Time Warner

• Carl Icahn wins again: Actavis to Buy Forest Labs for $25 Billion (WSJ)
• ECB governing council member attacks German court ruling on OMT (FT)
• China Tackles $1 Trillion Data Gap as Xi Changes Metrics (BBG)
• FX Traders Facing Extinction as Computers Replace Humans (BBG)
• BOJ Boost to Loan Programs Signals Room for More Easing (BBG) - actually no it doesn't as it was "factored in"
• Four killed in Thai clashes; PM to face charges over rice scheme (Reuters)
• Goodbye unsterilized SMP: Bundesbank Backs Measure to Boost Funds in Banking System  (WSJ)
• Iranian Hacking to Test NSA Nominee Michael Rogers (WSJ)
• Ukraine Clashes Leave Dozens Wounded as Putin Resumes Bailout (BBG)

• Euro-Area Growth Eases Pressure on Draghi for Stimulus (BBG)
• Germany Beats Growth Estimates With France Amid Recovery (BBG)
• Argentina revises ‘bogus’ inflation figures (FT)
• Wells Fargo edges back into subprime as U.S. mortgage market thaws (Reuters)
• China Banks’ Bad Loans Reach Highest Since Financial Crisis (BBG)
• Time Warner Cable Deal to Test Comcast CEO's Washington Clout (WSJ)
• Risky Loans in Europe Banks’ Dark Corners to Be Exposed  (BBG) - yeah, right... sure
• Gold Extends Climb Above $1,300 as Investors Boost SPDR Holdings (BBG)
• SEC Takes Steps to Stem Courtroom Defeats (WSJ)

So far the overnight session has been a replica of yesterday, with the all important carry trade once again fizzling overnight during Japan trading hours, and dipping as low at 101.60 before staging a modest rebound to the 101.8 level. We expect the "invisible" 102.000 USDJPY tractor beam to be again engaged shortly and provide market support and/or levitate stocks higher as the now standard selling in Japan, buying in the US trade pattern repeats. On the other hand, US equity futures appear to have decoupled from the pure carry trade, and instead latched on to USD weakness and EUR strength following European Q4 GDP data, which came at 0.3% on expectations of 0.2%, up from 0.1%. Considering the constant adjustments to the European definition of GDP, at this point Mongolia would have been able to demonstrate growth if it was in Europe (but apparently not Greece which once again missed GDP expectations with Q4 GDP of -2.6% vs Exp. -2.0%). Expect ES and USDJPY to recouple shortly, as they always do - the only question if the recoupling will take place lower or higher.

• Comcast Agrees to Buy Time Warner Cable for $45.2 Billion (BBG)
• Italian leadership squabble weighs as shares halt hot run (Reuters)
• Russia says Syria aid draft could open door to military action (Reuters)
• China trust assets rise 46% in 2013  (WSJ), China Trust Assets Surge to $1.8 Trillion Amid Default Risks  (BBG)
• Australian Unemployment Jumps to 10-Year High (BBG)
• Tea Party Scorns Republicans as House Lifts Debt Ceiling (BBG)
• Peso plunge forces Argentine soya hoarding (FT)
• BNP Paribas Net Falls After $1.1 Billion U.S. Legal Charge (BBG)
• Hacking Joins Curriculum as Businesses Seek Cyber Skills (BBG)
• Android's 'Open' System Has Limits (WSJ)
• Blackstone-Fueled Single-Family Home Boom Lifts Chicago (BBG)

#Timestamp

• Anti-Euro Party’s Le Pen Gains Supporters, French Poll Shows (BBG)
• Carney Renews BOE Low-Rate Pledge to Fight Slack in Economy (BBG)
• Bank of England hints at 2015 rate rise (Reuters)
• ECB bond-buying intact and ready after court decision-Coeure (Reuters)
• Canada scraps millionaire visa scheme, dumps 46,000 Chinese applications (SCMP)
• Scrap this then? Vancouver facing an influx of 45,000 more rich Chinese (SCMP)
• China's January Exports Power Higher, Up 10.6% (WSJ) ... and nobody believes the number
• Emerging-Market Shakeout Putting Reserves Into Focus (BBG)
• Wall Street's most eligible banker Fleming waits for suitor (Reuters)
• Kazakh Devaluation Shows Currency War Stirring as Ruble Dips (BBG)

Today, the pundits are a-buzz making sense of the latest jobs report. But most of us care more about the state of one particular job: our own. How relevant is this latest bit of data to that? Not very. So, to better understand the trends in the work environment most likely impact our own paychecks, it will help to look at another bellwether similar to our fuzzy groundhog friend: AOL. AOL, a once-important pioneer in the transition to the 'digital economy', is once again showing us where the future of work is headed. Unfortunately, like the health of AOL's business over the past decade, it's not a pretty picture. As we've transitioned to an economy in which corporate profitability -- and thereby, stock prices -- is THE metric for success, the employer-employee relationship has become much more superficial than in past generations; and the encroachment of automation remove income options for those temporarily out of work, but it's increasingly limiting the options for the large pool of unskilled labor with few other alternatives

• Draghi as ECB Master of Suspense Keeps Investors on Edge (BBG)
• Abe lays out detailed plan for expanding defense powers (Nikkei)
• Inflation Fuels Crises in Two Latin Nations (WSJ)
• Obama walks into crossfire of Asian tensions (FT)
• Harvard Makes Professor Disclose More After Blinkx Slides (BBG)
• Hedge Funds Rework Currency Positions in Market Drop (BBG)
• Canada, U.S. Strike Tax-Information Sharing Deal (WSJ)
• Indonesia calls for greater clarity from Fed on tapering (FT)
• Sony to cut 5,000 jobs, split off PC, TV operations (Reuters)

• Goldman to Fidelity Call for Calm After Global Stock Wipeout (BBG)
• Turnabout on Global Outlook Darkens Investor Mood (Hilsenrath)
• EU Said to Weigh Extending Greek Loans to 50 Years (BBG)
• Second Storm Hitting Northeast Halts Planes, Schools (BBG)
• Small Banks Face TARP Hit (WSJ)
• As Sony prepares PCs exit, pressure mounts for reboot on TVs (Reuters)
• IBM Uses Dutch Tax Haven to Boost Profits as Sales Slide (BBG)
• ECB faces dilemma with inflation drop (FT)
• London Subway Strike Snarls Traffic as Union Opposes Cuts  (BBG)

• Only time will define Bernanke's crisis-era legacy at Fed (Reuters)
• Record Cash Leaves Emerging Market ETFs (BBG)
• Investors Look Toward Safer Options as Ground Shifts (WSJ)
• Fed Policy Makers Rally Behind Tapering QE as Yellen Era Begins (BBG)
• Rating agencies criticise China’s bailout of failed $500m trust (FT)
• Russia to await new Ukraine government before fully implementing rescue (Reuters)
• U.S. readies financial sanctions against Ukraine: congressional aides (Reuters)
• Companies resist president’s call for minimum wage rise (FT)
• Secret Swiss Funds at Risk as Italy’s Saccomanni Visits Bern (BBG)
• Top Democrat puts Obama trade deals in doubt (FT)
• Erdogan to Give Rate Increase Time Before Trying Other Plans (BBG)

• Emerging markets pray for Wall Street tumble (Reuters)
• Yellen Faces Test Bernanke Failed: Ease Bubbles (BBG)
• Samsung sets new smartphone sales record in fourth quarter, widens lead over Apple (Reuters)
• China’s Foreign-Reserves Investment Chief Said to Depart Agency (BBG)
• China’s Rescue of Troubled Trust May Stoke Risk-Taking (BBG)
• Ukraine PM Azarov offers to resign 'to help end conflict' (Reuters) ... And Russia says may reconsider aid if this happens
• But... but... it was all gold's fault: India Unexpectedly Raises Rate as Rupee Risks Inflation Goal (BBG)
• Former Belgian king 'boycotting' public events after complaining £760,000 is not enough to live on (Telegraph)
• Greek disposable income tumbles 8% in Q3 (Kathimerini)

• Emerging sell-off hits European shares, lifts yen (Reuters) - but not really if you hit refresh since the latest central bank bailout announcement
• Apple’s Holiday Results to Show Whether Growth Is Back (BBG)
• Israel attacked Syrian base in Latakia, Lebanese media reports (Haaretz)
• Abenomics FTW: Japan Posts Record Annual Trade Deficit as Import Bill Soars (BBG)
• When all else fails, Spain's hope lie in a 16th century saint: Saint “might help Spain out of crisis,” says interior minister (El Pais)
• Global Woes Fail to Send Cash Into U.S. Stocks (WSJ)
• IMF's Lagarde sees eurozone inflation "way below target" (Reuters)
• Minimum wage bills pushed in at least 30 states (AP)
• AT&T Gives Up Right to Offer to Buy Vodafone Within 6 Months (BBG)

• Emerging market sell-off raises specter of contagion (Reuters)
• China Bank Regulator Said to Issue Alert on Coal Mine Loans (BBG)
• Argentina to Ease FX Controls After Peso Devaluation (BBG)
• Pimco's Gross problem: who can succeed the 'Bond King'? (Reuters)
• Ukraine protesters seize building, put up more barricades (Reuters)
• Mideast Turmoil Dominates Gathering of Business Elite (WSJ)
• Central Banks Withdraw Dollar Funding (WSJ) - oh really?
• Samsung warns of weak earnings growth this quarter (FT)
• Three explosions rock Cairo, killing 5 (USA Today)

• Charter, Comcast in renewed talks on Time Warner Cable bid (Reuters)
• Bankers' Stock Awards Jet Higher (WSJ)
• Yahoo CEO Mayer Dismisses Operating Chief De Castro (BBG)
• Amazon Employees Vote to Reject Union (Reuters)
• Luxury in China loses luster as wealthy flee (Reuters)
• UnitedHealth Profit Up on Stronger Enrollments (WSJ)
• U.S. government failed to secure Obamacare site: experts (Reuters)
• Spain Sells Bonds at Record-Low Yield as Rajoy Touts Rebound (BBG)
• Newport Beach’s $100,000 Lifeguards Feel Pension Squeeze (BBG)
• Bailed-Out Euro Nations Expect Painful Challenges to Remain (BBG)

Like in the bubble days of 2007: the big numbers, the deal exuberance, the craziness, the hoopla