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On September 15th, oil prices continued their upward trend in the afternoon, driven by the risk of Russian supply disruptions caused by increased attacks on key Russian energy facilities in Ukraine and President Trumps call for NATO to stop purchasing Russian oil. HSBC senior analyst Kim Fustier stated, "If India reduces its Russian oil imports, the surplus, estimated at 500,000 to 1 million barrels per day, could flow to Southeast Asia, Turkey, Africa, and other regions... The market will reach a new equilibrium through adjustments in trade flows and rising logistics costs. Only a permanent decline in Indian purchases of Russian oil, exceeding 1 million barrels per day, would ultimately lead to a net reduction in global crude oil supply."On September 15th, the market widely expected the Federal Reserve to announce an interest rate cut on Wednesday. HSBCs Paul Mackel stated that unless the Fed signals the possibility of more rate cuts in the future, the US dollar may see a brief surge following the announcement. He noted that the Fed would need to meet extremely high conditions to further boost already high expectations for a rate cut. Data from the London Stock Exchange Group shows that the market currently expects the Fed to have cut interest rates by approximately 140 basis points by the end of 2026. Against this backdrop, the US dollar may see a short-term surge following Wednesdays announcement. However, Mackel believes that any gains in the US dollar are likely to be temporary, given the prospect of faster rate cuts in the future, especially if employment data remains weak.Russian President Vladimir Putin: Russias GDP has grown by 1.1% in the past seven months.The director of the Congressional Budget Office (CBO) said President Trumps tariffs appear to have pushed up inflation more than CBO analysts initially expected.Israeli Prime Minister Netanyahu: Some Western European countries have stopped arms shipments.

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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