winds of change. the uk's new state run firm great british energy announces its first project to cut reliance on fossil fuels. and it hopes bring down bills. welcome to business today. there's a collective sigh of relief across wall street this thursday with calm returning to markets and a subdued start to the trading day. this after a brutal sell off in big tech shares the so called �*magnificent seven�* turned into a market rout on wednesday. that wiped trillions of dollars off the value of stock markets here in the us and in asia and europe. the s&p 500 and nasdaq had their worst days since 2022. restoring some confidence better than expected economic data in the us we'll get into some detail about that in the moment. let's just show you how things have been trading on wall street (ad lib.

let's just show you how things have been trading on wall street. khan to those numbers after a difficult day for investors. —— calm returning that those members. david waddell is an investment strategist based in nashville tennessee. he told us in his view the big tech sell off was long overdue and actually in some ways healthy. well, it wasn't quite as bad as it appeared. the magnificent seven was down 6% of a cohort. they make up 3% of the index. the other a93 were only down 1%. this sell—off was yesterday. it started when the lighter than inflation report came out on the 10th ofjuly. from that point, it was down 16%. the magnificents were down 10%. however, small cap stocks in the usa were up 10% in that period. you are seeing a rotation acting on the market, and it should be happening because we were very overbought going into mid july, we had levels which were the highest in the year

for retail, and the highest since 2021 for professional investors. we had a lot of complacency. the vics had been sending down below 20... for 20 days or something crazy. a week period for the markets from mid—july. on average down to an hour percent. this is just seasonality rearing its head, and the rotation happening on the market, in my view, is just healthy. i am not bearish at all, this is just a technical reshuffling of the deck. as i mentioned, calming nerves in the last couple of hours was news that the us economy picked up in the three months tojune. us gdp grew at an annual rate of 2.8 per

us gdp grew at an annual rate of 2.8 % in the second quarter according to advance figures from the us bureau of economic analysis. that's way more than the 2 % most economists were expecting. and it's double the 1.4 % growth recorded in the first three months of the year. orders for durable goods though fell 6.6 % injune economists had expected a rise. that has lifted hopes for earlier interest rate cuts from the federal reserve. as chicago based economist diane swonk explains. we go live to houston., harris is speaking. the candidate for the democratic ticket ahead of the elections. she is speaking to teachers. , elections. she is speaking to teachers-_ elections. she is speaking to teachers. , ., ~ , , ., elections. she is speaking to teachers. , ., ~ ,, ., ~ teachers. this work is personal. and it is professional. _ teachers. this work is personal. and it is professional. and _ teachers. this work is personal. and it is professional. and it _ teachers. this work is personal. and it is professional. and it is _ teachers. this work is personal. and it is professional. and it is so - it is professional. and it is so critically important. and so, it is because of mrs wilson and so many teachers like her that i stand before you as vice president of the united states of america. applause

and i am running to become president of the united states of america. cheering and what i know first hand is that our teachers and all of those who are here, all of the members of afd, i note that by nature, you are visionaries. you are focused on the future. the work you do is about focusing on the future. you see the potential in every child. you foster it, you encourage it, and in so doing, you shape the future of our nation. which is why i say: we need you so desperately right now. today, we face a choice between two very

different visions for our nation. 0ne focus on the future, and the other focus on the past. and we are fighting for the future. applause we are going to step away from kamala harris speaking to teachers in houston in texas. we often say that message of the economy can win or lose elections round the world. better than expected gdp numbers today, we are expecting a sense of what inflation is doing in the usa late in the week. let's talk to michelle who is watching from new york., harris talking about a stark choice for voters. they will also be keeping a close eye on whoever takes the reins at at the white house. yes.

close eye on whoever takes the reins at at the white house.— at at the white house. yes, we got a confirmation — at at the white house. yes, we got a confirmation today _ at at the white house. yes, we got a confirmation today that _ at at the white house. yes, we got a confirmation today that in _ at at the white house. yes, we got a confirmation today that in terms - at at the white house. yes, we got a confirmation today that in terms of i confirmation today that in terms of economic growth, the picture is looking good. you had comments from joe biden saying to bailey's gdp report makes it clear we have this wrong economy in the world. he thanks vice president harris�*s economic agenda. it is unclear what our positions are on the economy and what her goals will be as a potential candidate and potential head of the ticket for the democratic party. but clearly, the idea you have a strong growth and inflation beginning to come down is good news. the question is: is it coming in time for the election come november to help the democratic party? that isn't very clear. the reason i say that is because: while strong growth is good and something economists and people welcome, it doesn't necessarily pay the bills at the supermarket, it doesn't fill up the supermarket, it doesn't fill up the car, it doesn't shore up

affordable housing. these are the issues you are going to see coming up issues you are going to see coming up in the months ahead.— issues you are going to see coming up in the months ahead. thank you very much- — up in the months ahead. thank you very much- we _ up in the months ahead. thank you very much. we fleury _ up in the months ahead. thank you very much. we fleury in _ up in the months ahead. thank you very much. we fleury in new- up in the months ahead. thank you very much. we fleury in new york. up in the months ahead. thank you - very much. we fleury in new york. we stay with the theme of affordability because of rising interest rates are seen hundreds of thousands of people pushing the financial hardship. that's according to a new report by the institute for fiscal studies. it found that many households remortgaging or taking out new mortgages since 2022 have experienced sharp falls in their disposable income as higher interest rates pushed up housing costs. i'm nowjoined by tom waters, who is the associate director of the institute for fiscal studies. good to have you with us. we might say no surprise that the cost of living is going up. the house —— the cost of housing is going up. that is pushing more people into hardship. it is clearfrom pushing more people into hardship. it is clear from your report that he suggest more people are facing hardship then we first thought. that is riuht. hardship then we first thought. that is right. so. — hardship then we first thought. that is right. so. the _ hardship then we first thought. twat is right. so, the interest rates go up is right. so, the interest rates go up and of course, more people are

paying more on their mortgage and so the amount of cash they have, their disposable income, is going to go down. the way this is typically measured doesn't capture the fact that people pay quite different amounts. if you are locked into a five year fix at the end of 2031 com your interest rates today might be quite low. 0n the other hand, if you had remortgaged in last year or two, the interest rates would be high. when you take into account that variation, it pushes up the poverty numbers even more. our estimate is that the increase in interest rates has pressed around 320,000 extra people into poverty, only about a third affair has captured in the official stats.— official stats. that is interest rates and — official stats. that is interest rates and inflation, - official stats. that is interest rates and inflation, the - official stats. that is interest| rates and inflation, the rising official stats. that is interest - rates and inflation, the rising cost of living has also not impacted everyone equally. talk to me about who is most susceptible to the rising prices. who is most susceptible to the rising prices-— rising prices. that is right. households _ rising prices. that is right. households spend - rising prices. that is right. l households spend different rising prices. that is right. _ households spend different amounts of different goods. inflation that we saw over the past couple of years

has been driven to a large extent by energy and food prices, and poorer households and pensioners are more likely to devote more of their budget on those items. the inflation they face has been quite a bit higher. when you take account of that, again, that increases the policy. you look at the overall numbers. policy. you look at the overall numbers-— policy. you look at the overall numbers. ., . , . , numbers. your warning is that this nets numbers. your warning is that this gets worse — numbers. your warning is that this gets worse before _ numbers. your warning is that this gets worse before better. - numbers. your warning is that this gets worse before better. it - numbers. your warning is that this gets worse before better. it is - gets worse before better. it is going to get worse in the year ahead? we are seeing interest rates coming down, we are seeing inflation is easing, but you are suggesting it will get worse? ht is is easing, but you are suggesting it will get worse?— will get worse? it is certainly true inflation has _ will get worse? it is certainly true inflation has come _ will get worse? it is certainly true inflation has come down - will get worse? it is certainly true inflation has come down a - will get worse? it is certainly true inflation has come down a long i will get worse? it is certainly true i inflation has come down a long way now. the normal rate of inflation, which it was before, and the interest rates coming down, with interest rates coming down, with interest rates, one really important factor is that although they are down from the peaks we saw five or 6%, they are still ahead of what

they were in 2021 when people are getting mortgage interest rates of one and a half percent, 2%. that is environment which we are a long way off being back in. for people who are coming off their fixed term mortgages over the next couple of years, for a lot of them, they will still be coming on to a higher rate of interest, meaning that that is reducing their disposable income. thank you very much. in the uk, the country's new state owned energy firm great british energy has announced its first project to boost britain's renewables industry. it's teaming up with the crown estate the organisation that runs king charles�*s huge property portfolio and owns most of the sea bed around the uk. gb energy plans to build new offshore wind farms that the government hopes will power 20 million homes. energy expert chris wheaton told the bbc it's all part of a project to reduce reliance on imported power. pretty ambitious, and that's a great place to start

because the uk has got amazing renewable energy capacity and it needs to make that work for the nation. i think the key political risk gb energy is trying to address is the risk of bills and the risk of bills spiking like we saw back in 2022, and the practicality of delivering that is going to be about changing the energy mix in an energy transition from the current fossil fuel heavy one to a much more renewable one. that's going to take a lot of money and that means great british energy needs to bring as much capital to bear as possible to unblock some of the issues that are faced. renewable energy roll—out in the country. so, for example, uh, grid connections taking up to ten years, the roll—out of new technologies like hydrogen, carbon capture and storage, tidal, nuclear. so what this is really all about is trying to bring more money to try and solve the problems. just time to tell you shares of... shares of gucci owner

kering have fallen sharply after the french luxury goods group reported a worse than expected drop in sales for the three months tojune and warned the rest of the year will be tough. luxury brands are struggling with a slump in the key chinese market and a cost of living crisis around the world. that's seen a quarter of a trillion dollars wiped off europe's top designer goods firms since march. that is business today. see you soon. goodbye.

welcome to bbc news. this is a verified live. heavy rains are hamepring search operations after devastating landslides in a remote part of southern ethiopia have been hampered by heavy rains. around 1a thousand people need

to be evacuated urgently because of the risk of further landslides. updated figires show that 257 bodies have now been retrieved from the affected area but the un has warned the death toll could rise to up to 500. from gofa kalkidan yibeltal reports. this is the village in gowhar district, deep in southern ethiopia, that has been since the beginning of the week, a setting of tragedy. two landslides in consecutive days have claimed more than 200 lives, and many people here are mourning. others, like you see here, are still looking for their missing loved ones. many of the work is being done manually. there is a general sense of shock, disbelief and grief under these hills. most of the deaths occurred according to officials that we talked to during the second landslide. that was after several people from the local communities and even from neighbouring villages arrived here, rushed here to help save and rescue people who were buried during the first landslide. now, this is a fairly remote and underdeveloped area. to arrive here, we had to fly from the capital, addis ababa,

to the largest city in the area, and after that we had to drive