Joseph has a look at dwindling UK slack. Paul shares some utopian technology thoughts from UBS, a Davos special. While Dan finds that all the main markets are rather relaxed. The unemployment rate in the UK has fallen sharply to 7.1 per cent of the workforce, taking it close to the 7 per cent target under the Bank of England's forward guidance policy. Unemployment fell by 167,000 to 2.32m compared with the previous quarter - the largest fall since 1997 and the lowest level since April 2009 (Financial Times). The assessment comes just five weeks after the BoJ concluded in a statement released after its previous meeting that CPI was "likely to rise for the time being" (Financial Times). Cash hoarding by lenders and increased reliance on central bank funding caused the eurozone's repo market to shrink by nearly a tenth in the second half of last year. The size of the market for "repurchase," or repo, contracts declined by 8.2 per cent to €5.4bn compared with the first six months of the year (Financial Times). The transaction is similar to one that the technology giant sealed seven months ago with Nordic wind developer O2, when it agreed to buy the power produced by a 24-turbine wind farm in northern Sweden for a decade (Financial Times). SSAB, a Swedish steelmaker, offered to buy Finnish rival Rautaruukki Oyj for SEK10.1bn ($1.56bn). Falling steel use by the automotive and construction industries and rising Asian competition are weighing on prices as European steelmakers struggle with too many furnaces (Bloomberg). The world's biggest platinum producer Anglo American Platinum Ltd. said Wednesday that it returned to profit last year, on the eve of an industrywide strike set to begin this week. It expects headline earnings per share to increase to between 480 cents and 590 cents, from a loss the year before, amid higher sales of platinum and a favorable rand/dollar exchange rate (Wall Street Journal). Markets: European markets at five year highs, inching higher on firm US futures and following a generally upbeat Asia session, where a reduction in China's money market angst helped boost Shanghai (Financial Times).