European shares steady ahead of ECB

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PARIS | Thu Sep 8, 2011 3:09am EDT

PARIS Sep 8 (Reuters) - European stocks steadied on Thursday, halting the previous session's tentative rebound, as investors waited to see if the European Central Bank will signal a change in policy to support the ailing euro zone economy.

The market was also hesitant following Wednesday's low-volume technical bounce and ahead of U.S. President Barack Obama's speech to Congress during which he is expected to propose $300 billion in tax cuts and government spending as part of a job-creating package.

At 0708 GMT, the FTSEurofirst 300 index of top European shares was down 0.1 percent at 930.79 points, after gaining 3 percent on Wednesday, recovering from a 2-year closing low hit earlier in the week.

"We've reached extremely gloomy valuation levels on equities, with price-to-earnings ratios and dividend yields at levels not seen in the past 25 years, except during the 2008-2009 crisis," said Regis Begue, head of equities at Lazard Freres Gestion, which has 11 billion euros ($15.4 billion) under management.

"A bank like BNP Paribas trades at four times expected earnings for 2012, while in our worst-case scenario for next year, we get a price-to-earnings ratio of 7-8... At these levels, European stocks are pricing in the breakup of the euro zone." (Reporting by Blaise Robinson)

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Q+A-What's ahead for US Congress deficit-cutting panel?

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By Richard Cowan

WASHINGTON, Sept 7 | Wed Sep 7, 2011 7:01am EDT

WASHINGTON, Sept 7 (Reuters) - When a new "super committee" in Congress begins work this week on reducing U.S. budget deficits, the financial world will be watching to see just how serious Washington is about getting its fiscal house in order.

The Joint Select Committee on Deficit Reduction -- featuring six Republican and six Democratic members of Congress -- was created in early August as part of a deal that achieves $917 billion in spending cuts coupled with an increase in U.S. borrowing authority.

Now, this special committee will try to find at least $1.2 trillion more in savings in the next decade. Credit ratings agencies will judge the panel's results, which could have a profound impact on the country's fiscal health. Already, one agency, Standard & Poor's, has downgraded U.S. debt.

Here are some key points to keep in mind:

WILL THE SUPER COMMITTEE SUCCEED?

Democrats and Republicans are urging bipartisanship. Nonetheless, the panel will be working in a highly charged atmosphere after a bitter fight over raising the debt limit and amid presidential campaigns that are heating up.

If Republicans cannot go along with tax hikes and Democrats form a wall of opposition against cuts to government healthcare or retirement benefits, it likely will be doomed to failure.

But if both sides keep everything on the negotiating table and if nobody walks out of the talks or is seen as trying to poison the atmosphere, some sort of deal might be reached. Congress has to vote on it by a Dec. 23 deadline.

If a majority of the panel agrees to a deal, no amendments can be made by Congress, which would have until Dec. 23 to approve or reject the measure.

WHAT ABOUT EXTERNAL FORCES?

The committee will be under pressure from lobbyists. U.S. defense contractors, for example, will fight deep Pentagon cuts.

Some healthcare industry lobbyists and some liberal groups hope the committee fails. They fear they would suffer bigger cuts under a deal than if the super committee fails and automatic spending cuts are instead triggered, beginning in 2013. [ID:nN1E7840KU]

And then there are the Republican presidential candidates. Their campaigns will be heating up as the super committee is deliberating. If those candidates ratchet up their rhetoric against any tax increases, it will be more difficult for Republicans on the panel to embrace deficit-reductions through higher revenues.

Conservative Tea Party activists who seek to cut the size of government want only spending cuts. Liberal groups want a "balanced" approach that includes tax increases.

WHAT IF GLOBAL ECONOMIES TANK?

If economic growth further deteriorates in the United States or if European debt problems jeopardize the American economy, there could be more pressure on the panel for a deal -- and maybe even one bigger than the $1.2 trillion in added savings.

WHAT MIGHT A DEAL LOOK LIKE?

There could be some savings in the Medicare healthcare program for the elderly -- ones that do not reduce benefits but cut costs in other modest ways. Some new revenues, such as ending some special interest corporate tax breaks, could be included. But it is unclear if Republicans would insist on an equal amount of income tax rate cuts.

A partial deal is also possible. If the panel cannot get to $1.2 trillion in savings over 10 years, it could agree on several hundred billion dollars worth. The rest would be achieved through automatic spending cuts starting in 2013.

The question is whether Congress late in 2012, after congressional and presidential elections, would let those automatic spending cuts go forward.

A deal also could include savings outside the mandated 10-year budget window, said Alex Brill, a research fellow at the conservative American Enterprise Institute. Those longer-term savings could be aimed at Medicare, Medicaid or Social Security and would amount to a lot of money, he said.

WHAT WILL HAPPEN ON THURSDAY?

The super committee holds its first meeting, which will be open to the public.

The members will deliver opening statements, which will give some clues as to how partisan a fight this will be. They also will weigh the rules under which they will operate.

That will be followed by the panel's first public hearing on Tuesday, when it will hear from the Congressional Budget Office chief. A few more hearings are likely. (Editing by Bill Trott)

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European shares snap 4-day rally ahead of US jobs data

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LONDON, Sept 2 | Fri Sep 2, 2011 3:12am EDT

LONDON, Sept 2 (Reuters) - European shares fell sharply on Friday, snapping a four-session rally, on concerns U.S. non-farm payrolls numbers could further highlight the fragile state of recovery in the world's biggest economy and signal the country was headed for a recession.

At 0706 GMT, the FTSEurofirst 300 index of top European shares was down 1.1 percent at 962.97 points after rising 0.7 percent in the previous session.

"I think the job figures are going to be worse than expected. It could be a wake up call for the market and share prices could go down even further," said Koen De Leus, strategist at KBC Securities, in Brussels.

"Expectations of the QE3 (another round of quantitative easing) have helped shares in the past days, but at the end of the day, the market needs better economic environment that stimulates growth and company results."

The U.S. non-farm payrolls data is expected to show an increase of 75,000 jobs, although market whispers point to a much lower number at 1230 GMT following a decline in the employment component of the Institute for Supply Management's factory activity index on Thursday.

European bank shares fell 1.6 percent, with investors trading cautiously after a New York Times report said a suit was being prepared to be filed against big U.S. banks such as Bank of America , JPMorgan Chase , Goldman Sachs and Deutsche Bank (DBKGn.DE) by the agency that oversees U.S. mortgage markets.

The report said investors fear that if banks are forced to pay out billions for mortgages that defaulted, the suit could sap earnings for years and contribute to further losses across the financial services industry. (Reporting by Atul Prakash)

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RPT-SPECIAL REPORT-In Thailand's 'red shirt villages', defiance ahead of elections

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half were released, but Kittipong was held without bail. His case went to court in May. He shares a packed cell with seven other prisoners, some accused of murder and drug trafficking.

Kongchai blames himself. He pulled Kittipong out of school when he was 15 to join an early wave of pro-Thaksin rallies. In December, local red-shirt leaders brought supplies to his village, including blankets and food. A nearby village had branded itself a 'Red Shirt Village' with a red sign.

He liked the idea. The movement was in disarray. This was a way to change that, he said.

"In the beginning, it was 20-30 people talking half-jokingly about this idea over lunch. We weren't going to do anything organised. But then the idea caught on."

The authorities are watching closely. "Officers will drive by, peek in, take pictures, ask our neighbours whether I have gone to Bangkok. They follow me," Kongchai said.

Since April, they've had new visitors: soldiers from a military unit responsible for national security issues that went after Communists in the 1970s. The soldiers, who are well known in northeast, have offered to renovate the poorest house in Kongchai village -- a hut with a thatched roof.     "They always ask for something in exchange," said his wife, Kamsan.

On some visits, the soldiers bring framed portraits of the king as gifts to hang in homes. The villagers find it hard to refuse. In Kongchai's home, the king's picture hangs on a wall next to a poster of Buddhist monks. But a far bigger, life-sized picture of Thaksin is draped along another wall.

Soldiers have asked leaders in the red villages to take down the signs and red flags but the villages have not complied, said an official with Thailand's Internal Security Operations Command in Udon Thani. The signs breached laws forbidding placement of public billboards without official permission, but the villages would not be forced to take them down, he said.

VIEW OF THE MONARCHY

As Thailand's polarisation deepens, views of the monarchy have changed, part of a broader cultural shift in the largely Buddhist country where the king has been revered as almost divine for three generations.

Most still express steadfast loyalty to the king, the world's longest-serving monarch, but his throne is seen as entwined with the political forces that removed Thaksin, especially ultra-nationalists who wear the king's colour of yellow at protests.

Crown Prince Maha Vajiralongkorn has yet to command the same popular support as his father, raising questions over whether royal succession will go smoothly.

Long-simmering business, political and military rivalries are rising to the surface, forcing Thailand to choose sides between supporters of the Bangkok establishment or those seeking to upend the status quo.

For others such as Kongchai, being "red" is a much more simple equation, boiling down to sheer double standards and economics.

His son is one of at least 417 people detained in connection with violating an emergency decree during last year's red-shirt protests, according to Human Rights Watch. But none of the thousands of yellow-shirted supporters of the establishment -- who occupied two airports in Bangkok in 2008 for eight days in a campaign to bring down a Thaksin-proxy government -- have been arrested, and Thailand's army did nothing to prevent the airport siege.

"I am still a red shirt because there is still no justice for my son," he said. (Editing by Bill Tarrant)

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half were released, but Kittipong was held without bail. His case went to court in May. He shares a packed cell with seven other prisoners, some accused of murder and drug trafficking.

Kongchai blames himself. He pulled Kittipong out of school when he was 15 to join an early wave of pro-Thaksin rallies. In December, local red-shirt leaders brought supplies to his village, including blankets and food. A nearby village had branded itself a 'Red Shirt Village' with a red sign.

He liked the idea. The movement was in disarray. This was a way to change that, he said.

"In the beginning, it was 20-30 people talking half-jokingly about this idea over lunch. We weren't going to do anything organised. But then the idea caught on."

The authorities are watching closely. "Officers will drive by, peek in, take pictures, ask our neighbours whether I have gone to Bangkok. They follow me," Kongchai said.

Since April, they've had new visitors: soldiers from a military unit responsible for national security issues that went after Communists in the 1970s. The soldiers, who are well known in northeast, have offered to renovate the poorest house in Kongchai village -- a hut with a thatched roof.     "They always ask for something in exchange," said his wife, Kamsan.

On some visits, the soldiers bring framed portraits of the king as gifts to hang in homes. The villagers find it hard to refuse. In Kongchai's home, the king's picture hangs on a wall next to a poster of Buddhist monks. But a far bigger, life-sized picture of Thaksin is draped along another wall.

Soldiers have asked leaders in the red villages to take down the signs and red flags but the villages have not complied, said an official with Thailand's Internal Security Operations Command in Udon Thani. The signs breached laws forbidding placement of public billboards without official permission, but the villages would not be forced to take them down, he said.

VIEW OF THE MONARCHY

As Thailand's polarisation deepens, views of the monarchy have changed, part of a broader cultural shift in the largely Buddhist country where the king has been revered as almost divine for three generations.

Most still express steadfast loyalty to the king, the world's longest-serving monarch, but his throne is seen as entwined with the political forces that removed Thaksin, especially ultra-nationalists who wear the king's colour of yellow at protests.

Crown Prince Maha Vajiralongkorn has yet to command the same popular support as his father, raising questions over whether royal succession will go smoothly.

Long-simmering business, political and military rivalries are rising to the surface, forcing Thailand to choose sides between supporters of the Bangkok establishment or those seeking to upend the status quo.

For others such as Kongchai, being "red" is a much more simple equation, boiling down to sheer double standards and economics.

His son is one of at least 417 people detained in connection with violating an emergency decree during last year's red-shirt protests, according to Human Rights Watch. But none of the thousands of yellow-shirted supporters of the establishment -- who occupied two airports in Bangkok in 2008 for eight days in a campaign to bring down a Thaksin-proxy government -- have been arrested, and Thailand's army did nothing to prevent the airport siege.

"I am still a red shirt because there is still no justice for my son," he said. (Editing by Bill Tarrant)

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half were released, but Kittipong was held without bail. His case went to court in May. He shares a packed cell with seven other prisoners, some accused of murder and drug trafficking.

Kongchai blames himself. He pulled Kittipong out of school when he was 15 to join an early wave of pro-Thaksin rallies. In December, local red-shirt leaders brought supplies to his village, including blankets and food. A nearby village had branded itself a 'Red Shirt Village' with a red sign.

He liked the idea. The movement was in disarray. This was a way to change that, he said.

"In the beginning, it was 20-30 people talking half-jokingly about this idea over lunch. We weren't going to do anything organised. But then the idea caught on."

The authorities are watching closely. "Officers will drive by, peek in, take pictures, ask our neighbours whether I have gone to Bangkok. They follow me," Kongchai said.

Since April, they've had new visitors: soldiers from a military unit responsible for national security issues that went after Communists in the 1970s. The soldiers, who are well known in northeast, have offered to renovate the poorest house in Kongchai village -- a hut with a thatched roof.     "They always ask for something in exchange," said his wife, Kamsan.

On some visits, the soldiers bring framed portraits of the king as gifts to hang in homes. The villagers find it hard to refuse. In Kongchai's home, the king's picture hangs on a wall next to a poster of Buddhist monks. But a far bigger, life-sized picture of Thaksin is draped along another wall.

Soldiers have asked leaders in the red villages to take down the signs and red flags but the villages have not complied, said an official with Thailand's Internal Security Operations Command in Udon Thani. The signs breached laws forbidding placement of public billboards without official permission, but the villages would not be forced to take them down, he said.

VIEW OF THE MONARCHY

As Thailand's polarisation deepens, views of the monarchy have changed, part of a broader cultural shift in the largely Buddhist country where the king has been revered as almost divine for three generations.

Most still express steadfast loyalty to the king, the world's longest-serving monarch, but his throne is seen as entwined with the political forces that removed Thaksin, especially ultra-nationalists who wear the king's colour of yellow at protests.

Crown Prince Maha Vajiralongkorn has yet to command the same popular support as his father, raising questions over whether royal succession will go smoothly.

Long-simmering business, political and military rivalries are rising to the surface, forcing Thailand to choose sides between supporters of the Bangkok establishment or those seeking to upend the status quo.

For others such as Kongchai, being "red" is a much more simple equation, boiling down to sheer double standards and economics.

His son is one of at least 417 people detained in connection with violating an emergency decree during last year's red-shirt protests, according to Human Rights Watch. But none of the thousands of yellow-shirted supporters of the establishment -- who occupied two airports in Bangkok in 2008 for eight days in a campaign to bring down a Thaksin-proxy government -- have been arrested, and Thailand's army did nothing to prevent the airport siege.

"I am still a red shirt because there is still no justice for my son," he said. (Editing by Bill Tarrant)

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CORRECTED - UPDATE 4-Switzerland presses ahead with stricter bank rules

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(Corrects name of spokesman for bankers' association to James from Jason in paragraph 11 in story transmitted Wednesday)

* Big banks will need Tier 1 capital of 10 pct

* Benefit to economy to outweigh costs to banks -govt

* Watch out for competitive disadvantage - bankers group

* Legislation to enter into force in 2012 at earliest

* Parliament could still delay, amend proposals

(Adds reaction, more comments)

By Catherine Bosley

BERNE, April 20 (Reuters) - The Swiss government pushed ahead on Wednesday with plans to make UBS (UBSN.VX) (UBS.N) and Credit Suisse (CSGN.VX)(CS.N) reach tough new capital standards, saying the benefit to the economy outweighed costs to the banks.

As it finalised legislation to go to parliament, the Swiss cabinet said the general thrust of a draft law it issued in December was unchanged but it had made a few minor changes following a consultation period.

Finance Minister Eveline Widmer-Schlumpf said Switzerland was compelled to take a tougher line on bank regulation than other countries as UBS and Credit Suisse were so big that any failure could bring down the small Alpine economy.

"There will be adjustment costs for the banks but all in all the net effect will be positive," she told a news conference. "I am convinced that the Swiss banking sector will be the winner."

The government has proposed both big banks will need an equity Tier 1 capital ratio of at least 10 percent, versus the 7 percent minimum set under the Basel III global standards which begin to take effect in 2013. [ID:nLDE73D1EK]

Both UBS and the powerful right-wing Swiss People's Party (SVP) have warned the plan risks making UBS and Credit Suisse less competitive, raising questions about whether the rules might still be watered down during the legislative process.

Widmer-Schlumpf rejected suggestions the government was rushing ahead with the proposals, saying they had taken more than two years of consultation since the Swiss government was forced to bail out UBS at the height of the financial crisis.

She said the plans had been broadly endorsed by experts and the banking industry -- including Credit Suisse -- and said only the SVP and UBS had expressed fundamental opposition.

Widmer-Schlumpf said the government addressed concerns raised by the SVP and others about powers proposed for the FINMA regulator in a crisis, saying FINMA would only intervene to impose an emergency plan if a failing big bank did not do so. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

For a Breakingviews column, click on [ID:nLDE7351TR]

Scenarios on Swiss political process [ID:nLDE73H117]

Factbox on proposed Swiss bank rules [ID:nLDE73J1B2]

Factbox on the various Swiss parties' views [ID:nLDE73H10X]

Factbox on Britain's proposed regulations [ID:nLDE73A0L9]

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

COMPETITIVE DISADVANTAGE?

The government proposed publishing a report on international developments every year to address concerns about Switzerland forging ahead and Widmer-Schlumpf said she expected other countries would enact similar regulations.

James Nason, spokesman of the Swiss Bankers Association, criticised the formulation of the review provision as too vague.

"The Swiss authorities should clearly commit themselves to reviewing and adapting the regulation should Switzerland's two globally-active universal banks find themselves placed at any serious competitive disadvantage," he told Reuters.

Britain too is considering capital standards more stringent than Basel III, though these would apply only to big retail banks and its comparatively lenient treatment of investment banks has provided ammunition to opponents of the Swiss rules. [ID:nLDE7371AX]

UBS Chief Executive Oswald Gruebel has said the stiff Swiss standards could force UBS to move units abroad. In response, Widmer-Schlumpf noted the bank benefited from Switzerland's other advantages such as low taxes plus political stability.

Credit Suisse said it wanted to study the proposal in detail before commenting but referred to a recent interview by CEO Brady Dougan in which he reiterated his broad support.

"I fear that people may have forgotten what happened in 2008. The financial system needs to be made more robust and secure," he said, adding he assumed regulators elsewhere would also demand other global banks hold more capital.

"If that is the case, we will see the emergence of a reasonable competitive landscape around the world."

Helvea analyst Peter Thorne said the fear the rules would make Swiss banks uncompetitive was "a gross exaggeration" but they would have to cut their investment banking businesses.

"Implementation of the rules should see CS and UBS downsize their investment banking operations ... and this should liberate capital which is probably not earning its cost of capital for the benefit of shareholders," he said.

The government said parliament could vote on the matter before the end of the year so the plans could come into force by the start of 2012 at the earliest, with a transition period up to 2018 to allow implementation.

However, in a taste of a likely heated debate to come ahead of Swiss elections on Oct. 23, the centre-left Social Democrats and Greens both said they wanted the proposals made still tougher, suggested they may still be amended or delayed. (Additional reporting by Martin de Sa'Pinto) (Writing by Emma Thomasson; Editing by David Holmes and Mike Nesbit)

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(Corrects name of spokesman for bankers' association to James from Jason in paragraph 11 in story transmitted Wednesday)

* Big banks will need Tier 1 capital of 10 pct

* Benefit to economy to outweigh costs to banks -govt

* Watch out for competitive disadvantage - bankers group

* Legislation to enter into force in 2012 at earliest

* Parliament could still delay, amend proposals

(Adds reaction, more comments)

By Catherine Bosley

BERNE, April 20 (Reuters) - The Swiss government pushed ahead on Wednesday with plans to make UBS (UBSN.VX) (UBS.N) and Credit Suisse (CSGN.VX)(CS.N) reach tough new capital standards, saying the benefit to the economy outweighed costs to the banks.

As it finalised legislation to go to parliament, the Swiss cabinet said the general thrust of a draft law it issued in December was unchanged but it had made a few minor changes following a consultation period.

Finance Minister Eveline Widmer-Schlumpf said Switzerland was compelled to take a tougher line on bank regulation than other countries as UBS and Credit Suisse were so big that any failure could bring down the small Alpine economy.

"There will be adjustment costs for the banks but all in all the net effect will be positive," she told a news conference. "I am convinced that the Swiss banking sector will be the winner."

The government has proposed both big banks will need an equity Tier 1 capital ratio of at least 10 percent, versus the 7 percent minimum set under the Basel III global standards which begin to take effect in 2013. [ID:nLDE73D1EK]

Both UBS and the powerful right-wing Swiss People's Party (SVP) have warned the plan risks making UBS and Credit Suisse less competitive, raising questions about whether the rules might still be watered down during the legislative process.

Widmer-Schlumpf rejected suggestions the government was rushing ahead with the proposals, saying they had taken more than two years of consultation since the Swiss government was forced to bail out UBS at the height of the financial crisis.

She said the plans had been broadly endorsed by experts and the banking industry -- including Credit Suisse -- and said only the SVP and UBS had expressed fundamental opposition.

Widmer-Schlumpf said the government addressed concerns raised by the SVP and others about powers proposed for the FINMA regulator in a crisis, saying FINMA would only intervene to impose an emergency plan if a failing big bank did not do so. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

For a Breakingviews column, click on [ID:nLDE7351TR]

Scenarios on Swiss political process [ID:nLDE73H117]

Factbox on proposed Swiss bank rules [ID:nLDE73J1B2]

Factbox on the various Swiss parties' views [ID:nLDE73H10X]

Factbox on Britain's proposed regulations [ID:nLDE73A0L9]

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

COMPETITIVE DISADVANTAGE?

The government proposed publishing a report on international developments every year to address concerns about Switzerland forging ahead and Widmer-Schlumpf said she expected other countries would enact similar regulations.

James Nason, spokesman of the Swiss Bankers Association, criticised the formulation of the review provision as too vague.

"The Swiss authorities should clearly commit themselves to reviewing and adapting the regulation should Switzerland's two globally-active universal banks find themselves placed at any serious competitive disadvantage," he told Reuters.

Britain too is considering capital standards more stringent than Basel III, though these would apply only to big retail banks and its comparatively lenient treatment of investment banks has provided ammunition to opponents of the Swiss rules. [ID:nLDE7371AX]

UBS Chief Executive Oswald Gruebel has said the stiff Swiss standards could force UBS to move units abroad. In response, Widmer-Schlumpf noted the bank benefited from Switzerland's other advantages such as low taxes plus political stability.

Credit Suisse said it wanted to study the proposal in detail before commenting but referred to a recent interview by CEO Brady Dougan in which he reiterated his broad support.

"I fear that people may have forgotten what happened in 2008. The financial system needs to be made more robust and secure," he said, adding he assumed regulators elsewhere would also demand other global banks hold more capital.

"If that is the case, we will see the emergence of a reasonable competitive landscape around the world."

Helvea analyst Peter Thorne said the fear the rules would make Swiss banks uncompetitive was "a gross exaggeration" but they would have to cut their investment banking businesses.

"Implementation of the rules should see CS and UBS downsize their investment banking operations ... and this should liberate capital which is probably not earning its cost of capital for the benefit of shareholders," he said.

The government said parliament could vote on the matter before the end of the year so the plans could come into force by the start of 2012 at the earliest, with a transition period up to 2018 to allow implementation.

However, in a taste of a likely heated debate to come ahead of Swiss elections on Oct. 23, the centre-left Social Democrats and Greens both said they wanted the proposals made still tougher, suggested they may still be amended or delayed. (Additional reporting by Martin de Sa'Pinto) (Writing by Emma Thomasson; Editing by David Holmes and Mike Nesbit)

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RPT-Wall St Wk Ahead: Hot sectors, jobs on investors' radar

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(Repeating column initially transmitted late on Friday)

* U.S. stock indexes post gains for the week

* Window dressing to help; energy top performer

* Key U.S. government jobs report on Friday

By Caroline Valetkevitch

NEW YORK, March 27 (Reuters) - U.S. stock investors could scramble to pick up some of the market's recent best performers this week as the quarter comes to an end, putting the spotlight on energy and industrial companies.

But worries about Japan, the Middle East and oil prices will persist and keep uncertainty high, analysts said, even as the VIX, the CBOE Volatility Index .VIX, slid 27 percent over the past week.

Another driver could come from economic data, with the U.S. government's March payrolls report -- the most widely watched economic indicator of the month -- due on Friday.

Economic data lately has taken a backseat to geopolitical events, with Japan's massive earthquake and tsunami sparking fears of a nuclear disaster in the country and driving the most recent pullback in stocks.

But many expect window dressing, where fund managers sell stocks with big losses and buy ones with big gains to spruce up their portfolio's quarterly performance, to dominate trading.

"I think a number of people viewed the harshness of the sell-off as an opportunity to pick up some inappropriately punished stocks," said Michael Strauss, chief economist of Wilton, Connecticut-based Commonfund.

The strategy contributed to a bounceback late last week, with the Dow Jones industrial average .DJI and Nasdaq .IXIC posting their best weeks since July. The benchmark Standard & Poor's 500 .SPX had its best week since early February.

Analysts say the stock market's recent performance has been strongly influenced by expectations for the upcoming earnings reporting period, which kicks off the second week of April.

Oracle's upbeat outlook late Thursday and its stock's 1.6 percent rise on Friday is one example of that, while the energy sector has benefited from the view that the run-up in oil prices will mean stronger-than-anticipated results for producers and refiners.

KING OIL

Energy, up about 14 percent since the start of the quarter as measured by the S&P energy index .GSPE, is by far the sector with the biggest gains for the quarter to date.

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