FT News Briefing Qatar’s bet on the World Cup
Nov 23, 2022
Mortgage rates in the UK have finally dipped below 6%, signaling a potential stabilization. Meanwhile, US retailers brace for the first revenue drop since the global financial crisis this holiday season. In Qatar, the pressure mounts as they prepare for the World Cup, facing scrutiny over infrastructure and cultural issues. The event is also seen as a pivotal moment for Qatar's economic diversification strategy, especially after Saudi Arabia's surprising victory over Argentina, which has added to the excitement.
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UK Mortgage Rates Stabilize
- UK mortgage rates on five-year fixed deals have dropped below 6% for the first time in almost two months.
- This signals stabilization in the UK home loan market after the mini-budget crisis.
US Retail Sales Outlook
- US retailers anticipate higher sales but also the first real-terms sales decline since the 2008 financial crisis.
- This is due to inflation outpacing sales growth despite increased consumer demand.
Factors Affecting US Retail
- US retailers expect a 4-9% sales increase, but inflation could negate real profit growth.
- Several factors drive consumer demand: pent-up demand from the pandemic, prior stimulus savings, increased credit card usage.