this is business live from bbc news with ben thompson and sally bundock. correction or collapse? global markets turn red as the dowjones suffers its biggest one—day fall in history. live from london, that's our top story on tuesday 6th february. the sell—off began in the us, caused, unusually, by positive economic news, jobs and wages rising quicker than expected. and that could prompt another surprise rate rise for the world's largest economy. we'll explain what it all means. also in the programme: profits at oil giant bp soar to $6.2 billion, but can it regain its former glory nearly eight years after the deepwater horizon disaster? and this is how markets are trading in europe, down by 3% across the board — following heavy losses

in asia and the us. we go beacon with the boss of a firm cashing in on the boom in healthy eating, but it is delivered to your door. we are asking whether the market volatility is a long overdue correction or a market panic. let us know your thoughts. where do you put your money? a warm welcome to the programme, a lot to squeeze in today. there seems to be no stopping the global stock market sell—off. sparked in the us, it swept through asia and the malaise is happening now gci’oss european bourses. the start of the week saw the biggest decline on wall street for six years. so let's look at the numbers: moments ago, europe is trading right

now, but this is how things went in japan, closing down nearly 5% lower. at one point today injapan, in tokyo, it down nearly 7%. that is the big fall on the dowjones. that's the biggest one—day fall in terms of points in its history. the snp 500 also losing ground. in a moment, we'll go live to a trading floor in london and our team based in singapore but first yogita limaye in new york looks at what sparked the sell off on wall street. , s&p. this trading floor saw its worst day since the financial crisis. after months of hitting record highs, us stocks went into freefall. the trigger — wage growth has been faster than expected, sparking fears that there will be a rise in interest rates. certainly not what this man would have wanted on his first day in office. jerome powell took over as the chair

of the american central bank, the body that makes decisions about interest rates. and it was bad news for this man, too. president trump has repeatedly taken credit for the massive gains made by financial markets in the past year. but addressing factory workers in ohio as stocks plunged, this was one record he chose not to speak about. the white house has said the president is focused on long—term fundamentals, which remain exceptionally strong. and many on wall street say there's no need for alarm just yet. people are taking profits after an historic climb, it's very quiet in there, very orderly, no panic. whilst the share market is falling, gold and the japanese yen are on the way up. michael hewson is senior market analyst at cmc markets. we are under way and it is not

looking good. indeed, sally. but not as bad as it could have been. i talked to you 45 minutes ago, and we we re talked to you 45 minutes ago, and we were looking at a significantly lower open. we have rebound it a little bit since then, but we still remain below the closes yesterday. we may get a rebound today, we could well find that we could see further tests on the downside. what is the talk in the city about how long this may last, and when what we deem is normality may return?” may last, and when what we deem is normality may return? i am going out ona limb normality may return? i am going out on a limb here, but i am saying that we could potentially have seen the highs for the year this year. a large part of the reason we have sold off quickly is, a large part of the rising us markets has been on optimism about mr trump's tax reforms, and rising inflationary pressure and what have you. but also fuelled by a sharp rise in margin

debt, that is where us investors borrowed debt to buy stocks. if interest rates go up and stock markets sell—off, the margin debt becomes more expensive to maintain. we did have a self—fulfilling prophecy interims of a sharp sell—off. in the wider scheme of things, the sell—off is modest compared to where we were at the beginning of 20 zepeng team. if we don't get a rebound soon, we can see further declines in us markets, which is what worries me the most, the rise in margin debt particularly in the us. thank you. looking at the european open, the ftse 100 is down 2.5%. looking at the european open, the ftse100 is down 2.5%. remme, japanese stocks, their biggest points drop since june,

japanese stocks, their biggest points drop sincejune, 2016, ending the session down 4.7%. hong kong saw its biggest percentage drop since august, 2015. let's take you to our asia business hub, where karishma has been tracking those numbers. the falls were significant.” the falls were significant. i was talking to an analyst at earlier on, who was saying to me that usually use cv ‘s falls mirrored out here in asia, but at a greater value. that is for many reasons, the same reasons we have seen stocks go up in the us, many asian share markets have benefited as well. the flow of money into asia over the last 10—year is, thanks to low interest rates in the us, many investors putting their hot money out here in asia, so when you see share falls in this part of the world, like in japan, at one point it was close to

7% lower today, but as you mentioned, it has recovered slightly. they do seem to have bigger percentage value than in the united states. everybody out here that i have spoken to today has said, the economic fundamentals in asia are still strong. these are some of the best economic times we have seen in this part of the world in recent years. notwithstanding the slowdown in china, but the big question for a lot of traders and investors in asian markets is how long will this us market sell—off continued? that long will this us market sell—off continued ? that is long will this us market sell—off continued? that is what they are paying attention to when us markets open later today. thank you for updating us on that. let's get onto corporate news. bp has announced its latest set of results and the oil giant has posted some impressive numbers. the company made $6.2 billion in profit last year, that's a 139% increase compared to 2016. if you look at the underlying

conditions in the energy market, of course, they have improved an awful lot. 0il soared in the second half of 2017 and injanuary, prices hit a four—year high of $70 a barrel. with me is paul hickin, the oil director at commodity pricing group s&p global platts. bp is bpisa bp is a funny one, because it is a firm we only talk about when the results are out. so much happens in between. bring us up to date and fill in the gaps. basically, for several years fill in the gaps. basically, for several yea rs now, fill in the gaps. basically, for several years now, they have been cutting costs, tightening their belts, and that has helped bp and the oil industry generally with capital discipline. they have come out projects like venezuela and vietnam, and focused on core businesses, the north sea and middle east, iraq, kuwait, the uae, all the

safe bets. it has paid dividends for them. they have had to get a lot leaner and meaner. bp, unlike its rivals, have paid a lot of money out for the deepwater horizon disaster. could you save the results to date marked a turning point for bp in terms of that disaster also oil prices being lower, where are we going?m that disaster also oil prices being lower, where are we going? it still casts a shadow over bp and its results. if you look at positive results, net debt ratio is still high, a stubborn problem for them. that weighs against them, compared to major peers. they have done good work. 0il to major peers. they have done good work. oil prices up, which has helped, but they announced a bounce, and they can't close the chapter on that. what is important is bp pay out dividends and keep pension funds have become it is an important part

of pension funds in the uk. the ceo has been very keen to balance the capital discipline with the investment in new projects, which is the lifeblood for investors for an oil company. they have had seven oil projects come on last year, and eyes diversifying will stop gas is a big pa rt diversifying will stop gas is a big part of their portfolio. paul, thank you. thank you for explaining that, it is an interesting one. bp shares down 2% at the moment. one firm is cashing in on the dim food, but selling it through your door. the former bosses of carillion are due to be questioned by a joint committee of mps today.

the construction firm liquidised with a reported £5 billion of liabilities and just £29 million left in cash — less than a year after being signed off as a going concern by kpmg in spring 2017. joining us now is the chair of the work and pensions committee, the right honourable frank field mp. many will be watching this very, very closely who feel these people in front of this committee made a lot of mistakes. well, they have certainly got a lot of questions to answer. one is, for example, were they knowingly trading unlawfully when they should have actually been much more honest about how dire their predicament was? why were they raising money, borrowing in fact, to pay dividends? and why did they take such large salaries when all these things were possibly happening, and

we know the pension deficit was escalating? there are some very key questions. then later next week, the chair of the business committee, and i. chair of the business committee, and i, we are doing a joint enquiry, looking at those people called the auditors, you mentioned kpmg. there are four big companies in this country, they share the prize is out between them. why did they give them such a bill of health? when you look over a period of time, nobody with an a—level or o—level accountancy standards would say there are big questions for this company to answer? a lot of people will look at something like this, people giving evidence, explaining what happened, what power do you have to hold them to account? well, i mean, they will appear in public, so in a sense, they are appearing before their friends, neighbours and the country

by television, but you are right. at the end of the day, we produced a report on bhs, that was sir philip green before us, mr philip green today. the government has not acted. again, it comes back to the big issue, you have rightly talked about brexit, but we need reforms on the home front. thank you for your contribution. you're watching business live. global markets turn red — as the dowjones suffers its biggest one—day fall in history. we have talked about whether it is a correction or collapse. take a look at that. many of these we re take a look at that. many of these were down over 3% lower. we will talk to a top market analyst in around five minutes also to get her analysis of why we are seeing such

declines, and whether we need to cut our losses and run or hang in there. it will take a tough nerve over the next few days. a lot to get through, let's bring you date with other stories making headlines. laurent potdevin, the boss of athletic wear firm lululemon, has quit unexpectedly. the vancouver—based company said mr potdevin had fallen short of internal standards of conduct. hejoined lululemon, which is best known for its yoga—wear, in 2014. singapore's central bank says there is no strong case for banning cryptocurrencies. the bank has been studying the potential risks but the deputy governor says that it is too early to say whether virtual currencies will succeed. bank ofjapan governor haruhiko kuroda on tuesday ruled out the possibility of raising interest rates any time soon despite his optimism over the economic outlook. he said the fundamentals behind stock prices remained solid. there is your central bank round—up.

sammy lives a bit of central bank action. —— sally loves. but now we are talking food. we will talk about vigo and food. one firm is cashing in on delivering to your door. —— we will talk about vegan food. last year 542,000 british people consider themselves vegan. the vegan society says there was a 185% jump in the number of vegan products launched in the uk. writing on the back of this is the vegan delivery firm allplants. i am

sorry, i believe i have pronounced the surname of the founders of this company incorrectly. it is a monthly fee, you can buy once, weekly or whenever you like. —— it is not a monthly fee. and the commercial! people want to subscribe more often, people on weekly are getting it every day, personal trainers are eating it every day. if you are a health savvy moaners maybe once a month you get your six dishes. of our customers say it allows you to feel like you are cheating, you are having something like mac and cheese, super creamy and indulgence, which is made of cashews, which are in protein. you have a pile of these meals. they are ready to go? you can put them in the freezer, they are

made in your... kitchens. kitchens, my brain is not working, in london, and you deliver them to the door. we wa nted and you deliver them to the door. we wanted to make it really, really easy for people to eat healthier. whoever you are, trying to eat healthy meals that are super delicious and really, really convenient is tricky. that was the main impetus. alongside that, we wa nted main impetus. alongside that, we wanted to show people at eating pla nts wanted to show people at eating plants is healthier and more sustainable but it is also something you can do every day and it is not about sacrifice. you can eat lasagne with walnut mints, for example. in terms of the price, it is kind of middle. i was grilling you in the green room, it is high and frozen ready meals that you would see in the supermarkets, so why would i even find out about your company when i can get that at the supermarket? people are shopping online more, that is where we are seeing growth. we might grow into supermarkets in the future, but for

now it is learning about customers, creating a one—to—one relationship where we can find out what they are looking for. do they want asserts as well? it allows us to scale into other countries. uk's first. we are not really talking about vegans, we are talking about the 56% of people reducing their meat. we will go uk first, learn what to do here, make the best food we can and try to see how we can do it elsewhere. i say you have shunned the supermarkets, getting delivered to the door. it allows you to know a lot about your customers. you can find out what they want, but at the same time it comes with hurdles, it is the logistics of getting it to someone's house, keeping it frozen, what if they are not in? it is not easy for us, we try to make it as easy for us, we try to make it as easy as possible for the customer. the whole recent eat more plants is about living a healthier, more

sustainable life, it is challenging to get frozen sustainably to your door. how do you deliver? petrol or diesel vehicles? all door. how do you deliver? petrol or dieselvehicles? all our diesel vehicles? all our vehicles are carbon neutral, we offset the carbon on every delivery. the packaging the product comes in is 100% recyclable or compostable, we we re 100% recyclable or compostable, we were pretty ha rd 100% recyclable or compostable, we were pretty hard on making sure the liner that keeps it frozen... that sounds expensive. you had to make a decent profit on each meal, you have been going a year, it is early days? we have shipped just over 120,000 meals so far. looking at it from a business case, in terms of how long people are staying with the business, we are already able to make a small profit and every customer which allows us to invest even more in making the food more delicious and easy. all the fruit and veg and everything, i guess, is going up in price with brexit on the fall in the value of sterling? that is the meta— view of it all, good

food in general is going up in price all the time. —— but food in general is. we always making sure we get the best ingredients, put them in, make the most delicious food we can and make it easy as possible for people to eat healthier in a hurry. we talk about distributors in the industry, your closest rival is probably industry, your closest rival is pro ba bly less industry, your closest rival is probably less the supermarkets but the takeaway convenience, you can get this delivered to your door or something that is already cooked? we are cheaper than a takeaway, if you look at the way we cook the food it is more nutritious, with a takeaway you do not know what is going into it, with a restaurant even you are not told the nutrition value. we assume what is going in this. online we have the full nutritional breakdown, we show the customer our recipes, we have beautiful recipe videos and health tips and food

hacks on the website. this cashew mac, you can see it all online. you and your brother of vegan, have you made a plot of the recipes?m started ourselves. this is my favourite at the moment, it is essentially like but we have used a walnut mince and sun—dried tomatoes. we create the recipes and we work with a team of chefs. with this particular one we have worked with a really great chef who is indian himself and has a lot of history at making delicious indian food. so we lea n making delicious indian food. so we lean on what we are interested in from a culinary perspective, what customers are for and collaborate with the best # each dish. alex, you are so passionate about your food. so is ben. i wanted to move on! they are hand signed by the chef who made it. alex, it has been really great to see you, thanks for coming in.

stay up to date on the bbc business live page. and we want to hearfrom you. get involved on the web page, on twitter, and you can find is on facebook at bbc money. what you need to know, when you need to know. we promised some more market analysis. lucy macdonald, cio of global equities at allianz global investors joins us now to discuss. it is unsurprising we are seeing the reaction we are at the moment. we had been expecting correction because of the vertical rise we have

seenin because of the vertical rise we have seen in markets this year. one of the risks we have been looking for was inflation surprise, that is what we saw on friday. was at a big surprise? it is a pricing that wage inflation is the dog that has not barked in this relatively strong market with low unemployment. listening to janet yellen over the months and looking at why has there not been more wage inflation, the quality of the jobs coming into the market has been part of that. but we saw the first hint of it on friday. we are seeing what you would normally expect to see at this stage ofa normally expect to see at this stage of a recovery. you get the reaction and bond markets, which comes into the relative value. it is textbook stuff. it is not a surprise that it should happen in this way. the question is how far it goes from

here. there is a story in the national, the 500 richest people in the world lose a combined $140 billion, which shows quite where the money is invested and what is at stake when we talk about 2%, 3%, 4%, when it is a value like $100 billion it is a lot money. the percentages make the difference. it is not an enormous percentage so far, itjust takes us back to where we were at the beginning of the year. stav says stocks are not aligned to products or productivity, realisation sets in, correction has to happen. —— steph says. nick, a regular guest on the programme, says try not to be drawn into the market timing. they make money from investment. you get rich slowly, remember. trying to call

these swings up or down is probably a mug's game? we do not try to be too cute about these things. when you get a really big panic, like on brexit day, there was a great short—term buying opportunity, there was a very short run—up to trump was elected, that really went very, very quickly. —— very, very short one after trump was elected. you do not buy anything different or lower quality, you do not trade, you buy stocks for the long—term. if you can buy won a 10% discounts, that is nice. thanks for explaining that. the ftse100 is down just explaining that. the ftse100 is downjust shy of explaining that. the ftse100 is down just shy of 2% in the moment. more news ahead on the bbc. stay with us. good morning. it is another cold

start to the day but set to get even colder through the next 24 hours. this morning we have some snow moving south and east, either side of that there will be some sunny spells. the snow has come courtesy of this weather front. it will give a covering of snow across northern england, parts of wales and the south—west, one to three centimetres at lower levels, more over higher ground. they could cause problems for your morning commute. towards lunchtime, some snow around. gradually it fizzles out as it moves further south and east. still the hazards associated with that snow falling. down towards the south—east of england, some wintry flurries but sunny spells developing a northern and western areas, some heavy and wintry showers coming in for scotla nd wintry showers coming in for scotland and northern ireland. it will be a cold day, temperatures are best two to four celsius. cloud continuing to move on to the surface, still a view snow showers across east anglia and the

south—east, wintry showers towards the far north of scotland. temperatures for many getting below freezing, but in the countryside it will be even lower, really quite cold, temperatures —7 and —11 degrees over the snowfields of scotland. wednesday morning starts very cold and frosty. we have the next weather system coming in, a warm front followed by a cold front. wedged in between those is this milder outer. as this comes and it is mainly rain pushing income of a cold air is still in place ahead of that. cold and frosty, look out for ice. the cloud increases, there will be rain as hill snow into scotland and northern ireland, the rain perhaps reaching the far north—west of england wales, for most of england and wales on wednesday it will be dry, with good spasms of sunshine towards the south—east. temperatures about two to five, feeling pretty

cold. through wednesday into thursday, this weather fronts will weaken as it moves south—east, there will be a band of rain across many central areas through thursday morning. that will gradually pushed to the south—east. staying quite cloudy for many on thursday, those temperatures not quite as low. but milder out is staying with us, temperatures of about six or seven celsius. it will stay cold or get colder into the weekend. goodbye. hello. it's tuesday, it's 9 o'clock, i'm victoria derbyshire, welcome to the programme. campaigners say it will be a fitting tribute. we talk to an mp that say women have a duty to vote, to meet a reality tv star that says she has never voted in an election. if donald trump can be president, anything is possible. christ, that's true.

it's ghastly, isn't it. so olivia off love island has a chance. watch that full report at 9:15. also on the programme, a judge will rule later today on a request by the wikileaks founder, julian assange, to drop a warrant for his arrest. he's been living in the ecuadorian embassy in london for more than five years to avoid deportation to sweden.