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On April 12th, Bank of America released a research report on Friday, indicating that in the US, it lowered its growth forecast for this year by 50 basis points to 2.3%, with the direct impact of the war accounting for about three-quarters of the revision. The overall inflation forecast was revised upwards by 70 basis points, with core PCE now expected to reach 3.1% by the end of 2026, 30 basis points higher than previously projected. In the Eurozone, the bank lowered its growth forecast by 60 basis points and raised its inflation forecast by 160 basis points to 3.3%, with core inflation at 2.3%.According to Interfax news agency, Russia claims that Ukraine violated the Easter ceasefire agreement.Saudi Energy Ministry: Efforts are still underway to restore full production capacity at the Hulas oil field.Saudi Arabias Ministry of Energy announced that the East-West oil pipeline has successfully restored full capacity, with a daily throughput of approximately 7 million barrels. Production at the Manifa oil field, which was affected by the pipelines disruption, has also recovered to approximately 300,000 barrels per day.On April 12th, it was announced that XChat, a social application under the X platform, will officially launch on the App Store on April 17th. The application emphasizes end-to-end encryption, no ads, and no tracking. From its internal beta testing in May 2025, XChat has undergone nearly a year of testing and iteration; if we consider the moment Musk acquired Twitter in 2022 with the ambition to create a Western version of WeChat, almost four years have passed.

High Mortgage Rates Force First-time Buyers to Rent, According to Rightmove

Aria Thomas

Nov 25, 2022 14:27

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The property website Rightmove (OTC:RTMVY) said on Friday that the demand for rental homes in the United Kingdom surged in October as prospective first-time buyers postponed their purchases owing to rising mortgage rates.


However, the total number of renters and purchasers on the market declined by 1% compared to the same period previous year.


In recent months, mortgage rates in the United Kingdom have risen beyond 6%, increasing after the "mini-budget" of former prime minister Liz Truss on September 23 rattled financial markets.


Since then, rates have fallen due to Jeremy Hunt's Autumn Statement, which guaranteed stamp duty reductions through March 31, 2025.


According to Britain's largest property marketplace, first-time buyers have been significantly impacted by the hike, prompting them to consider renting in the near future while they await the inevitable stability of mortgage rates.


Tim Bannister, a property expert at Rightmove, commented, "It is very understandable why some buyers, especially first-time buyers, are waiting for better financial stability."


Now that there are indicators that mortgage rates are stabilizing, it is probable that they will settle at a higher level than buyers in the past have experienced.


42% of prospective first-time buyers who intend to enter the property market over the next several years have already amassed their entire down payment while awaiting a reduction in interest rates. 43% more were engaged in savings.


Tenants are already facing a large increase in expenses owing to the rising costs of electricity, fuel, food, and council tax, which are reflected in the statistics.


As a result of the highest rate of inflation in 41 years, real wages are decreasing, placing incomes under the most severe pressure in decades.

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