UK Archives -

UK Housing Prices Rise at Fastest Pace in Two Years in November

In November, the United Kingdom experienced a significant surge in housing prices,
with average prices increasing by 3.7% year-on-year compared to a 2.4% rise in October,
marking the fastest growth rate since November 2022.
On a monthly basis, prices rose by 1.2%, bringing the average house price to £268,144,
which is only 1% below the peak recorded in 2022.

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United Kingdom

This rise is attributed to several factors, most notably wage growth and declining mortgage interest rates.
Robert Gardner, Chief Economist at Nationwide,
noted that the drop in interest rates from their peak in the summer of 2023,
combined with a strong labor market and low unemployment rates,
has supported activity and driven price increases in the housing market since the start of the year.

Australia

Retail Sales in Australia Rise by 0.6% in October, Surpassing Expectations

The Australian Bureau of Statistics announced on Monday that retail sales increased by 0.6% in October,
exceeding the forecasted 0.4%.
This follows a slight 0.1% rise in September.
This growth is attributed to improved consumer confidence and stable interest rates,
reflecting the resilience of the Australian economy in facing economic challenges.

South Korea

South Korea’s Exports Recover, Bolstered by Semiconductor Demand Despite U.S. Policy Challenges

South Korea’s exports showed positive recovery in November, driven by strong demand for semiconductors,
raising hopes for economic support in the trade-dependent nation despite challenges stemming from tariff policies announced by U.S. President-elect Donald Trump.

Data from the Ministry of Trade showed that exports adjusted for working day differences rose by 3.6% year-on-year in November,
surpassing the decline recorded in the previous month.
Overall exports increased by 1.4%, while imports fell by 2.4%, resulting in a trade surplus of $5.6 billion.

Semiconductor exports rose by 30.8% to $12.5 billion, although this marked the slowest growth pace since late 2023.
Semiconductors remain the cornerstone of South Korea’s exports, underscoring their critical role in supporting the economy.

As one of the most export-dependent nations globally, South Korea faces challenges from protectionist policies anticipated under Trump,
who has pledged to increase tariffs on trade partners.
This shift could impose additional pressures on South Korea’s trade policies and impact the future of its vital exports.

UK Housing Prices Rise at Fastest Pace in Two Years in November

Pager explosion in Lebanon reveals the latest methods of sabotage.

Lebanon witnessed the explosion of pager devices,
which was just another aspect of cyber warfare in its ugliest and most ferocious forms,
after it resulted in the death and injury of thousands, while fingers point to Israel,
which has a long history of such attacks across the region, which has become the longest-handed in launching attacks.

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Lebanon explosion

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Lebanon explosion

From the moment pager devices began exploding across Lebanon yesterday,
theories began to spread about ways to transform devices that are considered old in most parts of the world into dangerous weapons after they resulted in the death of a number of people and the injury of nearly 3,000 others.

While Lebanon accused Israel of orchestrating the attack that targeted Hezbollah fighters,
much of the controversy focused on the possibility that the supply chain for these old devices had been hacked.
One widespread idea is that the pager devices were modified so that their batteries overheated until they eventually exploded.

Japan

Japanese exports slow after foreign demand waned.

Exports rose 5.6% in August from a year earlier, the finance ministry said on Wednesday, down from 10.2% the previous month.
The result, which was below economists’ consensus estimate of 10.6%, was driven by a 9.9% drop in car exports,
with shipments of construction and mining machinery also falling.
Imports rose 2.3%, below economists’ forecast of 15%.
The trade deficit widened to 695.3 billion yen ($4.9 billion).

UK

It inflation held steady at 2.2% in August; further rate cuts expected

UK inflation held just above the Bank of England’s 2% target in August, opening the door to further interest rate cuts later this year. The consumer price index rose 2.2% from a year earlier, the Office for National Statistics said on Wednesday, the same pace as in July and below the Bank of England’s forecast.

Although Bank of England policymakers are expected to keep interest rates steady at 5% in their decision on Thursday,
market expectations are for further easing ahead.
Traders anticipate cuts in November and December, with five more expected in 2025.

This week’s BoE decision comes a day after the US Federal Reserve began its much-anticipated easing cycle
amid concerns over the strength of the US economy.

Pager explosion in Lebanon reveals the latest methods of sabotage.