FirstFT: Unease over housing prices at file excessive throughout wealthy nations

Good morning. We start with a narrative on the affordability disaster in housing. Dissatisfaction with housing prices has hit a file excessive throughout wealthy international locations, hovering above different worries resembling healthcare and training.

Half of respondents in OECD nations are dissatisfied with the provision of inexpensive housing, in line with Gallup Analytics figures, a pointy rise since central banks raised rates of interest to take care of the worst bout of inflation in a technology.

Whereas greater charges have helped carry down property costs in a number of European international locations, housing stays dearer than earlier than the pandemic — even earlier than factoring in greater borrowing prices.

Within the US, home costs have soared regardless of rises in rates of interest. Virtually 60 per cent of these polled on this planet’s largest economic system stated they have been dissatisfied with the inventory of inexpensive housing.

Rents, in the meantime, have surged at a time when greater costs for different necessities, resembling meals and gas, have been reducing into disposable incomes. Learn the data-rich report.

And right here’s what I’m retaining tabs on right this moment:

• Putin in Mongolia: The Russian president is scheduled to satisfy his Mongolian counterpart in his first go to to a member state of the Worldwide Legal Courtroom because it issued a warrant for his arrest.

• Central banks: A joint European Banking Authority and European Central Financial institution convention on supervisory challenges begins in Frankfurt.

• Financial knowledge: South Africa and Switzerland have second-quarter GDP figures. Turkey publishes inflation knowledge for August, sooner or later after figures confirmed financial progress slowed to its weakest tempo for the reason that coronavirus disaster.

5 extra high tales

1. Prime Minister Benjamin Netanyahu has refused to “surrender” to strain to agree a hostage deal or finish the Gaza battle, dismissing widespread protests in Israel as he doubled down on his predominant calls for for a ceasefire. The rebuttal got here after a common strike known as to specific public anger at his failure to safe a hostage deal disrupted a lot of Israel. Neri Zilber has extra from Tel Aviv.

2. Unique: China’s efforts to match US computing energy in synthetic intelligence are being hampered by bug-ridden software program, with clients of main AI chipmaker Huawei complaining about efficiency points and the problem of switching from Nvidia merchandise.

3. Morgan Stanley has stepped up efforts to regain its conventional dominance in inventory buying and selling, a place it ceded to longtime rival Goldman Sachs within the wake of the 2021 implosion of Archegos Capital Administration. Within the newest quarter, equities buying and selling income elevated by virtually 20 per cent from a yr in the past to $3bn, far in extra of analysts’ expectations. Right here’s how the financial institution is making an attempt to seize again market share.

• Markets regulation: Citadel Securities is main business pushback in opposition to an effort by exchanges to ask merchants to assist foot the invoice for a brand new market surveillance system that has already racked up virtually $1bn in prices.

4. Britain and the US plan to increase indefinitely the treaty governing know-how sharing between their nuclear weapons programmes, as each nations embark on pricey modernisations of their deterrent to counter arms proliferation by adversaries. The change follows warnings by the UN that Russia’s battle in Ukraine has sparked a world race for nuclear weapons.

5. South Africa has signalled it may increase help for international vitality teams after TotalEnergies deserted plans to develop the nation’s largest fuel discovery. The prospects, situated 175km off the nation’s south coast, have the potential to supply a complete 1bn barrels of oil equal. Learn the complete interview with vitality minister Kgosientsho Ramokgopa.

Really feel higher knowledgeable on the occasions shaping your world with our relaunched publication Newswrap. Darren Dodd, a former FT information editor, explains how the most important tales relate to world financial and enterprise traits. Join right here to get it delivered 3 times every week.

The Massive Learn

“Task-shifting” — assigning some work to decrease certified individuals so as to protect higher-skilled employees for jobs solely they will do — has develop into an more and more distinguished function of well being techniques in lots of elements of the world. However the surge in utilizing “physician associates” is elevating severe questions in regards to the long-term impacts on care.

We’re additionally studying and listening to . . . 

• German politics: Different for Germany gained a regional election however nonetheless has no viable path to control. The far-right get together now faces the selection between radicalism or energy.

• South China Sea: China’s coastguard is more and more projecting police powers at sea, extending Beijing’s grip over disputed areas.

• Movie and income: The brand new Alien film exhibits the mess that may happen when studios cease desirous about the underside line, writes Stephen Bush.

• Money Clinic 🎧: On this episode, tax knowledgeable Dan Neidle discusses what to anticipate from Labour’s autumn Finances.

Chart of the day

Hovering demand for liquefied pure fuel has pressured shipowners to show to inexperienced producers in China. The worldwide LNG service fleet is anticipated to rise from 660 to 1,040 vessels by 2029, in line with evaluation group Drewry. Demand for the super-chilled gas has left extra established shipyards in South Korea unable to satisfy the necessity for brand new vessels, forcing the business to hunt alternate options.

Take a break from the information

Seventy-five years on, Graham Greene and Carol Reed’s The Third Man — shot in postwar Vienna and that includes a grumpy Joseph Cotten, a boozy solid and the best efficiency of Orson Welles’ profession — stays an enigmatic masterpiece of British cinema.

Be a part of us in London for the annual FT Weekend competition this Saturday, that includes audio system together with Sir Ian McKellen and UK well being secretary Wes Streeting. FirstFT readers get a particular low cost — register right here now.

Extra contributions from Emily Goldberg and Georgina Quach