Markets news on stocks, currencies and commodities; Standard and Poor’s downgrades ratings of 37 of world’s biggest banks.

Eurozone finance ministers on Tuesday agreed on operational procedures for the enhanced bailout fund but they were unable to quantify the value of its firepower in a crisis that would involve countries such as Italy and Spain.

Principal news stories from the Irish Times and Irish Examiner.

Japanese manufacturing PMI fell during November. Output decreased at the fastest rate in seven months, as new business continued to decline. Despite this, the pace of employment growth was the highest since March. Meanwhile, the rate of input cost inflation eased to a 13-month low, and output charges fell further. However, government data on industrial production in October showed an unexpected rise.

Breaking news from WSJ.com’s Developments Blog.

For acquisition-minded hotel owners, now would seem to be the perfect time to pounce: Hotel property prices are relatively low, while hotel revenue is growing. Yet acquisition activity has slowed.

Abu Dhabi, which holds 7% of the world’s oil reserves, is scaling back its ambitious real-estate projects to conserve cash.

Home prices declined in September and are poised for a grim winter as banks step up their efforts to take back and sell foreclosed properties.

Irish Economy 2012: The ESRI (Economic and Social Research Institute) says in its latest commentary on Ireland’s economy that the financial crisis currently gripping the Eurozone, coupled with tightening fiscal policy across the region, are likely to send the single-currency area back into recession. Against such headwinds, the public think tank says Ireland’s road to recovery will become much more difficult, dependent as it is on export-led growth.

One Kings Lane, a fast-growing Web retailer that sells home décor in multiple flash sales each day, shows its goods in lifestyle scenes that resemble glossy magazine layouts.