Stocks dip in opening trades, gold hits new record
Bitcoin Climbs Versus USD
Today, the digital currency known as bitcoin (BTC) has experienced a rise of 1.1% during early trading sessions, earning it the nickname "digital gold."
The biggest cryptocurrency in the world has achieved three consecutive green candlesticks. However, in contrast to actual gold, it has not yet reached the highest point it has ever achieved, which was observed in the middle of March.
As of now, the value of bitcoin is $70,161. This is slightly higher compared to the previous week, by approximately half a percentage point.
Regarding the stock market, the index has decreased by twelve points and is now at 7,898. This drop follows the significant losses from the previous Friday.
High Rent Prices Soaring
The Resolution Foundation has stated that private landlords are not responsible for the increase in rental prices. Instead, they attribute this to two factors: the growth of earnings and the need for "post-pandemic readjustment".
A publication titled 'Through the Roof' indicated that the cost of renting private accommodation has skyrocketed by 15%, compared to January of this year, marking the swiftest growth rate in history.
Challenging the widespread beliefs on the cause of growing rental prices, the foundation proposes that the private rental sector (PRS) has only experienced a slight drop in its magnitude. This indicates that landlords departing from the market altogether are not the primary reason for the noteworthy increase in rental costs.
The report claimed that the increase in rental prices cannot be solely attributed to the escalating fees for Buy-to-Let loans, as almost 40% of landlords do not have any financial obligations.
The report mentioned that there are people who attribute the recent surge in rental prices to the increasing expenses associated with Buy-to-Let mortgages, which landlords have transferred to renters.
Numerous property owners may have wished to recover their raised expenses (although it is essential to mention that a significant 38% of landlords have no outstanding debts). However, it is incorrect to believe that landlords in the United Kingdom can independently establish the prices. Even though there are evident power asymmetries in the landlord-tenant interactions, the capacity of landlords to elevate prices is limited by the broader rental sector.
Landlords would have already raised rents earlier if this wasn't true, despite the recent increase in interest rates.
"Gold Sets All-time High Record"
The value of gold reached a new record peak of $2,350 per ounce following a $27 surge in prices during the Asia trading hours on Monday.
Experts have indicated that significant buying activities by central banks have played a significant role in driving the market.
Referring to a topic that was previously discussed last week, UBS stated in a research note on Monday that it could be possible to consider whether the lack of progress in the dollar could be related to the ongoing trend of de-dollarisation.
It has come to our attention that gold continues to maintain its upward momentum, with recent figures indicating that the People's Bank of China has been regularly acquiring gold.
Investors may consider choosing gold as a secure option given the continuous conflicts in the Middle East.
Santander To Quit Lending Standards Body: Reports
According to a report from Sky News, Banco Santander (BME:) will be leaving the Lending Standards Body.
The UK's 5th biggest lender stated that they are experiencing difficulty due to other regulatory standards. Specifically, they mentioned two regulations: the Consumer Duty from the Financial Conduct Authority and the new rules for reimbursement in case of fraud. These regulations have caused confusion for the lender.
Reportedly, Santander has stated that these fresh directives replace the prevailing industry standards that are established in the present LSB codes. Due to this, there may be duplicate regulation which could lead to misunderstandings among employees and customers as to which guidelines should be followed.
The LSB is an organization created to enforce fair and clear banking practices among its associates. Its primary goal is to enhance positive results for customers in the UK banking and financial service industry.
The lending code established by this entity establishes the benchmark for the industry by offering instructions on conscientious practices pertaining to borrowing and lending.
It was established in 2009 following the aftermath of the worldwide economic meltdown.
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