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December 3 – Japanese government sources revealed on the 3rd that the government has finalized its policy to adjust the prior review system for investments in Japanese companies by foreign companies and investors. This move aims to prevent the outflow of critical technologies and information related to economic security and to strengthen the review system. The government will establish a new "Committee on Foreign Investment in Japan" (Japans version of CFIUS) and strives to amend the Foreign Exchange and Foreign Trade Law during next years regular Diet session.Maersk: Demand from India has increased as the market anticipates a tariff agreement between the US and India.On December 3, according to a source in the Main Intelligence Directorate of the Ukrainian Ministry of Defense, an explosion occurred in the Taganrog-Lipetsk section of the Russian "Friendship" oil pipeline in the early hours of December 1. The source stated that the explosion occurred near the Russian settlement of Kazinsky Visirki, and the attack used a remotely controlled detonator combined with a flammable mixture to enhance the combustion effect. A section of the pipeline was damaged. The "Friendship" pipeline is currently still transporting Russian crude oil to some European countries and is considered by Ukraine as a key infrastructure supporting Russias finances and war-fighting capabilities.The German Federal Motor Transport Authority (DMTA) reported that Teslas new car sales in Germany fell 20.2% to 1,763 units in November.European Central Bank Chief Economist Lane: After the euro peaks in its first year, a 10% appreciation of the euro would reduce inflation by 0.6 percentage points.

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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