us markets rally ahead of a busy week of earnings with five of the big tech companies set to report results in the final week before the us presidential election. as some fear protectionism as some fear protectionism could derail a global economic could derail a global economic recovery as donald trump talks recovery as donald trump talks of trade tarriffs if elected. of trade tarriffs if elected. and could rural areas provide and could rural areas provide india's next wave of growth india's next wave of growth as start—ups look outside as start—ups look outside cities in a move that cities in a move that could help bridge could help bridge magnificent seven tech firms india's tech divide? india's tech divide? welcome to business welcome to business today, i'm mark lobel. today, i'm mark lobel. we start in the us where stocks we start in the us where stocks have risen ahead of what's have risen ahead of what's promising to be a key week promising to be a key week of earnings and economic data. of earnings and economic data. five of the so—called five of the so—called

magnificent seven tech firms are set to report results this week. namely, google—owner alphabet, amazon, apple, meta and microsoft. and of course, with just a week to go before americans go to the polls to vote for their next president, investors will be keeping an eye on how the markets perform this week. our north america business

�*them seven reporting. five of them take 23% of the 500 index, a big waiting with big implications for the stock market. if there is any underperformance, investors could punish the stocks, particularly if there are any mrs when it comes to artificial intelligence and that could bring about some volatility. on the economic side, some data coming out, the third measure of inflation, us gdp, and on friday, the all—important friday, the all—importa nt report friday, the all—important report for the month of october. when it comes to jobs, we are expecting only a modest increase, we have had a impact to the latest report, to hurricane is, the boeing strikes and some furlough which is likely to impact numbers, but it was a strong september report as well. when you look at gdp, they are expecting the economy will be resilient, continue to hum along and it is this kind of resilience in the economy that has led the us

dollar to reach a three month high against a basket of currencies, and this is something i spoke to the president of research. one of the most _ president of research. one of the most important _ president of research. one of the most important parts - president of research. one of the most important parts of l president of research. one of i the most important parts of the story— the most important parts of the story is— the most important parts of the story is the said cut the base points— story is the said cut the base points and ever since then the bond — points and ever since then the bond deal_ points and ever since then the bond deal has gone out. as a result— bond deal has gone out. as a result of— bond deal has gone out. as a result of that, the dollar has gone — result of that, the dollar has gone up _ result of that, the dollar has gone up. —— fed. maybe the fed did not_ gone up. —— fed. maybe the fed did not have _ gone up. —— fed. maybe the fed did not have to cut rates in the — did not have to cut rates in the economy is doing very well. if that _ the economy is doing very well. if that is — the economy is doing very well. if that is the case, we are not going — if that is the case, we are not going have a series of rate cuts, _ going have a series of rate cuts, and _ going have a series of rate cuts, and the same time, europeans are cutting their rates — europeans are cutting their rates and we have seen the dollar— rates and we have seen the dollar strengthened particularly against the euro, and against the yen, that because _ and against the yen, that because the perception is the bank— because the perception is the bank of— because the perception is the bank ofjapan will take its time _ bank ofjapan will take its time raising interest rates. the — time raising interest rates. the federal reserve meets next week when markets are expecting a cut interest rates of a quarter of a point. we have to

get through a host of economic data and the us presidential election day before then. thank ou so election day before then. thank you so much- — so a big week for the tech giants. let's dig deeper on what to expect as amazon, apple, google—owner alphabet, meta and microsoft report. i'm joined by doug clinton, founder and ceo of intelligent alpha. how big could this week be for the markets, because if you step back and look at the double digit growth from these seven companies, of the 500 largest companies in the us stock market, it all comes from them. if you take them out of them. if you take them out of the equation, there is a zero growth on average.- growth on average. this has undoubtedly _ growth on average. this has undoubtedly been _ growth on average. this has undoubtedly been a - growth on average. this has undoubtedly been a period i growth on average. this has| undoubtedly been a period of the last two years of a market that has been largely driven by tech and then last year we really got this ai catalyst

started and at intelligent alpha, we use aa for market analysis and to build our portfolio. we queried our ai investment committee how it is thinking about big tech earnings this week and what it expects. the answer is this, generally our ai committee expects big tech earnings to be solid, they think that could allow this market to stay afloat, it doesn't think we will have any big necessary crashes market issues with these companies, and it also points out that it likes meta and microsoft as its two favourites in this earnings period and it is more concerned about amazon. we could see a version between the report this week. , , ~ ., week. interesting, using alto reort week. interesting, using alto report on _ week. interesting, using alto report on the _ week. interesting, using alto report on the ai _ week. interesting, using alto report on the ai trends. - week. interesting, using alto report on the ai trends. are i week. interesting, using al to | report on the ai trends. are we looking at al generated growth in the companies you are talking about or is it about digital advertising are a bit of both? i digital advertising are a bit of both? ~ , digital advertising are a bit of both? ,, , ., of both? i think it is a combination, - of both? i think it is a

combination, and - of both? i think it is a combination, and if. of both? i think it is a l combination, and if you of both? i think it is a - combination, and if you look at meta, if you look at google, i think those are the two companies that have probably seen the most actual benefit from implementing ai into their existing businesses. the meta in particular and our ai investment committee has made this point at intelligent alpha, they have had more benefit to drive more engagement with better videos targeting the users who really want to see the things on meta's platform, but also better add targeting driven by ai technology. i think ai is boosting advertising for these big tech companies. i think the microsoft also you see the numbers typically in the last year have had a growing made and now high single digit tailwind from al infrastructure on their systems. so i think those are some of the reasons ai is both bullish on meta and microsoft have this quarter.

not long to see if those predictions come true. thank you forjoining us on the show. now, both us markets and economists have been reacting to the prospect of swinging new trade tariffs promised by donald trump if he wins next week's us presidential election. the international monetary fund in washington is concerned protectionism could derail the global economic recovery. the european union is worried it could face up to 20% tariffs across the board. the head of the eurogroup of eu finance chiefs has been speaking to the bbc in washington. so the presidential election here is undoubtedly casting a very big shadow. it's the background to many of the discussions that we are having here at the moment. but as important as that election is — and it is so vital — i think we also need to acknowledge that the kind of consensus on trade policy here in america has shifted and has changed, and that's gone. "tariffs are a beautiful word — the most beautiful word."

well, that kind of approach, which is more broad thanjust the views that are offered by former president trump, is a reminder of how trade policy has changed. and from a european perspective, i think there's three things we need to do. number one, we need to strengthen our own economy so we're better able to engage in those dialogues as a position of strength. number two, when those dialogues are under way, we do need to make the case for trade policy that is sustainable, that is free—flowing, and that is rules—based. but then, thirdly, if we find ourselves in a position that other countries and other regions don't feel the same, we have to be able to have economic instruments available to us and at our disposal that means we can look after europe if we see big changes happening elsewhere. that is not our preferred setting, but it is a setting that reactively may be needed more in the future than it has been in the past.

turning to india now, and a new generation of start—ups are bridging the digital divide, looking to the country's rural areas for the next wave of growth. our india business correspondent nikhil inamdar has this report. we are on the set of the high octane drama about power and justice. action! the location today is the village hedman�*s house. this is a very small regional film and for a specific rural audience that lives in the northern state. it is produced by an app co—founded in 2019. in india there are 19,500 different dialects and 18 of them we have found which are large enough, which can exist as an independent market but there is no one who does content in them.

in another part of the country, frontier markets is bringing online shopping to remote rural customers. the start—up connects village communities with big companies through local female entrepreneurs. ahead of diwali, there is a deal on laptops. we are enabling access to services. we work with female entrepreneurs and enable them with the capacity to earn income. we help them reach what they are not able to reach. with these remote villages, they have not on the radar of most of india's start—ups, and there is some agriculture focus companies making inroads here.

begins flowing in to companies that are looking at tapping the rural opportunity. this man has funded india's biggest billion—dollar tech start—ups that have changed urban living. he is now putting more cheques to entrepreneurs building for the village. more than 1a million people in rural india have smartphones. they are aspirational they want to buy everything that the urban consumer has. that is a 200 billion market opportunity. but cracking this market will not be easy. rural fans are small. consumers are scattered, and operating costs are high. but the opportunity is clearly large enough for start—ups and investors to be betting their money. in other news: plane maker boeing has launched a stock offering that could raise up to $19 billion. the fundraising is needed to bolster the company's finances as it deals with an ongoing worker strike and to preserve its

investment—grade credit rating. the world's biggest car maker, volkswagen, is to close at least three factories in germany. that's according to the head of the company's works council who claims the move could cost tens of thousands ofjobs. volkswagen has been negotiating for weeks with unions over its plans to overhaul its business and cut costs. if the plan goes ahead these would be the company's first ever plant closures in germany. apple won't be allowed to sell its latest iphone 16 smartphone in indonesia because it's failed to meet the country's rules on the use of locally made components. indonesia requires that at least 40% of the parts used in certain smartphones are manufactured locally before they can be sold on the domestic market. apple has no manufacturing facilities in indonesia, but has been setting up app developer academies across the country since 2018.

you are up to date, that is business today. see you soon.

amid growing support for far—right political parties in france, some young french—africans are leaving europe for africa, in search of a better life. bbc africa eye has taking a closer look at this reverse migration and the changing relationship between west africa and its diaspora. nour abida reports.?

won with travel plans under way, tonight is a chance for menka to catch up with his family one last time. he was born in france, but was part of the african diaspora. a right—wing nationalist parties are on the rise.