Markets news on stocks, currencies and commodities.

The Eurozone retail sector was subjected to disruption from exceptionally harsh winter weather in January. Sales fell compared to one month previously at the sharpest rate since March 2009 and dipped in Germany and France. The seasonally adjusted Eurozone Retail PMI (Purchasing Managers” Index) slumped to 46.5, having risen above the 50.0 no-change mark in December (50.3) for the first time since May 2008. Any figure greater than 50.0 represents monthly growth of sales.

Toyota, the world’s biggest carmaker announced on Wednesday that a problem with car accelerators is also being investigated in Europe. In the US, Toyota recalled 1.1 million more vehicles over concerns that floor mats could get entangled under the accelerator pedal, potentially causing sudden acceleration, as the company with a brand synonymous with quality, is battling with a public relations nightmare.

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

President Obama in his first State of the Union address to the US Congress on Wednesday night, focused on jobs and reducing the national deficit, dedicating almost two-thirds of his speech to economic issues, at a time of political ferment in Washington DC, a week following the dramatic loss of the late Edward Kennedy’s Senate seat in Massachusetts. Earlier on Wednesday, on the eve of a US Senate vote on Ben Bernanke’s nomination for a second term as Federal Reserve chairman, the central bank’s rate setting committee kept short-term interest rates near zero and provided a more optimistic assessment on the economy, than it had in December.

Apple on Wednesday launched the iPad, which it termed “a revolutionary device for browsing the web, reading and sending email, enjoying photos, watching videos, playing games, reading e-books, and much more.”

The international financial position of the BRIC countries (Brazil, Russia, India and China) as an emerging power, has improved beyond recognition, reflected largely in their large official FX reserves, according to Deutsche Bank economist Markus Jaeger.

Apollo Global Management and Macquarie Group are finalists for Citigroup’s commercial-property portfolio. If Apollo wins, the portfolio’s architect could be in charge again.

An arbitration panel denied developer Larry Silverstein’s request for rent abatements at the World Trade Center site.

Hang Lung Properties said its first-half underlying profit surged to nearly five times its year-earlier level, buoyed by stronger property sales and rental income.