Good morning New York What if Karlsruhe and the OMT just got along?: David presents the argument from JPM that the long awaited German Constitutional Court ruling on the ECB's untested Outright Monetary Transactions might actually buttress the credibility of the OMT, rather than undermine it. This is nuts, when's the crash? FT Alphaville points out that a Nest Thermostat costs $249. Hundreds of thousands? Gigaom thought they could ship 1m units a year, which suggests revenues might be approaching $250m annually. Google is acquiring Nest in a deal valued at $3.2bn. Ashmore fund manager suffers $3.5bn of outflows: Ashmore, the emerging markets focused fund manager, suffered net outflows in the last quarter of 2013 as uncertainty over central bank tapering sparked worries among investors. The FTSE 250 listed group was hit by a fall in its assets under management to $75.3bn at the end of December compared with $78.5bn at the end of September. Fannie Mae warns of fall in US house prices: Weakening demand by financial companies that have been snapping up thousands of US homes on the cheap could fuel a future fall in house prices, the chief economist of Fannie Mae has warned. Sales surge at online retailer Asos: Sales of chunky festive jumpers and party clothes for Christmas helped boost revenues at Asos, the online clothes retailer, by more than a third in the last four months of the year. UK inflation slows to hit 2% target: Inflation has hit the Bank of England's target for the first time in more than four years. Markets: European stocks were lower, tracking a sharp fall in Tokyo and Wall Street's steepest decline since November. "Worries ahead of fourth-quarter earnings releases and perhaps concerns about the economy in the wake of the disappointing US December jobs report weighed on US equities overnight," wrote Crédit Agricole in a note to clients.The bout of risk aversion left industrial commodity prices mixed and was helping the dollar index gain 0.1 per cent. Gold was dipping $4 to $1,249 an ounce, retreating from four-week highs as the recent rally in Treasuries faded, nudging 10-year yields up 3 basis points to 2.85 per cent. The FTSE Eurofirst 300 was down 0.5 per cent after inheriting a poor Asian session, which in turn was reacting to a 1.3 per cent slide for the S&P 500 in New York. US index futures suggested Wall Street's benchmark would strive to stabilise, in line to open up 3 points at 1,822.