The US Conference Board Consumer Confidence Index, which had declined sharply in March, fell further in April. The Index now stands at 62.3 (1985=100), down from 65.9 in March. The Present Situation Index decreased to 80.7 from 90.6. The Expectations Index was virtually unchanged, 50.1 versus 49.4 in March.

The number of US homes heading toward foreclosure/loan defaults more than doubled in the first quarter from a year earlier, as falling property values and tighter lending left many homeowners unable to prevent homes from being auctioned to the highest bidder, a research firm said Tuesday.

S&P/Case-Shillerdata through February 2008, released today by Standard & Poor’s for its Shiller Home Price Indices, the leading measure of US home prices, show declines in the prices of existing single family homes across the United States worsened in the second month of the new year, with 17 of the 20 now reporting MSAs (Metropolitan Statistical Areas = 20 big US cities) posting record low annual declines, 10 of which are in double-digits.

The overall IIB Bank/ESRI Irish Consumer
Sentiment Index sank to its lowest level in the history of the index
in April. The Consumer Sentiment Index was 56.0 in April 2008, down from 63.3 in
March. The previous record low of 60.9 was recorded in July 2003.

The Bank of England reported today that UK mortgage approvals fell in March to the lowest level in at least nine years as banks cut their loan advances in response to the credit crisis.

French business leaders questioned in the April quarterly survey carried out by France’s national statistics office Insee, show that export demand has remained high in manufacturing industry.

The Bloomberg Eurozone Retail Purchasing Managers’ Index (PMI), an indicator based on a mid-month survey of economic conditions in the euro area retail sector and providing data one month ahead of government issued figures, fell a record 6.4 points from 48.2 in March to a survey low of 41.8 in April. This signals the steepest monthly decline in sales since data were first collected in January 2004. Retailers blamed a combination of bad weather, the timing of Easter, poor consumer confidence, squeezed household budgets due to rising food and energy prices for the steep drop in sales at the start of the second quarter. In Italy, ongoing political uncertainty was an additional factor cited by retailers.

National Irish Bank today reported what it termed continued strong performance for the three month period ended 31st March 2008. Total income increased by 14% to €47m, operating expenses were down 3% and profit before credit losses increased to €11m, compared to €4m for the equivalent period in 2007. Credit losses increased to €5m (from €1m) and reflected higher general provisions and the increase in the size of the loan book. Credit losses amounted to 0.20% of total loan book. and overall asset quality remains strong.

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Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.