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for asia business report. wall street stocks fall sharply for a second day, as rising us interest rates, trade tensions or something else causing the sell—off? we'll find out. i'm karishma vaswani in bali, where the world's finance ministers and central bankers are heading into meetings at the annual summit of the imf and world bank. hello and welcome to asia business report. the asian markets today as expected have opened weaker on this friday morning. it's the second day

of losses we're seeing for stocks in tokyo and australia, and the reason is we are seeing a sell—off again in us markets overnight. the nikkei has been trading for half an hour. the all ordinaries is: we are seeing smaller losses here on the second day in a row when we saw us prices falling sharply. the dow jones industrial average and the s&p 500 closed down more than 2% overnight, with the nasdaq down by just over i%. taken together, the dow has fallen more than 1300 points in the last few days and with markets around the world still pretty rattled by the steep losses in the us stock market, that's a concern. with more on us share prices, kim gittleson from new york. it was a day when wall street couldn't make up its mind. us markets once more opened lower after falls on wednesday, only to recover and plunge again. the key question

is what is spooking investors? is it rising interest rates, as president trump claimed, saying he thought the central bank of america had gone crazy or is it concerns about corporate profits or rising bond yields? the answer seems to be a mix of everything right now. the question is whether or not this is selling before fourth—quarter earnings season, oi’ selling before fourth—quarter earnings season, or is it a more sustained downturn, a period of sober reality after a summer of seemingly endless optimism on wall street. the turmoil in global markets occurred as the imf and world bank board meetings get under way in bali, indonesia. through the week we have seen reports from the imf and the world bank about their assessment of of the health of the economy, as well as the stability of the financial system. central bankers and finance ministers will meet to discuss the state of the

global economy. karishma vaswani has been talking to a lot of them ahead of their meetings, as well as other people attending the imf and world bank meetings in bali. i'm assuming the global turmoil on the markets has been one of the major talking points, what else are they talking about? yeah, you know, the turmoil in the markets have been a real backdrop against the conversation taking place at the annual summit of the imf and world bank. remember, earlier in the week we saw those two major reports from the fund, the world economic outlook, which saw global growth downgraded to 3.7% next year from the initial predictions from the imf of 3.9%. then we saw the next day the global financial stability report, also raising those same concerns for clouds on the horizon is what the fund has consistently said about the state of the financial system and the global economy. they point to two things, these are the things you

will see being talked about at the weekend when the central bank governors, as well as finance ministers, sit down to pour over the details of this report and try to work together to find some solutions. trade tensions between the united states and china and how they're affecting the rest of the world, especially economies in asia. the imf has said that the zar significant headwinds for economic growth. then there's the fact that us rates are rising, and what kind of impact that has on emerging markets, particularly turkey and argentina, we've seen vulnerability there, but also the concern that could spread. that's a question i put to the number two at the international monetary fund, david lipton, he's the first deputy managing director of the fund and here's what he said. 0ne here's what he said. one of the biggest questions we've been asking ourselves is whether this is the beginning of an en crisis, or whether this is going to

be about a set of em countries and so be about a set of em countries and so far what we're seeing is countries with vulnerabilities, countries with vulnerabilities, countries particularly affected by the normalisation of interest rates in the us, or by the changes in energy prices, are having the most difficulties. there's really a very large swathe of emerging market countries that are largely unaffected. the other big theme that came out of the report, trade tensions between the us and china, lots of countries in asia in particular and this part of the world a re particular and this part of the world are stuck between these two giants, what do you tell them? trade difficulties should be resolved through dialogue, not through conflict. now, for that to happen, though, countries that have trade practices that are either inappropriate or that were appropriate some years ago when asia was less important as an economic power in the world, they need to be addressed. we know that there are

trade practices that have led to problems, that have led to dislocations in the us. trade practices that may not have been problematic when asia was a small economy. those need to be on the table, there needs to be discussion on that. but it should be through discussion, not through conflict. are those trade practices that you're talking about that worked well at one point but now don't work so well at all... are those to do with the way china conducts trade? in some instances, china, other countries as well. the us is focused on subsidies to straight enterprises, it is bogus on intellectual property — — enterprises, it is bogus on intellectual property —— state enterprises. —— its focus is on. i think china would benefit by having more competition in government procurement, it would be good for china. there's modernisation that i think can help many countries in asia, china included. finally,

you're heading into a whole weekend of meetings, what do you hope to achieve with the imf communicate when it comes out? we have to think asa when it comes out? we have to think as a community about the next downturn. we said there are downside risks in the future, we don't know but over the horizon somewhere there will be another recession, there will be another recession, there will be another downturn and it's worth thinking about how to be prepared. david lipton from the imf is speaking to me about what the focus is going to be for central bank governors and finance ministers from around the world as they sit down and try to navigate these far more murky waters for the global economy. there's a real sense i'm getting here from people is the landscape has changed in the last six months and countries need to come together to figure out what kinds of investments they need to make in order to withstand some of the shocks that might come up in the future. he made an interesting comment at the end talking about thinking about how to address things

asa thinking about how to address things as a community, and given the trade tensions and protectionist measures we're seeing around the world, not just with the us and china but europe and the uk, how much community and cooperation do you think they're going to see? that's a really good point, and it's one i've consistently put back to officials from the fund when i talk to them about the kind of statements you hear even from people like the managing director, christine lagarde, in her opening remarks. she talked about the fact that there is an acknowledgement the global system that's been in place and lead to decades of prosperity, there's something wrong with that but it doesn't need to be scrapped or broken or thrown out of the window altogether. the global community needs to come together to try to fix it but that's hard to do when some of the biggest players in the global community, the us for instance, they're not necessarily playing by what the fund or what christine lagarde says, that countries should come together and co—operate. it

will be interesting to see what measures are inactive, if any, over the weekend and what comes out in the weekend and what comes out in the imf communicate and whether the language indicates countries are more. . . language indicates countries are more... to find a new global trade accord that is more fair and more suitable for everybody and that will be the way that people work together in the future —— in acted. be the way that people work together in the future -- in acted. thanks for joining in the future -- in acted. thanks forjoining us. we'll see you in the next hour. —— enacted. truck people stop economic adviser, larry kudlow, has said the white house has taken steps to set up a meeting between the us president and xijingping from china —— donald trump's top. it could come after the 620 summit next month. larry kudlow said the topics have not been decided yet. it's expected that they will try to

increase their cooperation in some measure and ease trade tensions over all. the price of electric and hybrid cars in the uk is set to rise up hybrid cars in the uk is set to rise up the government announced changes to financial incentives for buying greener vehicles. the department of transport said grants for cars that meet the toughest in co2 restrictions will be reduced, while discounts into other categories will be scrapped. that is it for this edition of asia business report. we're watching the asian markets today and their reaction. thanks for watching. this is bbc news. i'm ben bland. the top stories this hour: russian officials say they've begun a criminal investigation into a failed space mission which forced two crew members to perform an emergency landing in kazakhstan. a trail of destruction left by one of the most powerful hurricanes ever

to hit the united states. the prime minister has been meeting senior members of her cabinet this evening to update them on the state of the latest brexit negotiations. theresa may is under increasing pressure from her parliamentary partners, the democratic unionist party, which is threatening to withdraw its support for the government, if it's not happy with the final brexit deal. this report from our political editor, laura kuemssberg, does contain some flashing images. -- laura —— laura kuenssberg. emergency or business as usual? the home secretary went in the back, downing street europe advisers beetling about whitehall. ministers called in to talk compromise. foreign secretary, good afternoon, do you think the cabinet will be able to agree a compromise on brexit today? is there an acceptable deal on the table? this might be billed asjust a standard update for ministers about what is going on in brussels

but it is anything but. and although it is not decision day, these are vital times in this long, long process and the prime minister is desperate to keep her key ministers on board. behind closed doors, they were not all happy. a possible compromise with brussels is to stay closely tied to the eu on customs for ever, an insurance policy only if a trade deal can't be done. but for several ministers, without a time limit, that just can't work. politicians' jobs, but much more importantly the public‘s jobs, depend on getting a deal. but some of the prime minister's allies right now seem like enemies. the northern ireland dup, whose support she relies on, warn her again. we will have to consider whether or not they have kept their part of the bargain. if they haven't, there will be consequences and one of the consequences is the votes which we have promised to deliver

for their domestic legislation will not be forthcoming. i think the bus almost knock you down. —— knocked. there is a lot in the government's way. i understand at least one cabinet minister, not in whitehall tonight, is contemplating whether to walk away over this potential compromise. no—one resigned in the meeting. there was a fear that some might walk out. as i say, the prime minister and the governmemt are conducting a complex negotiation, that is going well and we should be backing the prime minister, supporting her, as everybody is. —— government. number ten, though, would not comment tonight. it will, in the next few days, be for the prime minister to weigh the price of a deal. laura kuenssberg, bbc news, westminster. plenty more on that story whenever you wanted. you can reach me and most of the team on twitter. now on bbc news, sport today. hello.

i'm tulsen tollett. and this is sport today, live from the bbc sport centre. coming up on this programme: portugal make it two wins out of two in the uefa nations league with a 3—2 victory over poland. australia battle to an improbable draw in the first test against pakistan in dubai. and defending champion roger federer moves through to the shanghai masters quarter finals setting up a match against kei nishikori. hello and welcome to the programme. we start with football, and portugal look well placed to qualify for next year's uefa nations league finals after winning 3—2 in poland on thursday. they're now five points clear in theirgroup at the half—way stage.