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According to the China Cotton Information Centers weekly report on the Chinese cotton market on April 6th, the following points were observed: 1. Price Dynamics: The average settlement price of the Zhengzhou cotton futures main contract for the week of March 30th-April 3rd was 15,331 yuan/ton, basically unchanged from the previous week. The average settlement price of the New York cotton futures main contract was 70.47 cents/lb, up 2.10 cents/lb from the previous week, a rise of 3.1%. Domestic cotton prices were 3,244 yuan/ton higher than international cotton prices, with the price difference narrowing by 382 yuan/ton compared to the previous week. The average market price of domestic C32S carded yarn was 22,285 yuan/ton, up 92 yuan/ton from the previous week, a rise of 0.4%. 2. Macroeconomic Situation: The escalating situation in the Middle East exacerbated concerns about global stagflation, with New York crude oil futures breaking $110 for the first time in four years. A report from the United Nations Conference on Trade and Development showed that the average daily ship traffic through the Strait of Hormuz plummeted by 95% month-on-month in March. Domestically, the manufacturing PMI returned to expansion territory in March to 50.4%, indicating a slight recovery in economic activity. 3. Supply and Demand Situation: The International Cotton Advisory Committees April report increased its global cotton production forecast for 2026/27 by 100,000 tons to 24.9 million tons. The USDAs intended cotton planting area in March was 9.64 million acres, a 3.9% year-on-year increase, but drought conditions currently affect 90% of major producing areas. As of April 2nd, the national cotton sales rate was 81.3%, a 16.7 percentage point increase year-on-year. New orders for downstream textile companies have weakened slightly, and some companies have seen a decline in operating rates. 4. Market Outlook: The expectation of tight supply in the new year and domestic policies to expand domestic demand provide strong support for the domestic cotton market. It is expected to continue its range-bound trading pattern in the near term, requiring close monitoring of spring planting weather in the Northern Hemisphere and factors such as the US-China trade negotiations.On April 6th, the ASEAN Plus Three Macroeconomic Research Office released its annual report, "ASEAN Plus Three Regional Economic Outlook 2026." The report projects that the ASEAN Plus Three region will grow by 4.0% in both 2026 and 2027. However, the report also points out that the escalating conflict in the Middle East and significant disruptions to global energy supplies have increased the downside risks to the regions economic outlook. The report shows that the regions economic growth is projected to reach 4.3% in 2025, higher than previously expected. Demand for semiconductors driven by artificial intelligence is a key driver of export growth.Japans Topix index rose 1% on the day.On April 6, local time, Iran claimed that it launched three rounds of missiles at Israeli territory within 20 minutes. Israel stated that Iran launched at least 10 missiles carrying cluster warheads in the three rounds of attacks.On April 6, Ali Velayati, foreign affairs advisor to Irans Supreme Leader, warned the United States on April 5 that if it "makes another mistake," the Iranian-led resistance front would retaliate by blocking the Bab el-Mandeb Strait. Velayati posted on social media that day: "Today, the unified command of the resistance front views the Bab el-Mandeb Strait as much as the Strait of Hormuz. If the White House makes another foolish mistake, it will soon realize that with just one move, global energy and trade flows can be disrupted."

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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