Writing the summary…
Mortgage demand from homebuyers drops 19% from a year ago, as interest rates surge abruptly higher
Source: CNBC
Original reporting
CNBC: read the full reportRelated stories
BBC Business2 outlets
Petrol and diesel price rises push UK inflation higher
Summer holidays and disruption to global oil supplies by the Middle East conflict stoked price growth.
CNBC
Bizarre volatility bet in the options pits is a head scratcher ahead of Fed rate decision
The biggest trade in options on the Cboe VIX Index Tuesday was an unusual $6 million purchase of deep, deep in-the-money-puts.
CNBC
Saudi says Houthis targeted Mecca with a drone, Iran-backed group rejects claim
The Organization of Islamic Cooperation condemned the strike as a "heinous" attack. Mecca is Islam's holiest site and the focal point of the annual Hajj pilgrimage.
The Guardian
UK rents accelerate, as average London house price falls £19,000 below peak – business live
Soaring motor fuel costs have pushed UK inflation to a five-month high in August Full story: UK inflation rises to 3.1% as motor fuel prices jump by almost a quarter Worryingly, the cost of goods produced by UK factories rose at a faster rate in August too. Producer output prices – or the cost of goods at the ‘factory gate’ - rose by 3.7% in the year to August, up from 3.3% in July. “Rising crude oil and petrol prices increased both the annual cost of raw materials and the price of goods leaving factories respectively.” Continue reading...
CNBC
Consumers hit by one-two punch of oil and rates from Iran war. The estimated bill is $1,700 per household
Rising oil prices and Treasury yields are lifting energy and borrowing costs for U.S. households, pushing consumers to draw more heavily on savings.
The Guardian
Mirror publisher to cut 220 editorial jobs as readers turn to AI summaries
Reach, which also owns Express, makes decision because of ‘mammoth shift’ in how audiences seek out content The publisher of the Mirror and Express newspapers is to cut a further 220 editorial jobs as it adapts to a dramatic fall in online traffic while readers increasingly turn to summaries generated by artificial intelligence. Reach, which also owns scores of online brands and regional titles including the Manchester Evening News, the Birmingham Mail and the Liverpool Echo, said the latest cuts were necessary to cope with a “mammoth shift” in how audiences seek out content. Continue reading...