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As of October 18, 2024, mortgage rates have increased, with the average 30-year fixed rate reaching 6.5% in the US and lenders in the UK raising rates. Economic data suggests persistent inflation, complicating the outlook for homebuyers and the housing market overall.
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UK Foreign Secretary David Lammy is in China for a two-day visit aimed at improving bilateral relations, which have soured over human rights issues and geopolitical tensions. He is set to meet with Chinese officials, including Foreign Minister Wang Yi, to discuss trade, climate change, and the Ukraine conflict.
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As of October 17, 2024, oil prices are experiencing volatility due to escalating tensions between Israel and Iran. Brent crude has fallen below $74 a barrel, influenced by fears of supply disruptions and weak demand, particularly from China. Analysts predict potential price spikes if conflict escalates further.
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The Ähtäri Zoo in Finland will return giant pandas Lumi and Pyry to China, eight years ahead of schedule, due to financial difficulties exacerbated by the pandemic and rising costs. The pandas were initially on a 15-year loan agreement established in 2017 as a symbol of goodwill between the two nations.
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Balázs Orbán, a key aide to Hungary's Prime Minister, sparked outrage by suggesting Ukraine's defense against Russia was 'irresponsible.' His remarks drew parallels to Hungary's 1956 uprising, leading to calls for his resignation. Prime Minister Viktor Orbán attempted to clarify his aide's comments amid rising tensions in Hungary's stance on the Ukraine conflict.
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Bank of England Governor Andrew Bailey indicated potential for more aggressive interest rate cuts, contingent on inflation trends. Following a recent rate drop, the Bank is closely monitoring geopolitical developments, particularly in the Middle East, that could impact oil prices and inflation. Analysts anticipate further cuts in upcoming meetings.
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France's Prime Minister Michel Barnier announced a budget aimed at saving €60 billion in 2025, amid a soaring deficit now at 6.1% of GDP. The country seeks to address a colossal debt exceeding €3.2 trillion, with significant cuts and new taxes proposed to stabilize finances.
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In a recent podcast, Donald Trump criticized President Biden and Ukrainian President Zelensky, claiming that the war in Ukraine should never have started. He asserted that Biden instigated the conflict and suggested that a smarter president could have settled it easily. Trump's remarks come amid ongoing scrutiny of his relationship with Putin.