loses — is it a sign the global sell—off is cooling? what will happen on wall street? we talk to the experts. landmark decision — a usjudge rules google�*s online serach monopoly is illegal — what penalties will it face? and soaking up the sun — we look at how australia's urban solar gardens are bringing the renewables boom to renters. live from london this is business today, i'm sally bundock. fasten your seatbelts as the roller coaster ride on financial markets intensifies. injapan right now we are seeing a sharp rebound following the historic falls on monday. in tokyo the main indice — the nikkei 225 — is recovering some of the record breaking loses. so lets take a look at the numbers.

this time yesterday it was a blood bath injapan with the nikkei closing down by over 12% hong kong up by half, the yen stabilising to an extent, versus the us dollar. this time yesterday in japan, versus the us dollar. this time yesterday injapan, it versus the us dollar. this time yesterday in japan, it was versus the us dollar. this time yesterday injapan, it was a bloodbath with the nikkei closing down by over 12% at the end of the day. marking the biggest one—day sell—off since black monday in 1987. if we have a look at the next board, you can see how the carnage continued on monday in europe, but then in united states, look at those numbers there. where wall street saw its benchmark s&p 500 dropping 3%, its sharpest one—day drop since september 2022. the tech—dominated nasdaq also falling as you can see by 3.5%. mariko oi has the latest from our asia business

hub for us. what's going on at the moment? as you said, sally, what a roller—coaster ride it has been for those japanese investors. shares recovering strongly. the nikkei 225 up 10% after yesterday's fall of 12.4%. yesterday was the biggest points fall on record, and today, we're headed for possibly the biggest daily rally in history. so extreme volatility and definitely not for the faint—hearted. there's definitely a sigh of relief among investors but it confirms the view of some analysts saying yesterday that fundamentals are strong, don't sell in panic, thatjapanese companies are doing well and the economy is quite resilient as well. of course, yesterday's sell—off was caused by the sudden jump sell—off was caused by the suddenjump in the sell—off was caused by the sudden jump in the value of the japanese yen. and it was dubed

after the bank ofjapan after the bank of japan governor. after the bank ofjapan governor. we havejust after the bank ofjapan governor. we have just learned as well the central bank, the bank ofjapan, as well as the ministry of finance and the financial services agencies will be holding a meeting today in tokyo at 3:00pm local time, so in a few hours�* time. so we�*ll see if they announce something following this incredible few days of market turmoil. ~ �* . ~ incredible few days of market turmoil. ~ �* ., ~ ., turmoil. 0k. we'll talk to you aaain turmoil. 0k. we'll talk to you again soon- _ joining me now is market analyst ed moya in new york. you had a nail biter of a day as did many of your colleagues. very much so. i think today everyone went to their trading desks and they saw there was a

lot of panic in the markets. valuations, sentiment, positioning really allowed this tremendous sell—off that we saw. and i think a lot of that was stemming from concerns that we had some really soft data last week, the employment numbers were rather disappointing. you also had over the weekend berkshire hathaway having their apple stake, and itjust seems like the headlines were just steady dose of negative news. i think the markets are really nervous with how — when you see the carry trade... ..the recession calls were very low, now it seems the odds are ticking higher. there�*s a big question mark. higher. there's a big question mark. �* ,, , �*

mark. but ed... sure, sure. but ed, to what _ mark. but ed... sure, sure. but ed, to what extent _ mark. but ed... sure, sure. but ed, to what extent really - mark. but ed... sure, sure. but ed, to what extent really is - ed, to what extent really is there a concern about a recession in the united states? to be fair tojerome powell and his team, at the last meeting, he was very clear about where the federal reserve is going, the federal reserve is going, the direction of travel. so markets wouldn�*t be getting a nasty surprise or a shock. i know friday�*s numbers on the jobs were weaker than expected. but is there really a concern the us is headed into a recession?— the us is headed into a recession? ~ ~ , ., recession? well, i think - you have to take _ recession? well, i think - you have to take a _ recession? well, i think - you have to take a look— recession? well, i think - you have to take a look at - recession? well, i think - you have to take a look at what i recession? well, i think - you | have to take a look at what the fed has signalled. when you take a look at thejune and the july meetings, in thejune one, we got the projections. right now the unemployment rate shot above their longer run target. that is pretty — that will make the focus shift away from inflation and more on growth. could i argue you couldn�*t see this coming? before this correction started, which obviously we�*ve had a tumultuous 2a hours, but last

week we saw a sell—off, the week we saw a sell—off, the week before. the nasdaq and the s&p were hitting record high day after day. amid this ai fuelled frenzy of buying. we should surely see there would be profit taking coming soon. very much so. even nvidia�*s ceo has sold over $500 million sincejune of shares in nvidia. the fed, they�*re focused on two things right now — they�*re focused on inflation and inflation has come down 90% to 2.5% at the preferred measure. when you take a look at the unemployment rate at 4.3%, that�*s where policymakers have to make a decision. they�*ve really — they teed up they�*ll cut rates in september. the data now completely supports that. when we take a look at what is the, you know, the upcoming data next week, we get retail sales, another inflation report. that will cement what they will do.

report. that will cement what they will tie-— report. that will cement what they will lie-— they will do. ed, we'll let you no and they will do. ed, we'll let you go and get — they will do. ed, we'll let you go and get much _ they will do. ed, we'll let you go and get much needed - they will do. ed, we'll let you i go and get much needed sleep. what are you expecting tuesday when wall street opens? i anticipate that it's difficult anticipate that it�*s difficult to say the low is in. so i think you�*ll see this rebound is probably going to — it might have a little bit more momentum, for it to be a long lasting one, i would be surprised. still a lot of question marks in place. we'll let ou question marks in place. we'll let you get — question marks in place. we'll let you get much _ question marks in place. we'll let you get much needed - question marks in place. we'll. let you get much needed sleep. thank you so much for talking to us. so as we�*ve been saying this has been a global phenonemon with markets impacted across the world. here in the uk the ftse 100 dropped by over 2% on monday to levels last seen in april. to help explain the impact we�*ll be feeling here in the uk and across europe i�*m joined by marc ostwald — chief economist at adm isi. the impact was a bit more muted in europe, which i would have expected. i�*m sure you�*re

expecting that as well. yesterday in london, paris, frankfurt. yesterday in london, paris, frankfurt-— yesterday in london, paris, frankfurt. , �* , frankfurt. yes, indeed. there's a reason _ frankfurt. yes, indeed. there's a reason for — frankfurt. yes, indeed. there's a reason for that. _ frankfurt. yes, indeed. there's a reason for that. one - frankfurt. yes, indeed. there's a reason for that. one might i a reason for that. one might point in the direction of president macron and the sell—off which was inspired by the french election. and above all, because the results we�*ve been getting out of continental europe have been relatively disappointing. a lot of companies have missed either revenue or eps estimates and there�*s been a generalfeeling about the european economy that has not been so optimistic. the uk, the sell—off yesterday was somewhat sharper, but it has been actually benefited from all the woes that have been in europe. so the ftse is up. also, mark, the so—called magnificent seven are not listed in london or in europe for that matter. so those stocks that have been bought,

bought, bought, and many saw as possibly over valued, which would be a target for a sell—off, they�*re all in the states, aren�*t they? sell-off, they're all in the states, aren't they? they're all in the — states, aren't they? they're all in the states, _ states, aren't they? they're all in the states, not - states, aren't they? they're all in the states, not many i states, aren't they? they're i all in the states, not many big tech stocks in europe. you can name them largely on one hand, amsl, sap to a certain extent. so, it�*s been shielded because of that. the ftse was always vulnerable because the ftse100 is composed heavily of a lot of dollar earners and therefore is more vulnerable relative to europe. but i would expect europe. but i would expect europe to rebound today without a shadow of a doubt.— a shadow of a doubt. mark, quickly. _ a shadow of a doubt. mark, quickly. is _ a shadow of a doubt. mark, quickly, is this _ a shadow of a doubt. mark, quickly, is this going - a shadow of a doubt. mark, quickly, is this going to - a shadow of a doubt. mark, quickly, is this going to be l a shadow of a doubt. mark, | quickly, is this going to be a dead cat bounce? we need to explain to our viewers what that means. a, explain to our viewers what that means.— explain to our viewers what that means. �* . . that means. a dead cat bounce - we could basically _ that means. a dead cat bounce - we could basically see _ that means. a dead cat bounce - we could basically see a - that means. a dead cat bounce - we could basically see a small. we could basically see a small rebound. i think the volatility is how it�*s going to remain because there�*s a lot of

uncertainty and there�*s a lot of unbalanced portfolios. and uncertainty and there's a lot of unbalanced portfolios. and a dead cat bounce _ of unbalanced portfolios. and a dead cat bounce is _ of unbalanced portfolios. and a dead cat bounce is what - of unbalanced portfolios. and a dead cat bounce is what in - dead cat bounce is what in market terms?— dead cat bounce is what in market terms? ~ , ., ., ., market terms? when you have a shar fall market terms? when you have a sharp fall and — market terms? when you have a sharp fall and rerebound - market terms? when you have a sharp fall and rerebound the - sharp fall and rerebound the next day, quite impressively. you fall by 8%, rebound by 3%, people think it�*s all over. thank you for your expertise. we�*ll be keeping a close eye. we�*ll be keeping a close eye. we have to more on. there�*s so much happening in business. to tech now and the search giant google which has found itself at the wrong end of a competition ruling. in a landmark decision a us judge has ruled that google acted illegally to crush competition and maintain a monopoly on online search and related advertising. a major blow to alphabet, google�*s parent company, that could reshape how technology giants do business. michelle fleury reports. google just lost a high stakes battle with the us government, a federaljudge ruled that payments the tech giant made to

the likes of apple and samsung to make google search the default option on their smartphones and web browsers, that violated us anti—trust law. in his 277—page ruling, thejudge in washington law. in his 277—page ruling, the judge in washington wrote: google is a monopolist and it�*s acted as one to maintain its monopoly, con cluding the money it spent blocked rivals. it represents a major set back for google and its owner alphabet, that plans to appeal the decision. a spokesperson for the company told the bbc this decision recognises that google offers the best search engine, but concludes we shouldn�*t be allowed to make it easily available. for now, the ruling is a vindication for america�*s anti—trust regulators. the justice department, that filed the case nearly four years ago, when donald trump was president, hailed the outcome as a historic win. and said it would continue to vigorously

enforce anti—trust laws, no doubt sparking fear in the corporate offices of some of the big tech giants. it�*s not yet clear what this will mean for the future of google�*s business. this decision is only about google�*s liability, not about google�*s liability, not about remedies. to saudi arabia now — a country on the move looking to transform its economy away from oil — with enormously ambitious projects in the pipeline. but it will need a great deal of money for this — most of which will come from the proceeds of crude and it�*s state owned oil giant saudi aramco. they�*ve got their latest results out this morning. we�*re expecting them in a few hours. let�*s go to our middle east business correspondent. what can we expect? profit are exected what can we expect? profit are exoected to — what can we expect? profit are expected to fall _ what can we expect? profit are expected to fall and _ what can we expect? profit are expected to fall and revenues l expected to fall and revenues are expected to remain flat because there�*s been inaudible at this quarter, demand has remained low and it has

coincided with saudi arabia cutting down production which it has for the last year or so. so that has had an impact on its profitability over the last year. even if you look at this period which it�*s going to report the results, the april to june report the results, the april tojune period, crude prices actually went up compared to the same period last year. but because of the weaker demand, a lot of analysts expect revenues to remain flat and profits to actually come down. but what will be interesting to watch, as you touched upon, the whole diversification team of saudi arabia, it relies heavily on the dividend income that comes from saudi aramco. despite profits falling, aramco has actually increased its dividend pay—out. in 2023, it paid 30% more dividend despite profits falling. that�*s the thing to watch out for. that amount is crucial for saudi arabia�*s economy and its mega ambitious diversification plan.— diversification plan. we'll s - eak diversification plan. we'll speak to _ diversification plan. we'll speak to you _ diversification plan. we'll speak to you very - diversification plan. we'll speak to you very soon i

diversification plan. we'lll speak to you very soon for diversification plan. we'll- speak to you very soon for the numbers. around the world and across the uk. this is bbc news.

let�*s turn now to the eurozone — growth in the region has been very sluggish with the bloc�*s economy growing just half of one percent in the year to june. but with 20 economies involved it�*s a very diverse picture. two of the major economies with data due out today show the contrast. germany, once europe�*s powerhouse, has seen its economy contract of late, while spain, has been growing — forecast to expand by nearly 2.5% this year. so why the big difference? joining me now to explain is carsten birzesky — chief economist at ing germany, and david etchavery, professor of finance at the university of navarro

in pamplona, joining us today from his home city of bogota. welcome to both of you. i must admit, i�*m so tempted to talk about football, but we need to talk economics. it�*s been a huge yearfor sport and talk economics. it�*s been a huge year for sport and the economy. in germany, what will the picture be like at the end of this week? we�*re getting more economic news. of this week? we're getting more economic news. we're going to - it is a — more economic news. we're going to - it is a depressing _ more economic news. we're going to - it is a depressing picture - to — it is a depressing picture right now. we have a small contract in the second quarter and we sees this week, we�*ll probably have a bit of a rebound because we�*ll get the june numbers, we should see a bit of a rebound. it will be a bit of a rebound. it will be a bit of a dead cat bounce. so, in general, the german economy is really stuck in stagnation. this will last not only this year but probably also next year. year but probably also next ear. �* u,

year but probably also next ear. ~ , . ., year but probably also next ear. , , year but probably also next ear. ~ ,_, , year. and the car sector is so ivotal year. and the car sector is so pivotal to _ year. and the car sector is so pivotal to germany. - year. and the car sector is so pivotal to germany. of - year. and the car sector is so i pivotal to germany. of course, we�*ve seen the european union make its move when it comes to increasing tariffs on evs coming from china into europe. what does the outlook look like for the german car sector? the car sector— for the german car sector? the car sector reflects _ for the german car sector? iia: car sector reflects both for the german car sector? tia: car sector reflects both the cyclical and the structural component of the current german weakness. there�*s a cyclical component, they don�*t know whether to buy an ev or go for a traditional car. that�*s one thing. but there�*s increased competition, especially out of china, we also see the german automobile sector, they missed the train on evs. they missed the train on evs. they missed the train on innovation. and they�*re not trying to gradually catch up. but it costs time and shows it�*s no longer the big

growth engine for the german economy. in growth engine for the german economy-— economy. in spain, they're seeinr economy. in spain, they're seeing better _ economy. in spain, they're seeing better growth. - economy. in spain, they're i seeing better growth. strong growth for spain. spain has got huge challenges on many fronts, doing so well in the world of sport. spanish football against france in the olympics. give us your take on spain.— france in the olympics. give us your take on spain. yes. so, we - i your take on spain. yes. so, we - i think — your take on spain. yes. so, we - i think - _ your take on spain. yes. so, we - i think - a _ your take on spain. yes. so, we - i think - a key— your take on spain. yes. so, we - i think - a key word _ — i think — a key word actually, i like to read carsen�*s report, and this — i think to me, the key word is productivity. so, spain — there�*s been some catching up about productivity in the european union — usually, higher in the northern countries. the southern countries. the southern countries have been doing some catching up. but the question is whether they can sustain this. and, spain has been a big

net beneficiary of eu funds, especially during the pandemic. and fiscal policy. these things can really sustain growth. but the question is whether that sustenance can be prolonged. that�*s a question mark. we may still see some positive data but there�*s the questions about keeping this productivity in the long run. and that�*s a huge question and a very difficult challenge for many countries. we face that challenge in the united kingdom as well. i�*m sorry to say we�*re out of time which is such a shame as i would like to unpack this further. thanks for joining us on business today. we need to head to australia. a country with a lot of sun — so perhaps unsurprisingly it�*s a world leader in residential rooftop solar panels. but apparantly a third of the population is locked out of there financial and environmental benefits.

new so—called solar gardens could be the answer. from sydney, phil mercer sent this report. sydney�*s annual vivid festival is a celebration of light and innovation. the solar commons exhibition highlights the barriers faced by households that are shut out of the transition to green energy. so far we have been a great solar success story in australia because we already have more than 30% of households with solar on their roofs but it is now about getting that solar to the rest of the population. we are about the democratisation of power. we want more people to have access to cheap power and reduce the cost of living. australia�*s first large—scale solar garden is 500km from sydney. it can power about 700 homes. residents in apartments, for example, can buy or lease solar panels. the electricity it generates is credited on energy bills. the plan is to build smaller

projects in towns and cities. i am a renter, can�*t get solar. i have lived in apartments, could not get solar. in the beginning it was definitely important to have localised renewable energy embedded within the city to provide energy resilience, energy independence, stabilise the grid. it has many benefits. but some experts believe many community solar projects will not save residents much money or make a meaningful contribution to decarbonisation. they insist, however, landlords should be required to install rooftop panels or make their properties far more energy efficient. however, as housing becomes more dense in sun—loving australia, many tenants simply want to feel part of the big switch to renewables in any way they can. i do feel a bit frustrated because i feel like i do not

really have access to the solar boom and i cannot participate other than in the projects like this where we can put solar panels in the public spaces for the whole community, including the tenants. about a third of australia�*s energy comes from renewable sources. an 82% target has been set for 2030. there is much work to do. campaigners say booming solar gardens would help to illuminate a brighter future. phil mercer, bbc news, sydney. to china now and the latest moves in the space race. china has begun launching thousands of satellites into orbit, part of what�*s called a megaconstellation. the idea is to rival elon musk�*s starlink satellite offering. for more i�*m joined now by nick spall — space writer and royal astronomical society fellow. nick, lovely to see you again.

now, china launching thousands of satellites and spending billions on this process — it sounds like a space race. it�*s sounds like a space race. it's fascinating. _ sounds like a space race. it�*s fascinating. years ago, we had america versus the soviet union, then russia. now russia has slipped right back. and china has taken, if you like, the second place in terms of investment. big, big figures. the americans put in $74 billion in terms of government investment. china is only 14 billion, but it�*s second in the world. so we�*re seeing lots of long—term planning. as you say, the g60 system is based on the elon musk starlink broadband constellation. we�*re going to see many, many more satellites being launched by china, following the lead from spacex. we�*re talking up to 12,000 additional small satellites that will operate this mega constellation.—

that will operate this mega constellation. nick... i'm not an expert _ constellation. nick... i'm not an expert at— constellation. nick... i'm not an expert at all, _ constellation. nick... i'm not an expert at all, which - constellation. nick... i'm not an expert at all, which you i constellation. nick... i'm not. an expert at all, which you are probably very keenly aware of, and our viewers will realise that as well with my question — but i just worry about space junk. there�*s no regulation as to who puts what where. what does that mean if they collide and it gets very busy? is it an environmental disaster waiting to happen in space? the environmental disaster waiting to happen in space?— to happen in space? the issue will be to _ to happen in space? the issue will be to do _ to happen in space? the issue will be to do with _ to happen in space? the issue will be to do with collisions . will be to do with collisions that will happen. there�*s a thing where you get so many bits of spacecraft hitting each other it makes low orbit unusable. the good news is there�*s a lot of talk about regulation. companies are making sure now much more their satellites can re—enter under their own control. it is an issue. it probably does need some government regulation on an international basis. but

it�*s a case of watch this space. the un will become involved in due course, i�*m sure. it involved in due course, i'm sure. . , , . involved in due course, i'm sure. . , ., sure. it literally is a case of watch this _ sure. it literally is a case of watch this space, _ sure. it literally is a case of watch this space, if - sure. it literally is a case of watch this space, if you - sure. it literally is a case of. watch this space, if you don't watch this space, if you don�*t mind me saying. thank you for your time and thoughts on that. it's your time and thoughts on that. it�*s fascinating to see and hear what�*s going up there amongst the stars. before i wrap up, i want to show you financial markets. because, of course, we�*re waiting on that emergency meeting at the japanese central bank. and finance ministry. that�*sjust finance ministry. that�*s just been finance ministry. that�*sjust been announced. currently, markets are just under 9% in japan. this time yesterday, it was a completely different picture. a more than 10% decline. so, you�*re up—to—date on all things business and news. if you�*re watching in the uk, you canjoin breakfast in a moment. elsewhere, i�*ll be back. hello there. tuesday is going to feel cooler and fresher,

there�*ll be some sunshine, could be a few showers as well. on monday, though, the highest temperature of the day was in northeastern scotland. temperatures in the moray firth got up to 27 degrees. that was in this warm and humid air ahead of this weather front here, which is bringing some rain in from the west. it�*s following on from that that we see the cooler and fresher air moving into the northwest of the uk. the rain on that weather front increasingly light and patchy, but quite a change coming into northern ireland. temperatures some ten degrees lower than at the same time on monday morning. a more comfortable night for sleeping. quite muggy, though, across the midlands and eastern england. we got a little rain here. it could prove to be a bit hit and miss. that moves through, and then we get some sunshine following. the odd shower coming in over the irish sea, but most of these showers are getting blown into northern ireland and western scotland. a bit drier in eastern scotland,

but we�*re not going to see the high temperatures we had on monday in that cooler and fresher air. the highest temperatures towards the southeast of england, the mid 20s here. but with that weather front out of the way, we still have the low pressure that�*s getting closer to the northwest. that�*s strengthening the winds, quite windy for the time of year i think on wednesday. to greet the day, we have got some wet weather in scotland. as that moves through, more showers in scotland and northern ireland, and with that stronger wind, we could blow a few showers further east across england and wales. still looking dry in the southeast of england, but temperatures even here will be lower on wednesday. 18—22 celsius is a little below the average for this time of the year. now, the area of low pressure to the north of scotland does finally move away by thursday, but it allows these weather fronts to come in from the atlantic. we will find the cloud thickening and increasing during the day on thursday, some rain and drizzle setting in. still a lot of uncertainty as to how far north this rain is going to get. now pushing a little further north into the central belt of scotland. northern scotland dry,

and we may not get much rain towards the southeast of england, with temperatures into the low 20s here. but we�*re not going to see a return of the heat. that�*s because the position of the jet stream is rushing right the way across the uk, so we are more likely to have some rain from time to time.

good morning, welcome to breakfast with sarah campbell and ben thompson.

our headlines today... police come under attack after another night of violent disorder — several officers are injured in plymouth, while petrol bombs are thrown by protestors in belfast. after days of violence, police say around 400 arrests have now been made. the owner of x — elon musk — and the prime minister clash online after sir keir starmer criticised social media companies for not stopping the spread of misinformation. kelly hodgkinson gets the gold! queen of the track kelly hodgkinson storms to victory in the 800 metres in paris. and it was a golden start for britain�*s sprinters in the velodrome as the trio of emma finucane, sophie capewell and katy marchant win great britain�*s first—ever olympic women�*s team sprint gold. workers�* rights get a shake—up,

with the government set to end so—called anti—strike laws this week.