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“…odling said the figures, while not a “disaster”, are a “reminder that the market remains a hostage to forces beyond its control: geopolitical tension in the Middle East is driving energy prices higher, keeping inflation nerves alive and mortgage rates…”

““The dollar is enjoying a tailwind from the prospect of higher US interest rates and this looks unlikely to fade in the near term,” he said.”

“Several lenders have hiked fixed mortgage rates in recent weeks amid rises in swap rates, which are used to price mortgages.”

“The bank expects the US central bank to raise rates again in December and in March 2027.”

“In its first-half results, Next cut its outlook for UK sales growth in the final six months from 2.8% to 2% as it flagged concerns over the impacts on consumer spending from the rising cost of living, higher mortgage costs and a cooling labour market.”