kate moody joins us. starting with the closing bell on wall street. and a sell-off of u.s. stocks? te: very sharp selloff. investors are worried about the hotter than expected inflation report for the month of august that has set the stage for the federal reserve to continue its monetary policy for weeks to come. the dow jones lost 1200 points, it's worth single session since june of 2020. the s&p 500 was down over 4% at the close. nasdaq down 5%. facebook parent company meta losing 9% at the close. google's alphabet down 6%. earlier we saw a major european indices creeping lower after u.s. data was published. a loss of 1% each in london, paris, and frankfurt. most economists had predicted the rate of inflation would drop in august as petro prices stabilized. but the consumer price index was 0.1% higher than the previous month, 8.3 percent higher on an annual basis. it is a slight improvement on the 9.1% we saw in june, but still hovering near the highest levels in 40 years. the numbers are adding pressure to the u.s. federal reserve to continue raising interest rates. america's cen

joined by kate moody. the rising cost of energy is in focus. the government extending its aid for households and businesses. >> not quite as wide-ranging as the price freezes announced earlier, but some money to be saved by households and small business owners. next year, price hikes in gas and electricity bills will be limited at 15%, 12 million low income households receiving an additional round of direct aid, so-called energy checks between 100 and 200 euros. it is expected to cost some 16 billion euros. france is less exposed to the slowing supply of russian gas, because it depends more on nuclear power. but the government urged consumers and companies to voluntarily reduce energy consumption's. the prime minister singh every bit counts. >> only restraint and european solidarity will allow us to avoid cuts and rationi in the most pessimisticcenarios, such as the particularly cold winter combined with supply difficulties. these scenarios encourage us to pursue our strategy, voluntary restraint, rather than imposed cuts and european solidarit

mark: kate moody joins us. starting with gloomy forecasts for the french economy. ate: perhaps no surprise it is related to the energy crisis in france and across europe it economic growth in france is likely to grant to a halt at the end of the year. gdp growth is expected to slow from half a percentage point in the second quarter to just .2% in the current period and flatline or contract. inflation is expected to remain at its highest levels in decades. with winter looming, french businesses are worried about potential cuts to natural gas supplies. energy-intensive businesses like glass makers temporarily halted production, and others are worried they will have to follow suit. reporter: this dairy plant located about 90 kilometers from paris is one of the biggest in france. it is also a significant consumer of gas, as france faces the risk of gas cuts this winter . the factory fears and may have to haul production. >> if we run out of gas, we can pasteurize the milk. if we can pasteurize the milk, we can know -- if we cannot pasteurize the milk, we can no longer r

kate moody has joined us on u.k. nd markets as the central bank steps in with unprecedented action and unprecedented is an overused word, but in this case, i think it is very aqua secured kate: everyone i have spoken to today has described it as unprecedented, but possibly no other choice for the bank of england. given what has been happening this week, we have seen at the pound sterling plunge to record lows against the dollar, bond yields have spikes to their highest level in 15 years. the government doubles down on a pledge to cut taxes and tackle inflation, a plan that has sparked sharp criticism from the international monetary fund. the bank of england made an emergency intervention in the market, saying it would buy 5 billion pounds worth of long-term government bonds. for an initial time of 13 days, 65 billion pounds total. that is around 72 billion euros. you take a look at how the yield will return on a 10 year bond. it has evolved over the past decade. we have a graph to show you there. today, it is soaring

on top of his nest, kate moody is here. good evening. -- on top of business. are high on the agenda. kate: as the eu and u.s. have been cutting ties with russia, moscow has been increasingly looking to some of the countries that are attending this summit to fill the gap. china and india in particular have and buy a much more russian oil, natural gas, and cold since the war -- and coal since the war in ukraine started. in february, just 1% of oil imported by india came from russia, but by june, that had jumped to 18%. russia has also become china's top supplier of crude oil around 18% of imports made in june this year compared to 15% a year rlier. similar pterns hav emergedn natural gas and coal. moscow has reportedly been offering steep discounts in energy exports to countries still willing to do business with. a new report shows unprecedented growth in renewable electricity in 17 countries across southeast and eastern europe, the caucasus, and central asia. but these economies, many of which have historical long-standing ties to russia, could see progress unde

kate moody our business editor has joined us for more angles on the developing story we have two theed kingdom and the commonwealth, queen elizabeth ii has passed away at the age of 96. we are talking about her relationship with the commonwealth and how her presence and delicate diplomacy in many ways helped the two develop. let's bring in our correspondent from nairobi, capital of kenya. good evening to you. tell us about th reaction where you are to the passing of queen elizabeth. >> well, it is very sa evening in kenya, given that kenya was a british colony, and the countries have maintained a good relationship ever since kenya gained independence from the united kingdom. the queen last visited kenya in 1983, shortly after there was a state emergency following they could at top in 1982 -- following a coup d'etat in 1982. they enjoyed a good relationship with the united kingdom being kenya's biggest investor and contributor. kenya has sent messages of condolences to the family of the queen and wished them condolences, but also canyons have called for the injustices committed agains

kate moody joins us.overnment is reversing a ban on fracking. >> it is a very controversial moot as you indicated there. prime minister liz truss argues it is a crucial step to lower energy costs and ensure energy supplies all of the founder of one of the uk's first fracking firms has domestic as a political adjuster. the band has been in place since 2019 because of safety concerns. our reporter has more. reporter: digging up a long-running debate, england left in its fracking ban on thursday in the hopes of bringing the u.k. closer to energy independence. >> in light of putin's illegal invasion of ukraine, strengthening our energy security is an absolute priority so it is right that we've lifted the pause to realize any potential sources of domestic gas. reporter: liz truss says fracking will help produce british consumers as energy bills go down. but the founder of the uk's first fracking company says gas distraction and the u.k. would be impossible at any meaningful scale. >> i do not think there was a

kate joins me for more from dela deli, charo. what can both sides really hope to get out of this conversation? we saw a lot about putin and she yesterday now put in a moody where's is going well, stevens are for, for russia. it's very clear that it wants to assure that in spite of all the western sanctions that is not entirely isolated in the world and many countries of the world, including a dominant powers in the region like india and china are still backing it for india . although a lot of hype has been made about how prime minister moody will be directing that there with vladimir putin and she's in big. but for india, there are several reasons. and perhaps the most critical ones have been highlighted by the prime minister himself. when he spoke today at the summit, and he, he pitched essentially into as a manufacturing hub, he said that we are turning into younger, into a manufacturing have. and he mentioned about the $7.00 growth rate, which is projected for this year, making in the as the fastest growing economy among all the major economies in the world. he projected how india has so many startups. now, a lot of them have become unicorns now. so e