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On December 3, at a formal meeting of the World Trade Organizations Trade Policy Review Body held on December 2, China expressed its position on the WTOs latest report on member trade measures, calling on members to fulfill their notification obligations regarding trade measures, enhance trade policy transparency, and maintain the stable operation of the multilateral trading system. The Chinese statement pointed out that the United States, as a WTO member with significant influence on international trade, has failed to promptly notify the WTO of its trade and related measures, adversely affecting the effective operation of the WTOs monitoring function. China urged members to actively fulfill their transparency obligations and, in the current volatile trade environment, proactively and promptly notify the WTO of new trade measures, particularly arrangements involving tariff changes, regardless of their legal binding force, all of which should be included in the monitoring and notification scope.The API reported that U.S. crude oil production increased by 416,000 barrels per day in the week ending November 28, compared with 337,000 barrels per day in the previous week.U.S. refined product imports for the week ending November 28 were 125,000 barrels per day, compared to 245,000 barrels per day in the previous week.U.S. crude oil imports for the week ending November 28 were 276,000 barrels, compared to a -319,000 barrels in the previous week.U.S. heating oil inventories were 30,000 barrels in the week ending November 28, compared with a previous weeks decrease of 137,000 barrels.

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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