such a beautiful remembrance of the characters from the original trilogy.”

— Cate Blanchett (Galadriel) on the toughest part of filming: “Trying to keep my children off the set.”

— Richard Armitage (Thorin Oakenshield) on being a 6-foot-2 guy playing a dwarf: “It’s amazing how quickly you get used to it. And also, we spent most of the shoot much bigger than a 6-foot-2 guy. I mean, I had lifts in my shoes, I was wider, I was taller, and bigger-haired. And I actually think that was quite an interesting place to be, because I do think dwarfs have big ideas about themselves …”

— Andy Serkis (Gollum) on taking on the additional role of second-unit director: “There were only a couple of times where there were really, really black days where I went away thinking, ‘This is it. I can’t do it.’ But on the whole, Pete (Jackson) was so brilliant at allowing me to set stuff up and then critiquing my work … but at least I would have my stab at it.”

On the film itself: “I think it’s a great story. I think it’s a beautifully crafted film with great heart. A rollicking adventure, and it feels to me like this really massive feast that everyone will enjoy eating.”

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Strong quake hits off Japan near Fukushima disaster zone

TOKYO (Reuters) – A strong quake centered off northeastern Japan shook buildings as far away as Tokyo on Friday and triggered a one-meter tsunami in an area devastated by last year’s Fukushima disaster, but there were no immediate reports of deaths or serious damage.

The quake had a preliminary magnitude of 7.3, the U.S. Geological Survey said, adding that there was no risk of a widespread tsunami.

The March 2011 earthquake and following tsunami killed nearly 20,000 people and triggered the world’s worst nuclear crisis in 25 years when the Fukushima-Daiichi nuclear plant was destroyed, leaking radiation into the sea and air.

Workers at the plant were ordered to move to higher ground after Friday’s quake. Tokyo Electric Power Co, the operator of the Fukushima nuclear plant, reported no irregularities at its nuclear plants.

All but two of Japan‘s 50 nuclear reactors have been idled since the Fukushima disaster as the government reviews safety.

The quake measured a “lower 5″ in Miyagi prefecture on Japan’s scale of one to seven, meaning there might be some damage to roads and houses that are less quake resistant.

The scale measures the amount of shaking and in that sense gives a better idea of possible damage than the magnitude. The quake registered a 4 in Tokyo.

The one-meter tsunami hit at Ishinomaki, in Miyagi, at the centre of the devastation from the March 2011 disaster. All Miyagi trains halted operations and Sendai airport, which was flooded by the tsunami last year, closed its runway.

Five people in the prefecture were slightly injured.

“I was in the centre of the city the very moment the earthquake struck. I immediately jumped into the car and started running away towards the mountains. I’m still hiding inside the car,” said Ishinomaki resident Chikako Iwai.

“…I have the radio on and they say the cars are still stuck in the traffic. I’m planning to stay here for the next couple of hours.”

Narita airport outside Tokyo was back in action after a brief closure for safety checks. There were small tsunamis, measuring in the centimeters, elsewhere near the epicenter.

Last year’s quake, which measured 9.0, triggered fuel-rod meltdowns at Fukushima, causing radiation leakage, contamination of food and water and mass evacuations. Much of the area is still deserted.

The government declared in December that the disaster was under control.

“Citizens are now escaping to designated evacuation centers and moving to places on higher ground,” office worker Naoki Ara said in Soma, 30 km (18 miles) from the Fukushima-Daiichi plant.

Prime Minister Yoshihiko Noda cancelled campaigning in Tokyo ahead of a December 16 election and was on his way back to his office, but there was no immediate plan to hold a special cabinet meeting.

Public spending on quake-proofing buildings is a big election issue.

Japanese were posting photos of their TV screens with tsunami warnings on Facebook, asking each other whether they’re safe, confirming their whereabouts.

“It shook for a long time here in Tokyo, are you guys all right?” posted Eriko Hamada, enquiring about the safety of her friends.

Phone lines were overloaded and it was difficult to contact residents of Miyagi.

“Owing to the recent earthquake, phone lines are very busy, please try again later,” the phone operator said.

The yen rose against the dollar and the euro on the news, triggering some safe-haven inflows into the Japanese currency.

(Additional reporting by Tomasz Janowski, Leika Kihara and Aaron Sheldrick; Writing by Nick Macfie; Editing by Ken Wills)

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Euro falls on grim economic outlook, U.S. data eyed

LONDON (Reuters) – The bleak outlook for the European economy knocked the euro and stalled gains the region’s share markets on Friday, as investors waited to see if nonfarm payrolls data in the United States might affect its monetary policy plans.

A day after the European Central Bank cut its forecasts for growth across the 17-nation euro area next year, Germany’s Bundesbank said there was a chance the region’s debt crisis could send Europe’s biggest economy into recession.

The euro dropped 0.25 percent to a low of $ 1.2932 after the Bundesbank statement, extending losses of over one percent seen on Thursday in reaction to the ECB‘s new forecasts which have heightened speculation of a early rate cut.

“It is unusual that a negative growth projection for the next year is offered before the end of the current year, but with such a view, markets are naturally pricing in an interest rate cut,” said Daisuke Karakama, market economist for Mizuho Corporate Bank.

The main March 2013 German government bond futures contract, which had rallied sharply on the talk of an early ECB rate, was about 3 ticks lower at 145.66, with traders cutting back positions ahead of the U.S. jobs data.

European shares were fractionally higher in early trading, but mainly consolidating around the 18-month highs reached on Thursday on hopes of an improving economic performance in the global economy.

The FTSEurofirst 300 index <.fteu3> of top European shares traded up 0.2 percent at 1,133.95 points, with Germany’s Dax <.gdaxi> up 0.1 percent after the Bundesbank’s announcement.</.gdaxi></.fteu3>

London’s FTSE 100 <.ftse>, and Paris’s CAC-40 <.fchi> opened flat to slightly higher, while a slight dip in U.S. stock futures hinted at a cautious Wall Street open. <.l><.eu><.n></.n></.eu></.l></.fchi></.ftse>

Investors are focused on U.S. non-farm payrolls data, which is expected to show an addition of 93,000 jobs in November, probably dented by superstorm Sandy, against October’s gain of 171,000. The figures, due at 1330 GMT, are also likely to show the unemployment rate holding steady at 7.9 percent.

Federal reserve policymakers are scheduled to meet Dec 11-12 to review monetary policy.

Brent crude meanwhile was steady above $ 107 per barrel, but prices were headed for their biggest weekly loss in more than a month on the worries about the euro zone’s economy and on-going concerns about the looming fiscal crisis in the United States, the world’s top oil consumer.

Brent rose 0.1 percent to $ 107.14. while U.S. crude futures inched up 0.2 percent to $ 86.41 a barrel.

(Reporting by Richard Hubbard; editing by Philippa Fletcher)

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