UK house prices fell the most in almost two decades in July and consumer confidence fell to a record low as the economy moved closer to a recession.

Markets news on stocks, currencies and commodities.

The Ifo Institute, which is based at the University of Munich, says that between 1992 and 2007 European home building volume rose by about one third to €718 billion (in 2007 prices).  In this period civil engineering construction recorded real growth of only about 18 percent, and in the non-residential sector, construction activity increased by 16 percent.

A survey of the Irish hotel industry published today shows that profit levels in Dublin have fallen by 8.2% and although occupancy levels are 10% higher than other regions across the country, hotels in Dublin are experiencing a decrease in profitability due to many properties discounting room-rates. The fear for the second half of 2008 is that further discounting is imminent in the marketplace, a factor which will continue to undermine the profitability of hotels in Dublin.

The search for public spending cut opportunities is reported to be ongoing as the Irish Government has left on annual leave in the week of the Galway Races. Civil servants are drawing up lists of where the axe should fall and across the country, every senior to middle-ranking local authority official worth his or her salt, has provided summer non-jobs for a child or relative. Small beer one may say but add it to about 15 of the 20 Minister of State non-jobs and a multiplicity of other feather bedding programmes, it would be significant. Of course, it would be foolish indeed to expect anyone to propose cuts that would hurt themselves.

The seasonally adjusted Nomura/JMMA Japanese Manufacturing PMI (Purchasing Managers’ Index) improved in July on last month’s near six-and-a-half year low of 46.5 but, at 47.0, remained well inside negative territory to signal another month of deteriorating operating conditions in the sector. It was the fifth successive month in which the PMI has posted below the 50.0 no change mark and the latest negative outcome largely reflected falling output and new orders.

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

The latest Bloomberg Eurozone Retail Purchasing Managers’ Index (PMI), based on a mid-month survey of economic conditions in the Eurozone retail sector covering activity in Germany, France and Italy, rose from 44.0 in June to 46.0 in July. By remaining below the 50.0 level, the index pointed to a further fall in sales during the month despite an easing in the rate of decline from the steep pace seen in June.

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Bush signed a housing-rescue bill into law, creating a new regulator with increased power over Fannie Mae, Freddie Mac and allowing the FHA to insure as much as $300 billion in new, refinanced mortgages.