Thought Id start this one going because its rather dead on this board at the moment and I suppose all my usual muckers are either at the Stella tennis event watching Dim Tim (lose again) or at Henly Regatta eating cucumber sandwiches (they wish,...NOT).

Anyway please feel free to just talk to yourself blast away and let it go on any company or subject you wish. Just wish Id thought of this one before.

cheers GF.

We all jumped unanimously to our 'guilty as hell conclusion' on 'weirdo' Christopher Jefferies, the landlord of Jo Yeates, feeling 'He's the one! He did it!'

But it was all based on what we'd read in the press and Jefferies' offbeat/slightly peculiar mannerisms and appearance.



BUT HE WASN'T GUILTY! It was someone else!

So how nice to find out Christopher Jefferies is a nice man after all and just a tadge 'eccentric'.

Jefferies has just won his libel case against the EIGHT newspapers who fed us all with their biased and bigoted crap.

I do hope he got an absolutely stonklingly massive payout from them. However, we shall probably never know, because it was 'settled out of court'.

By way of comparison, against the NOTW, Max Mosley got a mere 60,000 for damages. The NOTW also had to pay an additional bill of around 850,000 after the judge ordered it to pay Mr Mosley's legal fees, estimated at 450,000, on top of its own costs of 400,000.

More at: http://www.bbc.co.uk/news/uk-14339807

I can only show evidence of how Hull Primary Care Trust has wasted millions of pounds.

In 2008 Hull Teaching Primary Care Trust was behind a scheme designed to help improve the long-term health prospects of teenagers.

It aims to remove 150 jobless people, initially those aged 17 to 19, from the unemployment register each year and engage them in training.

Ten week programmes would include two weeks at sea on the yacht, like those used in the round-the-world Clipper race, operated by a new organization called the Wilberforce Sailing Academy.

The 400,000-a-year running costs would also be met from public funds.

One Hull, a body involving public, private and voluntary bodies, has already earmarked 1.345 million pounds to cover running the yacht until March 2011.

Also they spent a huge amount of cash on paintings to decorate the walls of all their buildings, both admin and medical. Often these paintings were a splash of paint but because they were known artists the price was many thousands of pounds.

A local hotel displays paintings of local artists. These paintings are often of very high quality, and they are for sale. This enables the hotel to display paintings for free as well as helping local artists. Not rocket science is it.

The same hospital trust had for many months posters on display all over Hull. These posters had people with very large blown up ears, with the caption similar to 'your health trust is listening'.

The thing is, they were not listening as if they were they would have found that most people thought the posters were a waste of money.

No doubt Hull are not the only Health Care Trust that wastes colossal amounts of money.

When my wife started nursing in 1970 there were approx 1 admin to every 5 medical staff. Now I believe it is almost 1 to 1.

I am certain that most trusts could save many millions of pounds, if they drastically cut all the jobs worthies, and that goes for just amount every other government controlled organization/department.

I could go on but it annoys me so.

Greek.

Dwarf commits small sex act and gets short sentence

By Andrew Couts.

Heres a frightening statistic: Apple Inc. now has more cash on hand than the entire United States federal government. As of Wednesday, July 27, the balance sheet for the US Treasury dipped down to $73.768 billion. That compares to the $76.156 billion Apple has in its deep coffers a difference of $2.388 billion.

My comment..........How can it possibly be that a single company, no matter how big and successful, has more cash in hand than the biggest country in the western world.

What a pathetic way to run any country.
Mind you before our Gordon Brown (nee prudence) started flashing money around like there was no tomorrow, the UK was more like Apple than the USA. Now though we are more like the USA than Apple.

Our Gordon reminds me of Vivian Nicholson. Remember her, in 1961 she was the Football Pools winner who vowed to spend, spend, spend.
Five husbands later, she's a Jehovah's Witness living on 87 a week...
Two weeks after her 71st birthday, Vivian Nicholson is looking for a job.

I wonder if our Gordon will see the light and become a Jehovah's Witness. Mind you if he ever knocks on my door, I will invite him in for a nice little chat.

Just had a thought. Perhaps Apple should buy out the USA.

Greek.

Post 11849

I think Aids should like to retract earlier statements he made about C Jefferies.

If I recall correctly, something similar to "pervert" was mentioned.

Greek.

An interesting question for me is, in whose hands is all the cash of the state now resting?

Also, what of benefit have have those who hold it, done for the state?

But, once again I am an idiot!

.

Friday 29 July 2011

Barack Obama warned that America's prized triple-A rating is in jeopardy and that the country is "almost out of time" to agree a deficit deal as GDP data showed the moribund state of the US economy.

Fears that a recovery in the world's biggest economy is running out of steam were heightened as official figures showed GDP in the US rising 1.3pc in the second quarter, against expectations of a 1.8pc rise. In a chastening statement the Commerce Department also downgraded first-quarter growth from an initial estimate of 1.9pc to just 0.4pc.

Mr Obama said the poor pace of growth further raised the pressure on Democrat and Republican politicians to come to a consensus over raising the $14.3 trillion (8.7 trillion) deficit ceiling.

"The power to solve this is in our hands on a day when we've been reminded how fragile the economy already is," he said. "If we do not come to an agreement, we could lose our country's triple-A credit rating... because we did not have a triple-A political system to match."

The extent of the uncertainty hanging over the US economy was underlined as the head of the World Bank warned that politicians were courting "calamity" by not coming to an agreement ahead of a deadline on Tuesday next week. "To be blunt, to have a debt default in the United States would not only be a financial calamity but should be an embarrassment for every American," said Robert Zoellick.

The Commerce Department also said household spending had risen at an annual rate of just 0.1pc in the second quarter, prompting fears that high unemployment and a lack of wage growth could mean any resurgence in consumer spending is unlikely to materialise at all in 2011.

"The economy is stuck in a very slow-growth scenario," said Julia Coronado (Other OTC: CRAO.PK - news) , chief economist for BNP Paribas (Other OTC: BNPQF.PK - news) in New York (Xetra: A0DKRK - news) . "Consumers are still very cautious and vulnerable. This is a very challenging report for policy makers." That view was echoed by economist Nouriel Roubini: "Stall speed in the economy. This isn't a soft patch," he said.

In a further blow to the economy officials also revised down GDP numbers going back to 2003. The new figures showed the US economy contracting 5.1pc between the final quarter of 2007 and the second quarter of 2009, compared with a previous reading of 4.1pc.

The GDP figures sent stock markets on both sides of the Atlantic (Stuttgart: A0J3C9 - news) lower but Mr Obama's statement that "we will solve this problem [of the deficit ceiling]" later steadied nerves.

Having dropped over 100 points, the Dow Jones (DJI: ^DJI - news) was trading down 65.99 at 12174.12 in afternoon trading.

Volatility in stock markets came as figures from trade group Investment Company Institute showed that investors last week pulled more cash from money-market mutual funds than in any other week this year as fears grew over the debt situation.

US inflation figures also showed consumer prices, stripping out food and energy, climbing at 2.1pc between April and June, the fastest pace since the last quarter of 2009. "This is the worst of all worlds for investors, certainly the worst of all worlds for the Fed," John Silvia, chief economist at Wells Fargo (Dusseldorf: NWT.DU - news) told Bloomberg. "A little too much inflation, not enough growth, that is a tough scenario."

Mr Obama was speaking after Republican politicians failed to come to an agreement on Thursday evening over a bill proposed by House Speaker John Boehner. Efforts were scuppered following a revolt by conservative politicians with a further meeting scheduled to try to break the deadlock. Democrats have said they will block the bill even if it is agreed by Republicans.

"There are plenty of ways out of this mess. But we are almost out of time. We need to reach a compromise by Tuesday so that our country will have the ability to pay its bills on time," Mr Obama said. He told Americans to write, phone or Tweet politicians to keep up the pressure, sparking an immediate response with the Capital Hill (Frankfurt: A0Q3DB - news) phone system said to be "near capacity".

"For my part, our administration will be continuing to work all weekend long until we find a solution," Mr Obama added.

The US Treasury called a meeting with banks that make markets in US bonds as it sought to gauge the likely reaction should an increase in the ceiling not be agreed. The Treasury said it held such meetings regularly but that it expected this one to be "particularly useful as we enter a period where Congress has not yet acted to raise the debt ceiling."

The Federal Reserve was reported to be preparing guidance for banks in the event that the ceiling is not lifted by the deadline.

Amid the political hiatus, increasingly hair-brained schemes were being proposed, including the printing of a $1 trillion dollar coin. Laws limit the printing of notes in the US but not coins, according to Yale Law School professor Jack Balkin, who proposed the plan.

N,

They must be getting fed up with firing blanks.

Savers desert the stock market


Friday 29 July 2011

Savers are abandoning the stock market at a rate not seen since the financial crisis of 2008 amid fears that another global recession is looming, The Daily Telegraph has found.

High (Berlin: HIH.BE - news) inflation, the US debt crisis and ongoing problems in eurozone countries such as Greece, Portugal and Ireland (Berlin: IIK.BE - news) have left ordinary investors feeling that they have nowhere to hide, experts said.

The amount of money placed in investment funds by savers has fallen by up to 90 per cent in recent months, figures show, as investor confidence hits lows not seen since the depths of the recession three years ago.

Instead, savers are rushing to put their money in perceived safe havens, with sales of gold funds rising by nearly 60 per cent last week.

Increasingly, people are opting to invest simply in cash, even though rising inflation means that they are effectively losing money.

The growing uncertainty in the safety of the stock market came as:

The FTSE 100 index dropped by one per cent wiping 15 billion off the value of Britains most valuable companies after poor economic data from the United States. The index has fallen two per cent in the past week.

President Barack Obama warned that Americas triple-A credit rating was at risk unless Republicans and Democrats agreed a deal to resolve the countrys debt crisis before Tuesdays deadline.

Moodys, the credit rating agency, added to the turbulence in the markets after it threatened to downgrade Spain as the eurozones troubles continue.

Such is the growing uncertainty that private investors are putting into the stock market just a 10th of the average amount placed in recent months.

Latest figures for the Investment Management Association show that the money invested in funds in May was just 64 million, compared with a monthly average of 650 million over the past year. Fund managers say the trend has continued.

Investors pulled 60 million out of Europe (Chicago Options: ^REURTRUSD - news) funds and 154 million out of US funds in May alone before the problem in the eurozone had revealed its full extent and long before the US debt crisis.

If investors continue to shun the markets, the projected total sales of funds for 2011 will be just 19 billion. Last year the figure was 23 billion and in 2009 it was 26 billion.

It hasnt been this bad since 2008. Investors and markets feel punch-drunk, said Juliet Schooling Latter, an adviser at Chelsea Financial Services. First (OTC BB: FSTC.OB - news) there was the tsunami, then the conflict in the Middle East, then Europe and now the US. Investors are rattled.

Schroders (Berlin: PYX.BE - news) , one of the UKs largest fund managers, said that sales of US and Europe funds have been sluggish. Robin Stoakley, the managing director, admitted yesterday that investors are not interested in the troubled regions, opting instead for defensive investments.

There is a lot of nervousness around and investors are opting instead for inflation hedges such as gold, he said.

Sales of gold funds increased 58 per cent last week, according to Barclays (LSE: BARC.L - news) Stockbrokers, and sales of BlackRocks Gold and General fund increased 33 per cent between June and July.

The most worried investors are selling stocks now and switching their investments into cash, in spite of the risk that it will be eroded by inflation.

Rob Fisher, the head of personal investments at Fidelity International, said even its more active investors were wary of committing to the markets. Instead, he said, they were stockpiling cash and waiting until there was a clearer outcome in the US and European debt issues.

This clarity may come before next Tuesday, when the US officially runs out of money. President Barack Obama, the Republican House of Representatives and the Democrat Senate must make a decision about the USs $14.3 trillion debt ceiling before then or risk default.

But disagreements between the President and John Boehner, the Speaker of the House of Representatives and the USs most senior Republican, over spending cuts have meant that Congress has so far failed to reach a decision. The uncertainty led the price of gold to rise to a new high of $1,630 [992] an ounce as nervous investors in America sought refuge. Closer to home, the FTSE 100 (Euronext: VFTSE.NX - news) fell 44 points yesterday to 5,829.

In Europe, Moodys said it was reviewing Spains credit rating and would probably downgrade it by one level. Shortly after this warning, the Spanish government called a surprise early election for November (Berlin: NBXB.BE - news) .

John Chatfeild-Roberts, the chief investment officer for Jupiter Asset Management, said that the developed economies would struggle for several more years.

The whole developed world is struggling with being over-indebted, he said. There are problems with UK and US property markets, economic deficits, Greece, Spain and Ireland.

Authorities are trying desperately not to let debt default and at the same time inject economies with inflation so that the debt is reduced. Savers bear the brunt of this.

Unfortunately we think this will go on for quite some time several years. It can gradually wind down, but we have to wait

Crisis As US Debt Row Remains Deadlocked

tweet2Print..Topics:USUpgrades & DowngradesCredit Cards.
(c) Sky News 2011, 7:19, Saturday 30 July 2011

The US Congress remains bitterly divided over how to raise the country's debt limit so it can afford to pay its bills.

On Friday night the House of Representatives passed a Republican-backed bill to provide a short-term boost - a $900bn increase in the debt ceiling.

But two hours later the legislation was defeated in the Democratic-controlled Senate.

Senate Democratic Leader Harry Reid offered a late concession on Friday by revising his own deficit reduction proposal to take in parts of a plan first proposed by the Senate's top Republican, Mitch McConnell.

Hopes for a quick resolution to the issue faded, however, as the Senate adjourned for the evening.

President Barack Obama had made a fresh appeal to Democrats and Republicans to come to an agreement before the deadline on Tuesday.

The country will be unable to borrow money to pay its bills if Congress does not agree to increase the maximum level by then.

Democrats in control of the Senate had vowed to block the Republican proposal in favour of a longer-term $2.5 trillion borrowing limit increase with about $2.2 trillion in spending cuts.

Economists have claimed that defaulting on the debt could push the already fragile American economy back into recession.

Mr Obama has said "there were plenty of ways out of this mess" but warned "we are almost out of time".

He warned the US was in danger of losing its AAA credit rating - and this could mean tax rises in the form of higher interest rates on mortgages and credit cards.

But he was "confident we can solve this problem and will solve this problem".

He said any deal must have the support of both the House of Representatives and Senate, adding the "time for compromise was now".

The leader said the bill put forward by House of Representatives Speaker John Boehner, a Republican, "does not solve the problem".

Mr Obama said Mr Reid had introduced a plan that contains cuts agreed by both parties.

Senator Mitch McConnell, a Republican, had also "offered a solution that can get us through this".

The president said either of their plans could be modified in order to get them passed by both houses, which would allow them to be signed into law.

Sky's US correspondent Greg Milam said: "Republicans and Democrats appear to be in gridlock in trying to tie spending cuts to the deal to raise the ceiling

The Green Thing

In the line at the store, the cashier told an older woman that she should bring her own grocery bags because plastic bags weren't good for the environment.

The woman apologized to him and explained, "We didn't have the green thing back in my day."
The cashier responded, " That's our problem today. Your generation did not care enough to save our environment."

He was right -- our generation didn't have the green thing in its day.

Back then, we returned milk bottles, soda bottles and beer bottles to the store. The store sent them back to the plant to be washed and sterilized and refilled, so it could use the same bottles over and over. So they really were recycled.

We walked up stairs, because we didn't have an escalator in every store and office building. We walked to the grocery store and didn't climb into a 300-horsepower machine every time we had to go two blocks.

Back then, we washed the baby's nappys because we didn't have the throw-away kind. We dried clothes on a line, not in an energy gobbling machine burning up 220 volts -- wind and solar power really did dry the clothes. Kids got hand-me-down clothes from their brothers or sisters, not always brand-new clothing. But that old lady is right; we didn't have the green thing back in our day.

Back then, we had one TV, or radio, in the house -- not a TV in every room. And the TV had a small screen the size of a handkerchief (remember them?), not a screen the size of the state of Webmlet Staduin. In the kitchen, we blended and stirred by hand because we didn't have electric machines to do everything for us.

When we packaged a fragile item to send in the mail, we used a wadded up old newspaper to cushion it, not Styrofoam or plastic bubble wrap.

Back then, we didn't fire up an engine and burn petrol just to cut the lawn. We used a push mower that ran on human power. We exercised by working so we didn't need to go to a health club to run on treadmills that operate on electricity.

Back then, we drank from a fountain when we were thirsty instead of using a cup or a plastic bottle every time we had a drink of water.

We refilled writing pens with ink instead of buying a new pen, and we replaced the razor blades in a razor instead of throwing away the whole razor just because the blade got dull.

Back then, people took the tram or a bus and kids rode their bikes to school or walked instead of turning their moms into a 24-hour taxi service..

We had one electrical outlet in a room, not an entire bank of sockets to power a dozen appliances. And we didn't need a computerized gadget to receive a signal beamed from satellites 2,000 miles out in space in order to find the nearest pizza joint.

But isn't it sad the current generation laments how wasteful we older folks were just because we didn't have the green thing back then?

Please forward this on to another selfish old person who needs a lesson in conservation from a smart ass young person.

True.

So 'Done'.

By Alister Bull and Laura MacInnis | Reuters 13 minutes ago

U.S. President Barack Obama meets with African leaders at the White House in Was
....WASHINGTON (Reuters) - The White House said on Saturday it "strongly supports" a bill being considered in the House of Representatives that incorporates both Democratic and Republican ideas and would raise the debt limit to early 2013.

"It is imperative that the United States not default on the nation's obligations," the Obama administration said in a policy statement. "If the bill were presented to the president, his senior advisors would recommend that he sign it."

The bill would require two-thirds approval in the Republican-controlled House to pass.

(Reporting by Alister Bull and Laura MacInnis)
...

When I was a kid I used to pray every night for a new bike. Then I
realized that The Lord doesn't work that way, so I stole one and asked him
to forgive me.

I've often wanted to drown my troubles, but I can't get my wife to go
swimming.

My Dad used to say 'always fight fire with fire', which is probably why
he got thrown out of the fire brigade.

I saw six men kicking and punching the mother-in-law. My neighbour said
'Are you going to help?' I said 'No, Six should be enough.'

If we aren't supposed to eat animals, then why are they made out of meat?

Why is it called Alcoholics Anonymous when the first thing you do is
stand up and say, 'My name is Bob, and I am an alcoholic'?

Why is there a light in the fridge and not in the freezer?

Why does mineral water that 'has trickled through mountains for
centuries' have a 'use by' date?

Why do toasters always have a setting that burns the toast to a horrible
crisp no one would eat?

Who was the first person to look at a cow and say, 'I think I'll squeeze
these dangly things here and drink whatever comes out'?

What do people in China call their good plates?

Why do people point to their wrist when asking for the time, but don't
point to their crotch when they ask where the bathroom?

Why is a person that handles your money called a 'Broker'?

If quizzes are quizzical, what are tests?

Why is it that when someone tells you that there are over billion stars
in the universe, you believe them, but if they tell you there is wet paint
somewhere, you have to touch it to make sure?

Did you ever notice that when you blow in a dog's face, he gets mad at
you but when you take him on a car ride, he sticks his head out of the
window?

Triangular sandwiches taste better than square ones.

At the end of every party there is always a girl crying.

One of the most awkward things that can happen in a pub is when your
pint-to-toilet cycle gets synchronised with a complete stranger.

You've never quite sure whether it's ok to eat green crisps.

Everyone who grew up in the 80's has entered the digits 55378008 into a
calculator

Reading when you're drunk is horrible.

Nobody ever dares make cup-a-soup in a bowl.

You never know where to look when eating a banana.

Rummaging in an overgrow garden will always turn up a bouncy ball.

Everyone always remembers the day a dog ran into your school.

The most embarrassing thing you can do as schoolchild is to call your
teacher mum or dad.

Every bloke has at some stage while taking a pee, flushed half way
through and then raced against the flush.

Its impossible to look cool whilst picking up a Frisbee.

You never ever run out of salt.

There's no panic like the panic you momentarily feel when you've got
your hand or head stuck in something.

No one knows the origins of their metal coat hangers.

Despite constant warning, you have never met anybody who has had their
arm broken by a swan.

The most painful household incident is wearing socks and stepping on an
upturned plug.

People who don't drive slam car doors too hard.

You've turned into your dad the day you put aside a thin piece of wood
specifically to stir paint with.

Everyone had an uncle who tried to steal their nose"

Desperate Bid To Resolve US Debt Crisis


Sky News 2011, 8:34, Sunday 31 July 2011

Leaders of the US Congress are making a desperate last-minute attempt to compromise on how to raise the country's debt limit so it can afford to pay its bills.

Senate majority leader Harry Reid has postponed until later today a test vote on a Democratic proposal to give more time for White House talks.

President Barack Obama is seeking legislation to raise the government's $14.3 trillion (8.7tn) debt limit by enough to tide the Treasury over until after the 2012 elections.

The House of Representatives passed a Republican-backed bill on Friday to provide a short-term boost - a $900bn (548bn) increase in the debt ceiling.

But two hours later, the legislation was defeated in the Democrat-controlled Senate.

Mr Obama has appealed to Democrats and Republicans to find a way forward before Tuesday.

The country will be unable to borrow money to pay its bills if Congress does not agree to increase the maximum level by then.

Earlier, Senate Republican leader Mitch McConnell said he was confident a deal could be reached in the "very near future" - a claim initially met with scepticism by Mr Reid.

Democrats in control of the Senate previously vowed to block the Republican proposals in favour of a longer-term $2.5 trillion (1.5tn) borrowing limit increase with about $2.2tn (1.3tn) in spending cuts.

Economists have claimed that defaulting on the debt could push the already fragile American economy back into recession.

Mr Obama has said there are "plenty of ways out of this mess" but warned "we are almost out of time".

He warned the US was in danger of losing its AAA credit rating - and this could mean tax rises in the form of higher interest rates on mortgages and credit cards.

Sky's US correspondent Greg Milam said there were "some signs of encouragement" now that talks at the White House were under way.

But he said: "It would still need to get through both houses of Congress and we've already seen that some members of both houses aren't keen on some of the deals that are being talked about.

"But it's progress after 24 hours of some pretty bitter language, each side voting down the other's plan to get through this crisis.

"All the time the clock is ticking and that moment when the US bumps up against its debt ceiling on Tuesday draws ever closer."

..US Debt: Politicians 'Very Close' To Deal

Sky News 23 minutes ago
....Politicians in the US are close to reaching an 11th-hour agreement on a debt deal that could help pay the country's bills.

ABC News reported that negotiators had reached a tentative agreement on a package, but a White House official cautioned that a deal was "not there yet".

However, Republican senator Mitch McConnell told US media that negotiations are "very close" to a deal and he was optimistic of a successful conclusion.

"I think we've got a chance of getting there," he said.

According to ABC news, the deal would raise the debt limit by up to \$2.4 trillion (1.46 trillion) and cut more than \$1 trillion (608bn) in spending over 10 years.

There were also plans for a new congressional panel to recommend additional deficit reductions of more than \$1 trillion.


Senate Majority Leader Harry Reid, a Democrat, had earlier pushed back a key procedural vote on a debt limit plan by 12 hours.

It has allowed additional time for both sides to hammer out details before Asia markets opened.

"There are negotiations going on at the White House now on a solution that will avert a catastrophic default on the nation's debt," Reid said on the Senate floor.

President Barack Obama is seeking legislation to raise the government's \$14.3 trillion (8.7tn) debt limit by enough to tide the Treasury over until after the 2012 elections.


The House of Representatives passed a Republican-backed bill on Friday to provide a short-term boost - a \$900bn (548bn) increase in the debt ceiling.

But two hours later, the legislation was defeated in the Democrat-controlled Senate.

Mr Obama has appealed to Democrats and Republicans to find a way forward before Tuesday.

The country will be unable to borrow money to pay its bills if Congress does not agree to increase the maximum level by then.

Economists have claimed that defaulting on the debt could push the already fragile American economy back into recession.

Mr Obama has said there are "plenty of ways out of this mess" but warned "we are almost out of time".

He warned the US was in danger of losing its AAA credit rating - and this could mean tax rises in the form of higher interest rates on mortgages and credit cards.

Sky's US correspondent Greg Milam said there were "some signs of encouragement" now that talks at the White House were under way.

..

The Americans are a disgrace the way they are hanging this out.

Stocks jump, gold falls on U.S. debt breakthrough

Kevin Plumberg, 3:59, Monday 1 August 2011

SINGAPORE (Reuters) - Stocks rose while gold and the yen dropped on Monday as investors cut safety trades after Washington reached a last-minute deal to escape default, though the top U.S. credit rating could still be downgraded.

After a tense weekend in which rival plans to lift the U.S. borrowing limit were shot down in Congress, U.S. President Barack Obama said leaders from both parties reached a deal to cut the budget deficit by $1 trillion over 10 years, with additional savings of $1.4 trillion possible.

U.S. S&P 500 (SNP: ^GSPC - news) stock futures bounced 1.5 percent in a relief rally, high-yielding currencies such as the Australian dollar and emerging Asian units strengthened, while U.S. Treasuries -- which have maintained their haven status despite being at the centre of the debt ceiling impasse -- slid.

Investors were still on guard, though, since the plan, which will likely come to a vote in Congress on Monday, may not necessarily satisfy Standard & Poor's enough to keep the U.S. triple-A debt rating.

"For the rally to be durable, markets will need more than this downpayment agreement," said Mohamed El-Erian, co-chief investment officer of PIMCO in Newport Beach, California.

"They will look to a more coherent fiscal reform to emerge from the second step and, more generally, for additional measures to remove structural impediments to growth and jobs. Markets will also be asking whether this two-step agreement is sufficient to remove the threat of an S&P downgrade."

RELIEF OVER THE U.S. DEAL...

Japan (NYSE: MCO - news) 's Nikkei (Osaka: ^N225 - news) share average outperformed U.S. stock futures, gaining 1.8 percent , as investors bought back technology-related shares and the weaker yen invited buyers to dive back into major exporters.

"Obama's remarks may be enough for the Nikkei to regain the last three days of losses, but today's gains will likely reflect temporary relief, not solid confidence that all the negative elements in the U.S. economy have been priced in," said Tsuyoshi Kawata, a senior strategist at SMBC Nikko Securities in Tokyo.

The MSCI index of Asia Pacific (Chicago Options: ^RASPUSD - news) stocks outside Japan was up 1.7 percent after falling for the past two sessions, with gains spread out fairly evenly among the sectors with the defensive utilities segment underperforming.

Hong Kong's Hang Seng (HKSE: ^HSI - news) was up 1.5 percent , led by a 1.8 percent rise in HSBC (LSE: HSBA.L - news) after Europe (Chicago Options: ^REURTRUSD - news) 's largest bank said it would sell nearly half of its underperforming U.S. branch network.

The U.S. dollar index, which measures its value against a basket of six other major currencies, was largely unchanged on the day.

The euro weighs heavily in the basket, and so the index reflects deep-seated fears about the fiscal unsustainability for both the United States and the euro zone.

"Avoiding default by the U.S. government is of paramount importance, but investors also need to see a clear path towards deficit reduction that encourages confidence in the U.S. dollar. This is essential if we are to maintain America's AAA rating and encourage long-term investment in the U.S," said U.S. fund manager BlackRock Inc (NYSE: BLK - news) , which oversees $3.6 trillion in assets, in a statement.

The dollar shot up against the yen, hitting 78.00 yen before easing back to 77.63 yen, up 0.3 percent on the day. Traders in Asia had been keeping a close eye on the yen, since the dollar dropped below 77 yen to a four-month low of 76.70 yen on Friday, raising fears of yen-selling intervention by Japanese authorities.

ANXIETY OVER THE EURO ZONE

U.S. Treasury debt futures fell in electronic trading. The 10-year Treasury futures were down 6/32 to 125 16/32, and in the cash market, the benchmark 10-year yield rose four basis points from late Friday in New York (Xetra: A0DKRK - news) to 2.83 percent.

Oil futures also rose with risky assets. U.S. crude futures for September were up $1.19 at $96.89 a barrel, while Brent crude gained $1.17 cents to $118.11.

Gold prices tumbled 0.9 percent to $1,611.89 an ounce, down from a record high of $1,632.30 reached on Friday.

Many investors believe the market focus will shift to the likelihood of a rating downgrade as well as to the structural debt problems afflicting the euro zone.

Throughout last week's increasingly intense showdown in Washington over the U.S. debt ceiling, the spreads of Italian and Spanish bond yields over Germany have been widening sharply, signifying persistent unease that Greece's problem may spread to other European countries.

"Don't forget there's Europe in the background with problems in Italy and Spain," said Natalie Robertson, a commodities analyst at ANZ. "There is still heightened risk aversion in the market and gold will probably be volatile in the next few days."

(Additional reporting by Rujun Shen in SINGAPORE; Editing by Kim Coghill

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