Markets news on stocks, currencies and oil: US GDP in Q4 2008, was revised sharply downward and the US government is to become a major shareholder in banking giant Citi.

Seasonally adjusted imports fell by 11% in December relative to November 2008 and exports fell by 4%. Relative to October 2008, imports fell by 1% in November 2008 while exports fell by 4%. On an unadjusted basis, the value of imports in December 2008 was down 19% on December 2007 while the value of exports was up 9%. The value of imports in November 2008 was down 28% while the value of exports was down 7% on November 2007. Evidence of a collapse in world trade has been growing. Irish exports, which are dominated by US companies, have remained relatively resilient so far.

Irish house price falls accelerated in January. Average national house prices reduced by 1.4% in January of this year – this compares to reductions in October (-0.8%), November (-0.5%) and December (-0.9%) last year according to the latest edition of the permanent tsb / ESRI House Price Index. 
 

The Irish Quarterly National Household Survey Q4 2008, published today by the CSO, shows an annual decrease in employment of 86,900 or 4.1%. It  was the biggest fall since at least 1975.

The Central Bank said today, that the annual rate of increase in Irish residential mortgages fell to 5.4 per cent in January 2009 from 5.8 per cent in December  - - the lowest annual rate of increase since 1986.

Eurozone annual inflation was 1.1% in
January 2009², down from 1.6% in December. A year earlier the rate
was 3.2%. Monthly inflation was -0.8% in January 2009.

Markets news on stocks, currencies and commodities.

Eircom today reported earnings were down 4% at €333 million while revenue was relatively unchanged at €1 billion in the six-month financial period ended 31 December 2008. The former State-telco has written down  goodwill by €720 million - - reflecting a plunge in the value of €2.36 billion three years ago, when the firm was bought by a fund managed by Australian investment bank Babcock & Brown.

Building materials group Grafton today has reported a 73% fall in pre-tax profit to €64m in 2008.

Dell announced on Thursday, that quarterly profit fell by nearly half - - 48% - - and the company said it expects demand to remain weak in coming months. Further job cutting is planned.