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The World
US home mortgage rates surpass 6% for the first time since 2008: Average US mortgage rates have topped 6 per cent for the first time since the 2008 financial crisis, showing how the Federal Reserve’s aggressive policy of monetary tightening is ratcheting up the cost of financing the purchase of a home. The average 30-year fixed-rate mortgage rose to 6.02 per cent, up from 5.89 per cent a week ago and 2.86 per cent in the same week last year, according to Freddie Mac’s weekly survey. The borrowing benchmark has nearly doubled since January in the steepest and fastest increase in interest rate in more than 50 years. (Financial Times)
Highest Mortgage Rates Since 2008 Jolt Home Buyers. (Wall Street Journal)
War against inflation risks a global recession, World Bank warns. (The Times)
FedEx CEO says he expects the economy to enter a ‘worldwide recession’. (CNBC)
Russian president Vladimir Putin has acknowledged Chinese “concerns” about the war in Ukraine in the first public admission of differences between Beijing and Moscow over the conflict. Putin’s comments came in a meeting with China’s president Xi Jinping in Uzbekistan on Thursday, the first time the two had met in person since the Kremlin launched its all-out invasion of Ukraine in February. “We highly value the balanced position of our Chinese friends when it comes to the Ukraine crisis,” Putin told Xi, according to a Kremlin transcript. “We understand your questions and concerns about this. During today’s meeting, we will of course explain our position, though we have also spoken about this before.” (Financial Times)
Sweden to slash migration as the right takes control: Sweden’s radical right is demanding measures to deport foreign criminals, strip gang members of their citizenship and “freeze” the asylum system as its price for propping up a conservative-led government. The country is poised for a sharp swing to the right after the populist Sweden Democrats came second in the general election on Sunday, establishing themselves as kingmakers in a finely balanced parliament. After three decades of being shut out by mainstream parties, they have been invited to join coalition talks for the first time. (The Times)
Support for Japanese Prime Minister Fumio Kishida tumbled to its lowest level since he took office, hit by growing anger over a state funeral for slain former leader Shinzo Abe and his ruling party's ties to a controversial church, an opinion poll showed. Kishida's support fell to 32.3% from 42.3% a month before, according to the survey by Jiji news agency conducted at the weekend - approaching what is widely seen as a "danger level" of 30% that signifies a government may run into trouble carrying out its political agenda. (Reuters)
Railroad Strike Averted With Tentative Deal: President Biden and White House officials interceded to broker an agreement between unions and companies and avoid what would be the first nationwide rail strike in 20 years. (Wall Street Journal)
Nearly two dozen Chinese regions have experienced a double-digit percentage drop in births in 2022, Nikkei research shows, putting the country at risk of falling short of the 10 million mark for the full year for the first time since the Communist Party took control. The declines come as Chinese people worry about income in a slowing economy and delay marriage. Authorities have been trying promote family creation, to little avail. Data reviewed by Nikkei indicates that births have only continued to fall this year. (Nikkei Asia Review)
Economy
U.S. Retail Sales Rose 0.3% in August, Showing Resilience in Face of Inflation. (Wall Street Journal)
FedEx shares plunge 15% after profit warning linked to gloomy economy. (Financial Times)
China’s economic recovery continued in August with upbeat retail sales, industrial production. Industrial production rose by 4.2 per cent in August from a year earlier, while retail sales rose by 5.4 per cent last month. Fixed-asset investment rose by 5.8 per cent in the January-August period, while the surveyed jobless rate stood at 5.3 per cent last month. (South China Morning Post)
D.C. was the top city for remote work in 2021, census data show: The portion of people working primarily from home in Washington, D.C., last year was the highest of any large city in the nation. (Washington Post)
Speaking hours after Ethereum's Merge update, SEC Chair Gary Gensler says cryptocurrencies that let holders stake coins may be subject to US securities laws. (Wall Street Journal)
Technology
President Biden has urged his administration to pay close attention to inbound investment deals involving critical technologies such as semiconductors, as part of a continuing effort to address security threats from China. (Financial Times)
Apple, Amazon Passed on LIV Golf Media Rights: LIV Golf has lured some of the world’s most famous golfers to its upstart league, but it is having a difficult time finding a major U.S. media partner to broadcast its tournaments. (Wall Street Journal)
Senator Ron Wyden reveals the CBP told Congress it adds data from ~10K travelers' devices per year to a database, accessible by 2,700 officers without a warrant. (Washington Post)
Tech ‘capitulation’: BofA top banker Rick Sherlund predicts breakout in mergers due to troubled economy. (CNBC)
Apple Watch Series 8 review: watchOS 9 is excellent, crash detection and temperature sensors are neat, but is not much of an upgrade and needs daily charging. (The Verge)
Smart Links
Renewables boss takes over at Shell. (The Times)
Adobe to Buy Design-Software Firm Figma for About $20 Billion. (Wall Street Journal)
South Korea looks at ‘contingency plans’ to stabilize the won. (Financial Times)
Airlines may be cracking down on carry-ons. (Washington Post)