FDA approves new targeted breast cancer drug

WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.

The drug Kadcyla from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a potent dose of anti-tumor poison.

Cancer researchers say the drug is an important step forward because it delivers more medication while reducing the unpleasant side effects of chemotherapy.

"This antibody goes seeking out the tumor cells, gets internalized and then explodes them from within. So it's very kind and gentle on the patients — there's no hair loss, no nausea, no vomiting," said Dr. Melody Cobleigh of Rush University Medical Center. "It's a revolutionary way of treating cancer."

Cobleigh helped conduct the key studies of the drug at the Chicago facility.

The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2. Breast cancer is the second most deadly form of cancer in U.S. women, and is expected to kill more than 39,000 Americans this year, according to the National Cancer Institute.

The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.

Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.

FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.

Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.

FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug. Doctors are not required to follow FDA prescribing guidelines, and cancer researchers say the drug could have great potential in patients with earlier forms of breast cancer

Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.

Kadcyla was developed by South San Francisco-based Genentech using drug-binding technology licensed from Waltham, Mass.-based ImmunoGen. The company developed the chemical that keeps the drug cocktail together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.

Shares of ImmunoGen Inc. rose 2 cents to $14.32 in afternoon trading. The stock has ttraded in a 52-wek range of $10.85 to $18.10.

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Investors face another Washington deadline

NEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.

Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.

Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.

"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.

Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.

But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.

National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.

"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

OPTIONS BULLS TARGET GAINS

The spending cuts, if they go ahead, could hit the defense industry particularly hard.

Yet in the options market, bulls were targeting gains in Lockheed Martin Corp , the Pentagon's biggest supplier.

Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.

"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.

The stock ended up 0.6 percent at $88.12 on Friday.

If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp and Smith & Wesson Holding Corp could be affected.

General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.

EYES ON GDP DATA, APPLE

The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.

U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.

Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.

Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.

On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.

(Additional reporting by Doris Frankel; Editing by Kenneth Barry)

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Nokia to sell cheaper phones to counter low-end rivals – sources

PARIS (Reuters) – Finnish mobile phone maker Nokia is set to launch cheaper handset models in an attempt to fend off growing competition from Chinese rivals in the low-end market, company sources said on Friday.

The new models, due to be unveiled at the Mobile World Congress industry convention in Barcelona next week, show Nokia is expanding its focus after concentrating in the past two years on catching up with Apple and Samsung in more expensive smartphones.

The sources said Nokia will introduce cut-price mobile phones aimed at competing with the likes of Huawei and ZTE, as well as a new, lower-price model of its Lumia smartphones running on Windows Phone 8 software.

Details such as exact pricing were not available, and a company spokesman declined to comment.

The Lumia smartphone has widely been seen as a make-or-break phone for Nokia, but analysts estimate Nokia’s market share in the high-margin smartphone business is still only around 5 percent.

It sold 4.4 million Lumia devices in the fourth quarter, including the new Lumia 820 and 920, which were launched in November.

(Reporting by Ritsuko Ando; Editing by Leila Abboud)

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India Ink: Bala Panditji, a Priest from Delhi

Why do millions of people, from entire Indian villages to urbane middle managers to foreign tourists, brave the crowds at the Kumbh Mela?

During this year’s 55-day pilgrimage, to Allahabad, Uttar Pradesh, an estimated 100 million Hindus and others are expected to take a holy dip in the Ganges River to wash away their sins. India Ink interviewed some of them.

Bala Panditji, 32, a priest from the Rajarajeshwari Mandir, a temple in Delhi, was one among them. This is what he had to say.

Why did you come to the Kumbh Mela this year? Is it your first time?

I have been to one other Kumbh Mela. But this one seems really special, with so many people around. I come to the Kumbh because it has a great significance in our history. This was one of the only four places on Earth that the gods dropped amrit, or holy water.

How have you found it so far?

I am distressed when I see people mechanically taking a dip in the holy river. They are supposed to acknowledge their past sins and also vow to not sin anymore. They come out of the water and almost forget about these things.

Describe your journey to the Kumbh. Did you travel alone? How long did it take?

We took a train from Delhi. I met many people on the train who were also coming here for the same purpose. Really felt good.

What does religion mean to you? Do you consider yourself a religious person?

Religion means understanding oneself. The reason why people are confused all the time is because they don’t know what they want and how much they want. Once you understand yourself, you will see that you are austere and don’t need worldly embellishments to enhance your personality.

Who do you think is going to win the 2014 election?

Though I come from the south, I have lived in Delhi for a very long time. I can only speak of Delhi politics, and I feel no matter who comes into power there, they are all equal sinners. I think B.J.P. [Bharatiya Janata Party] is a lesser evil though.

(The interview was translated from Hindi.)

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Buffed & Bronzed: How Stars Get Oscars Ready

Before Emily Blunt, Jessica Chastain and more even RSVP to an awards show like the Oscars, they book an appointment with top beauty pros for some serious pre-event primping

Credit: Paul A. Hebert/Getty

Updated: Thursday Feb 14, 2013 | 04:00 PM EST

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On Twitter, a peanut gallery mocks the Oscars

NEW YORK (AP) — You can simply tune into the Oscars. Or you can watch them with the peanut gallery on Twitter.

While Hollywood parades in tuxedos and gowns, grandly celebrating itself, a freewheeling cacophony of quips and sarcasm — something like a digital, million-times multiplied version of those balcony Muppet onlookers, Statler and Waldorf — will provide a welcome and riotous counter-narrative to the pomp.

The second-screen experience is never better than on Oscar night, when a separate (and some might say superior) entertainment experience plays out on social media. The running commentary, in which comedians and others parody the glamorous stars and their sometimes laughable speeches, has become as central to the Academy Awards as the red carpet.

“Following the Oscars on Twitter is like watching the show with one hundred million of your drunkest friends,” says Andy Borowitz, the humorist and author who’s often been a standout tweeter on Oscar night. Last year, he succinctly summarized the previous two best-picture winners, “The King’s Speech” and “The Artist,” as “an English dude who couldn’t speak” and “a French dude no one could hear.”

Live tweeting major TV events, from the Super Bowl to the Grammy Awards, has become engrained in our viewing by now, forming a virtual water cooler that has boosted ratings. But the Academy Awards stream is particularly captivating because it provides an antidote to the on-screen, buttoned-down glamour. It’s as if there’s not an “SAP” button on your remote, but a “YUKS” one, bringing you play-by-play from some of the funniest people in cyberspace. Comedians assemble as if by duty.

“You gotta say something. Someone has to say something,” says comedian Billy Eichner. “To just stand by and watch it happen is almost too tense. It’s cathartic. You’ve got to just get it out on Twitter because if not, we’re all going to be bottled up thinking about how awkward Anne Hathaway made it for one billion people in real time. I don’t begrudge her the award; I’m just saying she’s a ridiculous person.”

As host of Funny or Die’s “Billy on the Street,” which airs on Fuse, Eichner aggressively and comically interviews passersby about pop culture. So he’s particularly adept at expressing all-caps mockery when it comes to the stars of Hollywood. In the awards circuit leading up to the Oscars, he’s zeroed in on Anne Hathaway, the odds-on favorite to win best supporting actress for her performance in “Les Miserables.”

In Hathaway, Eichner recognizes a great actress, but also a striving theater geek. Nothing is funnier, he says, “than the mix of ego and lack of self-awareness, like Jodie Foster’s Golden Globes speech.”

“Ultimately, it’s just fun because the whole thing is so ridiculous,” says Eichner. “It’s like, why not comment on it? What is it even there for other than to be commented on?”

The Oscars has become one of the biggest social media events of the year. Last year’s telecast at one point set a then-record for 18,718 tweets-per-second. A statuette could be handed out for a new award: most tweeted tweet. In 2011, that honor went to The Onion, which lamented: “How rude — not a single character from Toy Story 3 bothered to show up.”

Last year, “The Artist” may have won best picture, but Martin Scorsese’s “Hugo” easily bested it with 110,179 tweets to 78,509 for “The Artist,” according to Twitter metrics analyst TweetReach.

This year, the academy has partnered with Twitter to track the top categories with an index measuring the percentage of positive tweets about the nominees. Leading as of Tuesday wasn’t the favorite “Argo,” nor was it Steven Spielberg’s “Lincoln,” but rather David O. Russell’s “Silver Linings Playbook.” So if the film, widely considered the dark horse in the best picture race, wins on Sunday, Twitter will have predicted it.

Mark Ghuneim, chief executive of social media measurement firm Trendrr, says that during the Oscars, Twitter is “‘Mystery Science Theater 3000,’ for real,” referring to the cult TV show in which a man and two robot sidekicks wisecrack their way through B-movies.

“It’s really like you’ll never watch TV alone ever again, if you don’t want to,” says Ghuneim. “It’s a natural evolution in television and that’s why it’s so prevalent.”

With real-time data from services like Trendrr, the Oscar conversation can be tracked, revealing which moments resound and provoke audiences. Last year, Angelina Jolie’s leg-baring pose as a presenter immediately put Twitter in hyper-drive, spawning parody accounts from the perspective of her right leg.

It’s such moments where Twitter becomes Oscar’s dance partner. Viewers celebrate with — and chortle at — Hollywood’s self-seriousness, combining together for a TV experience greater than the sum of its parts.

When the 85th annual Academy Awards air Sunday on ABC, countless comedians and others at home will be ready on their mobile phones and laptops with tweets to skewer.

“I just pray we all survive Anne Hathaway’s acceptance speech,” says Eichner. “And, to be honest, I have my doubts.”

___

Online:

https://oscars.twitter.com

___

Follow AP Entertainment Writer Jake Coyle on Twitter at: http://twitter.com/jake_coyle

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Bulgarian Parliament Accepts Government’s Resignation

SOFIA, Bulgaria — The Bulgarian Parliament voted on Thursday to accept the government’s resignation after a week of mass protests and bloody clashes with police.

With deputies voting 209-5, with one abstention, the government of Prime Minster Boiko Borisov and his ministers will remain in their posts until an interim government is appointed by President Rosen Plevneliev. New elections are expected in April or May.

During the debate, Tsvetan Tsvetanov, the interior minister in resignation, said the resignation was in the best interest of Bulgaria.

"Most Bulgarian citizens don’t want violence on the streets," he said. "Bulgarian citizens,” he added, “absolutely do not support those who want to destabilize the country."

Opposition parties accused the government of corruption, economic mismanagement and cronyism.

The week of political chaos, nationwide protests and political maneuvers by opposition parties resulted in Mr. Borisov announcing his resignation Wednesday following violent clashes between police and protesters.

Despite the vote, around 1,000 supporters of Mr. Borisov, largely pensioners, stood outside the Parliament. Many waved the flag of Mr. Borisov’s political party and chanted "We don’t want a resignation" and "Boiko is number one!"

The protests — the biggest in at least 15 years — were set off by electricity price increases and corruption scandals, including one over the nominee to head the state electricity regulatory commission, which sets rates. She was accused of selling cigarettes illegally online and her nomination was later withdrawn.

Tempers were inflamed further when Bulgaria’s finance minister, Simeon Djankov, the architect of painful fiscal probity, stepped down on Monday. Rather than allaying anger, analysts said, the resignation was greeted by the public as an admission that the government’s economic policies had not worked.

Tens of thousands of Bulgarians took to the streets across the country to protest. Some yelled “Mafia!” Others burned their utility bills.

Though the country’s fiscal prudence has helped it to avoid having to seek an international bailout like Hungary or Romania, analysts said, rising unemployment and weak growth, coupled with wage and pension freezes and tax increases, had mobilized the country’s increasingly disgruntled middle class, who felt themselves squeezed during the financial crisis.

Daniel Smilov, program director at the Center for Liberal Strategies, a political research organization in the Bulgarian capital, Sofia, said that Bulgarians were disillusioned that the overthrow of Communism in 1989 and the country’s subsequent democratization had not delivered the expected prosperity.

Bulgaria has struggled to shed a reputation for lawlessness and corruption. It remains poor, with an average monthly wage of just $480, the lowest in the European Union.

“What we are seeing is the result of a general distrust in government and the political system,” Mr. Smilov said, noting than protests had engulfed wealthy as well as poorer regions of the country. “These are not the bottom layers of society, but people in the middle strata who been hit hardest by the financial crisis. They fear they are losing their status, and they might become poor very fast.”

Trying to appease the protesters, the prime minister said on Tuesday that the license of the Czech utility CEZ, which provides power to many residential customers in Bulgaria, would be withdrawn. Mr. Borisov cited beatings of protesters Tuesday by the police as one reason.

“Every drop of blood for us is a stain,” he said. “I can’t look at a Parliament surrounded by barricades, that’s not our goal, neither our approach, if we have to protect ourselves from the people.”

Mr. Smilov said that after the Parliament accepted the government’s resignation, President Rosen Plevneliev would then appoint a caretaker government. Mr. Borisov said his party would not participate in an interim government.

Mr. Borisov’s resignation could signal the political demise of one of the country’s most colorful political figures. A former karate instructor, bodyguard, fireman and mayor of Sofia with a shaved head and a talk-tough approach, Mr. Borisov was once viewed as being so invincible that Bulgarians called him “Batman.”

As the owner of a private security company, he provided security services for Todor Zhivkov, the former Communist leader of Bulgaria. Mr. Borisov was then the personal bodyguard for Simeon Saxe-Coburg-Gotha, the child czar who returned to be elected prime minister in 2001.

Mr. Borisov rose to oversee the police at the Interior Ministry, before being elected mayor of Sofia and then becoming prime minister in 2009.

“Mr. Borisov is a typical populist leader who came to power promising to take revenge against the transition on behalf of the poor,” says Andrei Raichev, a political analyst at Gallup International in Sofia. “Now the people realize that they were lied to.”

Mr. Raichev said that no one could predict how the public would react to the resignation. “We could even reach the absurd situation that the protests continue against no one,” he said. “Which means that they are against everyone.”

Matthew Brunwasser reported from Sofia, Bulgaria, and Dan Bilefsky from Paris.

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American Idol: Women Face Sudden-Death Round

American Idol

By Jamie Bufalino

02/20/2013 at 11:00 PM EST

Mariah Carey

Mario Anzuoni/Reuters/Landov

American Idol threw yet another new twist at its 40 remaining contestants: a sudden-death round.

"One song, one chance, no mercy," Ryan Seacrest said as the first group of 10 female contestants gathered in Las Vegas to try to finally sing their way – in front of a boisterous studio audience – through to the "America votes" phase of the competition.

Five women moved on, five went home.

Kentucky high school junior Jenny Beth Willis, whose rendition of a Trisha Yearwood song earned mixed reviews from the judges, was the first up. Although Keith Urban appreciated her "effortless confidence," Nicki Minaj said her performance lacked excitement (a comment that elicited the first audience boos of the season). Final result: It was the end of the road for Willis.

Tenna Torres, 28, – who attended Mariah Carey's camp for kids as a youngster – took the stage next and impressed the judges with her take on the Natasha Bedingfield's "Soulmate." But she lost style points with Minaj, who didn't like one particular aspect of her look. "Lose the hair," said Minaj, who felt the contestant's coif aged her. Final result: She made it through to the Top 20.

The three most powerful performances of the night all made it to the next round: Nashville's Kree Harrison, who despite taking a decidedly plain-Jane approach to styling, wowed the judges with her version of Patty Griffin's "Up to the Mountain." "You sang the hell out of that song," said Carey.

Angela Miller, 18, of Massachusetts, belted out Jessie J's hit "Nobody's Perfect." But she pretty much was.

And Amber Holcomb, an assistant teacher from Texas, closed the show with a rousing (and well received) rendition of "My Funny Valentine."

For the final spot of the night, it came down to Anchorage, Alaska, resident Adriana Latonio, 17, who tackled Aretha Franklin's "Ain't No Way," and Shubha Vedula, a Michigan high school senior who sang Lady Gaga's "Born This Way."

Although the judges saw potential in both contestants, they ultimately picked Lantonio's powerhouse vocals in a final emotional moment.

Thursday will bring out the guys. The first round of 10 will take the stage to try to make the top 20 – but once again, five will go home.

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Adults get 11 percent of calories from fast food

ATLANTA (AP) — On an average day, U.S. adults get roughly 11 percent of their calories from fast food, a government study shows.

That's down slightly from the 13 percent reported the last time the government tried to pin down how much of the American diet is coming from fast food. Eating fast food too frequently has been seen as a driver of America's obesity problem.

For the research, about 11,000 adults were asked extensive questions about what they ate and drank over the previous 24 hours to come up with the results.

Among the findings:

— Young adults eat more fast food than their elders; 15 percent of calories for ages 20 to 39 and dropping to 6 percent for those 60 and older.

— Blacks get more of their calories from fast-food, 15 percent compared to 11 percent for whites and Hispanics.

— Young black adults got a whopping 21 percent from the likes of Wendy's, Taco Bell and KFC.

The figures are averages. Included in the calculations are some people who almost never eat fast food, as well as others who eat a lot of it.

The survey covers the years 2007 through 2010 and was released Thursday by the Centers for Disease Control and Prevention. The authors couldn't explain why the proportion of calories from fast food dropped from the 13 percent found in a survey for 2003 through 2006.

One nutrition professor cast doubts on the latest results, saying 11 percent seemed implausibly low. New York University's Marion Nestle said it wouldn't be surprising if some people under-reported their hamburgers, fries and milkshakes since eating too much fast food is increasingly seen as something of a no-no.

"If I were a fast-food company, I'd say 'See, we have nothing to do with obesity! Americans are getting 90 percent of their calories somewhere else!'" she said.

The study didn't include the total number of fast-food calories, just the percentage. Previous government research suggests that the average U.S. adult each day consumes about 270 calories of fast food — the equivalent of a small McDonald's hamburger and a few fries.

The new CDC study found that obese people get about 13 percent of daily calories from fast food, compared with less than 10 percent for skinny and normal-weight people.

There was no difference seen by household income, except for young adults. The poorest — those with an annual household income of less than $30,000 — got 17 percent of their calories from fast food, while the figure was under 14 percent for the most affluent 20- and 30-somethings with a household income of more than $50,000.

That's not surprising since there are disproportionately higher numbers of fast-food restaurants in low-income neighborhoods, Nestle said.

Fast food is accessible and "it's cheap," she said.

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Shares, euro extend losses as Europe recovery hopes dim

LONDON (Reuters) - European shares and the single currency fell sharply on Thursday when surprisingly weak euro zone economic data dashed hopes of an early recovery for the recession-hit region this year.

Economists had forecast the euro zone purchasing managers' indexes (PMIs), based on surveys of business activity, would add to tentative signs a recovery was under way, but instead they pointed to a first-quarter contraction of up to 0.3 percent.

"The expectation was the trend of improvement for the euro zone as a whole would continue and it hasn't, so that is a disappointment," said BNP Paribas economist Ken Wattret.

The euro tumbled to a fresh six-week low below $1.32 on the news, having already suffered at the hands of a resurgent greenback following signals from the U.S. Federal Reserve on Wednesday that it was considering an end to monetary stimulus.

Signs that Fed policymakers were becoming increasingly reluctant to continue aggressive monetary easing, revealed in the minutes of the last policy meeting, had sparked a worldwide selloff in riskier asset markets.

MSCI's world equity index <.miwd00000pus>, already down 0.5 percent on the doubts about future Fed policy, took another step down after the PMI data to be one percent lower for the day, having touched its best levels since mid-2008 on Wednesday.

Europe's Eurofirst 300 index <.fteu3> shed 1.25 percent, on track for its second biggest daily loss of the year. London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were all down as much as 1.8 percent lower.

SAFETY PLAYS WELL

In the fixed income market, German bonds, considered a safe haven, hit their best levels for a month with the main Bund futures contract up 91 ticks to 143.33. The move reversed a fall seen on Wednesday and was also being supported by the approach of an Italian general election this weekend.

"Investors are becoming more and more cautious ahead of the weekend ... and altogether people decided here to pull the trigger and go risk-off," said Christian Lenk, a strategist at DZ Bank.

The dollar, another safety play, followed up its big gains on Wednesday adding a further 0.45 percent on an index value that includes most major currencies <.dxy>, although it slipped against the yen to 93.35.

The Markit composite PMI for the euro zone, which combines both services and manufacturing surveys, fell to 47.3 in February from 48.6. It had been expected to rise to 49.0.

The data also showed a growing gap between Germany and France - the two biggest economies in the euro zone - which could have implications for the European Central Bank's future monetary policy.

The survey found firms in Germany are enjoying a healthy rate of growth, while French service sector companies are in the midst of their worst slump since the financial crisis was at a peak in early 2009.

"The theme is still the very substantial divergence between France and Germany and that is going continue to be the case for much of the year," said Wattret of BNP Paribas.

"On the margins this is going to resonate with the dovish tone from the ECB at its last meeting, but I think the real swing factor for the ECB will be exchange rate factor and the tightening impact it is having."

The strength of the euro has been holding back exports.

In commodity markets, the prospect of weakening demand from Europe and a possible early end to the Fed's policy of quantitative easing sent all markets lower.

London copper struck its lowest in nearly two months, at $7,870 a tonne, while oil dropped below $114.50 a barrel for the first time this month having seen its biggest daily fall of the year on Wednesday.

Growth-attuned precious metal platinum fell 3 percent to hit a five-week low. Traditional safe haven gold popped higher, to $1,568 an ounce, after the Fed minutes had pushed it to a seven-month low.

"Long-position holders have been looking to sell for profit-taking," said Yusuke Seta, a commodity sales manager at Newedge Japan. "I guess this is a good time to sell."

(Additional reporting by Marc Jones.; Editing by Alastair Macdonald)

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