a potential interest rate cut is also driving market gains, as michelle fleury reports. after last week's drop in consumer prices, odds rose that america's central bank would cut interest rates at its meeting in september. now, that view got a boost on monday from the head of the us federal reserve. speaking at the economic club of washington, jerome powell appeared optimistic that inflation, well, that it was moving in the right direction and that the bank didn't need to wait for it to hit its 2% target to lower rates. so we've been very clear that you wouldn't wait for inflation to get all the way down to 2%. our test has been for the past quite some time that we wanted to have greater confidence that inflation was moving sustainably down toward our 2% target. and what increases that confidence in that is more good inflation data. and lately here, we have been getting some of that. you may remember at the start of this year, many economists had pencilled in several

rate cuts by september from its current level of 5.25% to 5.5%. however, stubbornly high prices and a hotjobs market pushed back that timing. now citing better than expected economic data, it appears the federal reserve is getting closer to following in the footsteps of the european central bank and is preparing to cut rates, although mr powell did warn americans might have to get used to higher borrowing costs, suggesting that rates are likely to settle at a higher level than before the pandemic. in other news, there has been leaked data from disney, according to the wall streetjournal. the data came from disney's slack channels and included details on employment candidates and ad campaigns. disney has told the bbc that it is investigating the matter.

china has reported slower than expected growth in the second quarter. that data was released as top leaders gather in beijing for a plenum meeting, where they are likely to discuss ways to revive a stagnating economy. the bbc�*sjoao da silva has more. the latest economic data from china does not look good. and it comes just as a major political meeting got under way in the capital. economic growth slowed to 4.7% in the second quarter, leaving the chinese government's 5% growth target for the year looking even more ambitious. the economists i've been speaking to described the numbers as china's economy hitting the brakes. meanwhile, other data on retail sales and new homes prices also disappointed and hinted at continuous problems in the economy. it raises expectations for major reforms to be announced in the third plenum, which began today and is expected to end on thursday with a plan to lay out china's policy direction for the next five years and beyond. but again, the leadership�*s focus seems to be on long term

policies instead quick fixes or the stimulus that investors have been hoping for. editorials in china's state—controlled media are calling for deep reforms aimed at boosting the country's modernisation and fostering so called new productive forces or boosting high—tech industries such as electric vehicles and artificial intelligence. the goal, according to analysts, is to eventually drive up profits and wages. but without a quick fix, the chinese economy might be in for more short term pain. india's antitrust body says apple used its dominant position in the market... it may force developers use it in 3pp may force developers use it in app position. shares went down

last year. india has reported both wholesale and consumer inflation numbers forjune in the last few days — and a common theme there seems to be persistent food inflation. this is a cause for worry for asia's third largest economy given continuing rural distress and a high cost of borrowing. so what's behind the numbers? from mumbai, nikhil inamdar explains. well, food inflation hasjumped to 9% at the consumer level, which is a six—month high, and to 8.6% at the wholesale level too. now, one of the reasons for prices to stay so elevated is because of extreme weather. india has seen both extended heat waves as well as a weaker than expected monsoon injune. this has affected vegetable prices in particular, which are up 30% last month. onion prices are up a staggering 90% injune. now, higherfood prices are a concern for overall inflation numbers because food makes up 40% of the consumer basket. it also hits the poor more since they spend a bigger proportion of their income on food.

food prices will also constrain the central bank's ability to bring down interest rates, which have remained unchanged in india since december 2022. however, it now appears that the monsoon is normalising, which is expected to bring down inflation in the coming months. but stability in prices will depend on climate conditions remaining normal, which has become increasingly elusive over the past few years. the british postal service is one of the most important businesses and is set to fall into foreign ownership for the first time since 1516. a czech billionaire is hoping to buy the royal mail and says he won't change the come company's commitments to customers. simon jack sat down with him and asked why it should be entrusted to him.- asked why it should be entrusted to him. . , , entrusted to him. the answer is simle, entrusted to him. the answer is simple. i _ entrusted to him. the answer is simple, i believe _ entrusted to him. the answer is simple, i believe we _ entrusted to him. the answer is simple, i believe we can - entrusted to him. the answer is simple, i believe we can help i simple, i believe we can help and we can play a big role which can be very important in

the history, because this is a moment which is very decisive. the problem royal mail currently has as well it is almost dominant, or monopoly, provider, and hence... partial business is a competitive business. in 2012, the royal mail market share was 75%, it is 32% today, this is the problem of royal mail. the unions actually _ problem of royal mail. the unions actually fear, - problem of royal mail. the unions actually fear, you only care about letters, you only care about letters, you only care about letters, you only care about parcels... ida care about letters, you only care about parcels... no way, a complete _ care about parcels... no way, a complete understanding. -- - complete understanding. —— misunderstanding. it is to provide universal service, and as long as we would be investors and royal mail, it will always be the case. we can

help royal mail to finalise the transformation, to be the best partial delivery company in the uk and to grow its market share. this is fundamental and necessary. one more comment. really, there is no difference in between the interest of the shareholders and the employees. 72.5% of revenues of royal mail go to personal costs, to wages. we are all on the same ship, all on the same ship, and the ship needs to be successful. if the ship is successful, it is excessive for everybody. if it is not it is going to be disastrous also for the employee. disastrous also for the employee-— disastrous also for the employee. disastrous also for the emlo ee. ., ., employee. you say that the universal — employee. you say that the universal service _ employee. you say that the l universal service application, you will guarantee you will honour that for five years of that one price goes anywhere pledge —— obligation. after that, you can walk away. we would never _ that, you can walk away. - would never come and i can see very strongly one personal commitment. first of all as long as i am alive, i exclude

this, and i am sure that anybody who would be my successor would absolutely understand.— successor would absolutely understand. ~ , . understand. wind up with that in writing? _ understand. wind up with that in writing? because _ understand. wind up with that in writing? because they - understand. wind up with that in writing? because they are l in writing? because they are two different _ in writing? because they are two different things. - in writing? because they are two different things. what . in writing? because they are two different things. what is clearly a commitment and i say this as an absolutely clear unconditional commitment, real mail is going to be the provider of universal service obligation in the uk, unconditionally, and i would say, forever.— unconditionally, and i would say, forever. the workers want to have an _ say, forever. the workers want to have an ownership _ say, forever. the workers want to have an ownership stake - say, forever. the workers want to have an ownership stake in i to have an ownership stake in the company, and also want a greater say in how the company is run. where do you stand on that? i is run. where do you stand on that? ., �* 4' that? i don't think the ownership _ that? i don't think the ownership stake - that? i don't think the ownership stake is - that? l don't think the | ownership stake is the that? l don't think the - ownership stake is the right model, but i think the logic is, share of profit, yes, ownership structure, creates a lot of complexity was to buy feel genuine interest from the unions to see royal mail being a successful company, and this is absolutely key, and if we are there, we don't have any new problems to deal with because the sky is blue and is blue for everybody.— blue for everybody. burberry has warned _ blue for everybody. burberry has warned of _ blue for everybody. burberry has warned of a _ blue for everybody. burberry

has warned of a half-year i has warned of a half—year operating loss and said full—year operating profit would miss market expectations. the british look teller also suspended its dividend in replaced its ceo. effective immediate. it comes amid slowing demand for luxury products from europe and the united states. just a quick recap of our top story this morning on business today. shares in donald trump's social media company have surged, closing up around 31%. it comes after the former president survived an assassination attempt on the weekend. today he finds himself in milwaukee, wisconsin, we are we can see some live pictures right now, as our coverage will be continuing from the rnc, the republican national convention, in the hours ahead on bbc news. you can also follow along online, on our website. our life page has remarks from joe biden saying his calling for putting donald

trump in naples i was a mistake. do stay with bbc news. that coverage in milwaukee will continue. goodbye for now —— putting donald trump in a bull's—eye.

hi, i'm lola with the catch up! tonight, the latest on trump, billie eilish teams up tonight, the latest onjay slater, billie eilish teams up with cbeebies and this england fan's tattoo. first, though, police in spain who are searching forjay slater say they've found human remains during their search. jay went missing in tenerife nearly a month ago. the police still need to formally identify the body, but a statement on behalf of his family says that the body looks to be jay's and it was found near his phone's last location and alongside his posessions and clothes. possessions and clothes. as spain's players kick off their open top bus tour after their victory in sunday's euros final, the england squad has arrived home.

now there are questions over manager gareth southgate's future. before the euros, southgate told a german newspaper that failing to win a trophy in germany could see the end of his stay. when asked about his future at full time on sunday, he said, "now is not the time" to make a decision. his contract lasts until december. billie eilish will be the latest star to read a cbeebies bedtime story. the american artist has said how she "loved" bedtime stories herself when she was a child. she's chosen oliverjeffers' book this moose belongs to me and will read it on friday. time now for ten seconds of dedication. this england football fan who had "euro winners" tattooed on his leg before the final says he will not cover it up and has no regrets. i would not be coming home with that tattoo! you're all caught up now, have a great night!

hello and welcome to sportsday. i'm marc edwards. here's what's coming up: viva la fiesta in madrid. it's party time in the spanish capital, as the euro 2024 winners celebrate their historic victory. two years out from the fifa world cup in north america, crowd troubles mar the copa america final in miami, one of the venues for the tournament. and after winning the scottish open on sunday, robert macintyre can now aim for another victory in front of his home crowd — at the open at royal troon.

hello and thanks for joining us on sportsday. and there's only really one place to start, and that's in the spanish capital madrid, where spain's euro 2024 trophy celebrations have been attended by thousands of fans across the city. a heroes welcome for the side that beat england 2—1 in sunday's final. the plaza de cibeles, the traditional site of spanish celebrations over the years, was absolutely teeming with people eager to get a glimpse of captain alvaro morata and his squad. their achievements make spain the most successful nation in euro championship history, a record—breaking fourth title. worth pointing out — they're the first team in the competitions history to win all seven matches on the way to lifting the trophy. and earlier on monday, the squad were given the royal seal of approval, meeting with king felipe vi at the royal residence in the capital. so spain didn't come into this year's tournament