Bloomberg - Evening Briefing - Home insurance pain

Bloomberg Evening Briefing

US home insurance rates are expected to reach a record high this year, with the biggest increases occurring in states prone to severe weather events, according to a new analysis. The average premium for homeowner insurance in the US is expected to hit $2,522 by the end of the year, driven largely by intensifying natural disasters, rising reinsurance costs and higher fees for home repair. That figure would represent a 6% increase over the average US premium at the end of 2023, and follows a roughly 20% increase across the past two years. “Many Americans are motivated to buy a home because they think their housing costs will remain fixed or stable when compared to renting,” says Cassie Sheets at Insurify, who co-authored the analysis. “But this trend of significant insurance rate hikes makes housing costs more unpredictable.” 

Here are today’s top stories

Who is a major beneficiary of sanctions on Russian and Venezuelan oil? US suppliers who have muscled their way into markets once dominated by OPEC and its allies. US oil exports have set five new monthly records since Western nations began imposing sanctions on Russia, after the Kremlin launched its full-scale invasion of Ukraine. And with trade restrictions on Venezuela set to renew in April, American barrels are beginning to displace sanctioned oil in India, one of the bigger markets for illicit crude.

United Airlines asked pilots to take unpaid time off next month, blaming late deliveries of new aircraft from embattled planemaker Boeing. The delays have reduced the number of hours United planned for its pilots to fly this year. The company didn’t specify how many hours would be cut. The US Federal Aviation Administration is examining United’s operations and considering actions that could curb the airline’s growth plans, Bloomberg reported last month.

Photographer: Spencer Platt/Getty Images

Elon Musk is now officially Austin’s largest private employer. Tesla boosted headcount 86% last year to 22,777 in the fast-growing region in Texas, where the carmaker churns out Model Y SUVs and Cybertrucks. It surpassed grocery-store chain H-E-B, according to a new annual compliance report Tesla filed with Travis County’s economic development program.

Still, Tesla may be headed for a gloomy milestone as waning demand for electric vehicles and elevated interest rates take their toll. Analysts rapidly lowered projections for this week’s deliveries report as the quarter came to a close. Some on Wall Street are even bracing for Tesla’s first sales decline since the early days of the pandemic. On average, analysts surveyed by Bloomberg estimate Tesla delivered 453,964 vehicles in the quarter. That would be down more than 6% from the company’s record showing in the fourth quarter. 

Recep Tayyip Erdogan suffered an unprecedented defeat at the ballot box against Turkey’s main opposition party, amid rampant inflation and the highest borrowing costs since he swept to power two decades ago. Turkey’s lira reversed earlier losses and surged against the dollar on Monday.

Recep Tayyip Erdogan. Photographer: Akos Stiller/Bloomberg

Donald Trump’s net worth tumbled by $1 billion along with shares of his social media business after it disclosed a $58 million loss in 2023. Trump Media & Technology Group’s stock fell 21% on Monday to $48.66, below the level where the blank-check vehicle it merged with was trading a week ago.

Caribbean “golden passports” are getting more expensive, a response to pressure from the US and the European Union to crack down on citizenship sales. A group of four Caribbean nations has agreed to charge at least $200,000 for their passports starting June 30, double the current rate in some cases. The countries will also close loopholes that allowed passports to be sold at a discount.

What you’ll need to know tomorrow

What Cocoa’s Spike Means for Chocolate Lovers 

A steady rise in the price of cocoa beans over two years became a rocket in March, with futures contracts more than doubling to reach a level twice as high as the previous record. It’s a progression that has its literal roots in small West African farms, but also involves climate change and the intricacies of the futures market. The latest surge has been driven in part by the kind of financial turmoil that can happen when commodities rise so fast that they overwhelm strategies meant to protect against volatility. 

Dried cocoa beans at the Somos Cacao farm and production facility in Ragonvalia, Colombia. Photographer: Ferley Ospina/Bloomberg

Older messages

Strong enough to wait

Saturday, March 30, 2024

Bloomberg Weekend Reading View in browser Bloomberg Wall Street may be impatient for interest rates to start falling, but the messaging from US Federal Reserve officials has been consistent. “We don

China’s ‘lost decade’

Thursday, March 28, 2024

Bloomberg Evening Briefing View in browser Bloomberg Ray Dalio has a warning for China. The hedge fund titan says the country should cut its debt and ease monetary policy or face “a lost decade.” China

‘Out of the blue’ correction

Wednesday, March 27, 2024

Bloomberg Evening Briefing View in browser Bloomberg With a number of market watchers warning of a bubble, traders are increasingly on the lookout for signs of the cliff's edge. But if you ask

Taxing the rich

Tuesday, March 26, 2024

Bloomberg Evening Briefing View in browser Bloomberg US President Joe Biden has gained ground with voters in six of seven key swing states, according to the monthly Bloomberg News/Morning Consult poll.

Special: Baltimore supply chain impact

Tuesday, March 26, 2024

To readers of the Economics Daily, Evening Briefing, 5 Things to Know and Surveillance newsletters: We wanted to share this special edition View in browser Bloomberg To readers of the Economics Daily,

You Might Also Like

Tesla slashes workforce

Monday, April 15, 2024

Bloomberg Evening Briefing View in browser Bloomberg Tesla is slashing its workforce by more than 10%, part of a global retrenchment for Elon Musk's embattled electric vehicle maker as it struggles

🏆 Samsung beat Apple

Monday, April 15, 2024

Apple lost its handle on the global stage | Nickel and aluminium prices scrubbed up | Finimize TOGETHER WITH Hi Reader, here's what you need to know for April 16th in 3:11 minutes. 🪙 Women are

Rodney's Take 4-15-24 Glad To Pay Taxes

Monday, April 15, 2024

image Rodney's Take April 15, 2024 Glad To Pay Taxes Source: iStock. Author: Zdenek Sasek. It's that time again, when I rail against “the machine,” which I'll get to in a minute. But first,

Most Financial Phenomena are Older than they Look

Monday, April 15, 2024

Plus! Diff Jobs; Labor Arbitrage; Reddit and Search; On-Prem; Audience of One; Ads Everywhere Most Financial Phenomena are Older than they Look By Byrne Hobart • 15 Apr 2024 View in browser View in

🇨🇳 China’s growing pains

Sunday, April 14, 2024

Plus, everything you need to know for the week ahead | Finimize Hi Reader. We've revamped your weekly briefing to give you what you need to know for the week ahead and a recap of the past week. Let

Why it may be a good time to buy a home

Sunday, April 14, 2024

Rates are high, but that's not all that matters. ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

The Gold Grab of the Century

Sunday, April 14, 2024

The following is a third-party sponsored message. It should not be considered a recommendation or endorsement by HS Dent Publishing. Central Bank Gold Heist In Progress When central banks buy gold… The

Longreads + Open Thread

Saturday, April 13, 2024

Organs, Talent, Longevity, Algorithmic Collusion, Arguments, Stocks and Flows, Privacy, Numeracy Longreads + Open Thread By Byrne Hobart • 13 Apr 2024 View in browser View in browser Longreads Santi

Rate-cut divergence

Saturday, April 13, 2024

Bloomberg Weekend Reading View in browser Bloomberg Two new possibilities in the global inflation fight came into sharper focus this week. First, there's talk the European Central Bank may attempt

Issue #233: I'm almost 32, and the Dow is almost 40K

Saturday, April 13, 2024

plus emoji art + Sherlock Holmes ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌