. —— yogita limaye. i am joined bbc news, new york. —— yogita limaye. by bbc news, new york. —— yogita limaye. i am joined by my colleague monica miller. this is not looking good. investors are rattled in this pa rt good. investors are rattled in this part of the world. as you can see here, australia's major index is down 1.4% already this morning. the nikkei is down 2.2%. dow futures are down more than 200 points to. all this kind of comedy snaps are a reaction to friday, when the two major index in the us is that there winnie street. this came out because of data about wages in the us, which is ata of data about wages in the us, which is at a record high. —— winning streak. these are the highest levels ina long streak. these are the highest levels in a long time, and the concern is whether or not the us will have to increase three times, notjust for, as they had promised, so at this point, one analyst says it could be pa rt point, one analyst says it could be part three us correction, and there may be more time for the indexes to drop. and that probab

yogita limaye there.say they've taken over anbang insurance for a year and that its former chairman will face prosecution. it's a conglomerate which has more than $300 billion in assets, including new york's landmark waldorf astoria hotel. let's go to our asia business hub where tim mcdonald is following the story. that is a pretty big step. it certainly is. a very unusual step. they have announced they will take over this company of 360 billion in assets, many overseas. like a number of other high—profile chinese conglomerates there is concern they have gone on this huge buying spree. as you have mentioned, if you have not heard of anbang insurance, you are probably know some of the assets, the waldorf astoria hotel. and they also put in a bid for more hotels. the chinese authorities are not terribly impressed by all of this. the company is in the hands of chinese regulators for the next year. theirformer chinese regulators for the next year. their former chairman has chinese regulators for the next year

the bbc‘s yogita limaye reports from new york.r children had ever known. this woman migrated from india a decade ago. her husband is on these are given highly skilled workers and two years ago, as his spouse, she was the first ever given the right to work in this country. now, president trump intends to revoke that. in this country. now, president trump intends to revoke thatm feels like i am getting back into a holding cage. it is as if they are sending the signal to me that my skill sets and my abilities do not matter in this world and i should leave my life of a home in stomach maker then be a contributing member of society. earlier this month, she was among a group of indians who rallied outside the capital. tens of thousands of people from india and china are most impacted because the number of immigrants from these countries are at high and the primary visa holders are normally men. this is a little bit of india in newjersey, just outside of new york. it is one place where indians with technical skills have really thrived ov

yogita limaye reports from new york.g floor saw the 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 there will be a rise in interest rates. certainly not what this man would have wa nted 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 as well. president trump has repeatedly taken credit for the massive gains made by financial markets in the last year. but addressing factory workers 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 in wall street say there is no need for alarm just yet. people are taking profits after annexed —— an historic high. there is not much to panic about. that

yogita limaye reports from new york.sident trump's pick for the job, jerome powell, is the new chair of the us federal reserve. but why is is such an importantjob, and why should it matter to you and i? well, the federal reserve makes decisions, about interest rates, keeps inflation in check, and can step in and protect the economy, like it did in the global financial crisis. but also, whatjerome powell does can have far—reaching effects beyond american shores. we are raising interest rates now because the economy is strong. and if we wait too long, the economy could overheat. we'd have to raise rates. the best way to sustained recovery, i believe, is to head on this path of gradual rate increases. raising rates here in the us could mean that investors could prefer to put their money here, taking it away from other parts of the world. america is considered a safer investment destination than, say, an emerging economy. after the 2008 global financial crisis, which generated chaos here on on wall street, the federal reserv

we can talk to our correspondent yogita limaye in new york. the floor of the new york stock exchange today when the opening bell rang and after that the dowjones industrial average plunged by 500 points. now it is up more than 500 points at close sell a massive swing, more than 1000 points today. so the market seems to change direction about bit but the volatility has not gone away. i spoke to traders on the floor of the stock market today and they expect markets will remain choppy at least until the end of the week. that potentially could have a effect on markets around the world and they will be watching what is happening here. of course it has been a good day compared yesterday, and that is evidence of what a nalysts and that is evidence of what a na lysts ha d and that is evidence of what analysts had been saying, there is nothing to panic aboutjust analysts had been saying, there is nothing to panic about just yet. the fundamentals of the us economy remains strong. thank you very much. within the past couple of hours it‘s been reported in

yogita limaye is in new york. is it as simple as that?rtainty that is what has happened. but she tweeted yesterday at 4.50 local time, 50 minutes after the market closed. suddenly, today, once the market opened, it has been a pretty bad day for snap. they have ended more than 6% down, but that is a very dramatic fall. i have to say, the other thing that had happened, which involves the company, is that they released a report, and in that report, they talked about the compensation that chief executive is getting. he actually gets a stocks grant of more than $600 million. there are also analysts that are saying that perhaps it is a combination of those two factors. generally, a lot of snapchat users have been very unhappy with the new update that they have released on snapchat. kylie jenna's update that they have released on snapchat. kyliejenna's tweet, and she has about 24.5 million followers, if that is going to result in less users. the redesign, which a lot of people are not happy about, it sounds like they are not backing down? the st

and yogita limaye has the details about what‘s ahead on wall street today.full year as well. they come $0011 and the full year as well. they come soon after the plane maker won a trade dispute against american firm boeing. a us trade body has allowed bombardier to sell its newest aircraft in this country without paying duties and investors will be watching for the company‘s forecast for 2018. a raft of economic data will be out as well, industrial production numbers will be released and we will find out how the producer price index is faring. which is a measure of wholesale inflation here in the us, it is likely to have gone up by 2.5% in january after dipping in december. that will be in line with what he saw on wednesday, when data showed that consumer prices had risen. richard dunbar is investment director at aberdeen standard investments. good morning. we will talk first about the european growth numbers out yesterday, with i were pretty good. very strong growth. 2.596 in the fourth quarter and expectation in the yearahead. the fourth quarter and expecta

a moment, we'll go live to a trading floor in london and our team based in singapore but first yogita limaye 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

first, here's our north america business correspondent, yogita limaye.and right after that, the dow jones industrial average plunged 500 points. and now look at it at clost, it is up over 500 points. it has had a massive swing of over 1000 points today. to answer your question, the market seems to have changed direction but the volatility has definitely not gone away. i have spoken to traders on the floor of the stock market today and they expect that markets will remain choppy until the end of this week. that could potentially have a knock—on effect on markets around the world as well, who will be watching what is happening here very closely. it has been a good day compared to what we saw yesterday. that is evidence of what analysts have been saying all along, that there is nothing to panic about just yet. the fundamentals of the us economy remain strong. let's get more on this from barry eichengreen, who is a professor of economics and political science at the university of california in berkeley. professor, good to talk to you. is it you're feeling th

and yogita limaye has the details about what's ahead on wall street today.ch, each signal from the famed at the races central bank about monetary policy development seems to be setting the course of the market. at least until the next signal appears, so friday could be another busy day. the fed will release its semiannual report on monetary policy. —— each signalfrom the report on monetary policy. —— each signal from the fed. report on monetary policy. —— each signalfrom the fed. if the report contains a definitive answer to questions it will be something of a first, but it will not stop investors from poring over every last clue they can find. then, at a conference in new york, senior policymakers from the fed including the new york fred president, william dudley, will speak about how the fed is forming its response to the challenges of inflation and new government spending. joining us is richard hunter, head of markets at interactive investor. good to see you here, iwant interactive investor. good to see you here, i want to start on snapchat, cold snap for

let's look at head to the day on wall street, yogita limaye has the details. the federal reserve, each signal from the central bank about how it sees monetary policy developing seems to be setting the course of the markets, at least until the next signal. so friday could be a busy day. first of all, the fed issues a semiannual report on monetary policy to congress. does it think inflation is heading higher? how many rate rises does it expect this year? if the report contains a definitive a nswer to the report contains a definitive answer to those questions, it would be something of a first, but it won't stop investors from poring over it for every last clue they can find. then, at a conference in new york, senior policy makers from the fed, including the new york president, william dudley, will speak about how the fed is forming its response to the challenges of inflation and new government spending. joining us is james hughes, a market analyst at axitrader. morning! interesting week in the sense that all the action will happen towards the end of the week, but

moment, an update on the picture in asia, first here's our north america business correspondent, yogita limayerk stock exchange when the opening bell rang and after that the dowjones industrial average plunged 500 points. and now it is up over 500 points. and now it is up over 500 points at close. it has had a massive swing of over 1000 points today. the market seems to have changed direction but the volatility has definitely not gone away. i have spoken to traders on the floor of the stock market today and they expect the market will remain choppy until the end of this week. that could potentially have a knock—on effect on markets around the world who will be watching what is happening here. it has been a good day compared to what we saw yesterday. that is evidence of what a nalysts yesterday. that is evidence of what analysts have been saying all along, but there is nothing to panic about just yet. the fundamentals of the us economy remains strong. let's speak to our reporter monica miller who's in singapore. all this has been sparked byjobs news from the us, good news, essentially, for the

yogita limaye is in new york.lly to create a huge trading block, and together they would account for 13% of global gdp. they we re account for 13% of global gdp. they were hoping the us would have been pa rt were hoping the us would have been part of it because with the us that sort of combined effect would have been as much as 40% of global gdp. currently if you take the 11 countries it reaches around 500 million people, with the us it would have been around 800 million. having said that, one of the first things president trump did when he came into office was to back out of the deal, these 11 countries think they still want to go ahead, they wa nt to they still want to go ahead, they want to create a huge trading block and reduce trade barriers between them. some of the country such as canada, mexico, australia, new zealand, japan especially taking quite a lead role. how much are they had to go back to the drawing board after america pulled out and how much is this a continuation of the original plan? the new dr

and yogita limaye has the details about what's ahead on wall street today. going to see some pretty important economic data come out. and that could dictate which way the day goes. numbers for the consumer price index will be released. this is a key measure of inflation that the federal reserve looks at while making interest rate decisions, and so, if it's gone up more than expected, it could rekindle fears of rapid rate rise in the us, something that triggered the steep fall markets saw last week. retail sales figures will also be out. they are an indication of whether or not the american consumer remains happy to spend. and some of the country's big—ticket investors like warren buffett and george soros will disclose what stocks they're holding. it's something they have to do every quarter, but there is always keen interest in finding out what companies they're placing their bets on. joining us is jane foley, senior currency strategist at rabobank. welcome. we have these inflation figures coming out in the us. there was lots of concern about that. huge. mor

yogita limaye is at the new york stock exchange. what do we expect from the markets open? markets will open in about an hour and 20 from now, that is the new york stock exchange behind me. all of this started on friday. traders started worrying that interest rates would rise rapidly on the back of strong wage growth in the us. on friday you saw the dowjones industrial average fell more than 650 points, yesterday it was the worst fall in history in terms of points. even in terms of percentage the worst since the financial crisis. you have seen that impact across markets across the world, markets have been turned around 2% but in the far east, japan, hong kong, taiwan, they have fallen as much as four or 5%. when traders get inside today they will be anxious, but the word on wall street, even after the closing yesterday, people have said there is no need to panic just yet. the fundamentals of the economy remains strong, there is still strong growth in america. unemployment is low. they are essentially saying that the markets we re ess

thanks very much, yogita limaye for as other stock exchange in new york.s in rate. that is what is causing that. the ftse100 is down, feeling the pressure from the strong pound. though the bank of england kept interest rates on hold, it hinted rates will go up fast and sooner it hinted rates will go up fast and sooner than expected possibly in the coming months. the pound is up. 1% against the dollar. up 1% against the euro. it means the firms that trade internationally, listed on the ftse100, when they convert foreign earnings into pounds, their profits are worth less, that is why the ftse tends to take a dip when the pound is stronger. talk talk is one of the big fall is today. revised down, forecast profits. investors not taking too much heart from the latest update. you'll want to listen to this, theresa may has been meeting japanese business leaders, hearing their concerns about brexit, she's been talking. let's hearfrom her. she came out from downing street short time ago. can i first of all say how very pleased i am to welcome such a group of repres

yogita limaye is in new york. what is behind this? past few months. you have seen economic growth is steadily going up, but also the last them is that we had, especially on jobs, as well as on wage growth, that were strong as well. so wage growth was faster than expected, and the number of jobs has growth was faster than expected, and the number ofjobs has actually been at the lowest point it has in 17 yea rs, at the lowest point it has in 17 years, sorry, no number ofjobs, unemployment has been at the lowest point in17 unemployment has been at the lowest point in 17 years. so that is the reason why we are seeing this kind of inflation. traders were really bracing themselves as to what would happen because this number was raised before markets opened today, and when there are fears, and we saw this today, that interest rates will rise faster here in the us, we saw how markets reacted. they fell very steeply, last week, so a lot of people were expecting that happen. it hasn't happened. one of the reasons for that, traders as well as a

yogita limaye, bbc news, new york. simonjack is simon jack is here. simonjack is here.sh 01’ simonjack is here. is this a crash ora simonjack is here. is this a crash or a correction? a correction is when it goes down 10% from its peak. to remind everyone, the stock market has been on a hell of a tear over the last few years. once in a while, some people think it is healthy to ta ke some people think it is healthy to take a bit of air out of the tyres, some people take profits, it comes back to a sustainable level. at the moment, this is a correction, not a crash. the reason for that is the global economy is strong. it is rare to get a full—blown crash like the 1987 black monday, when you have the underlining fundamentals. people have savings there, if you have a pension, you have these shares which have fallen sharply, so you will ta ke have fallen sharply, so you will take a small hit on this. usually on pension savings, do do it over the long term, and on the long term, the trend has been up. correction, not crash, i would say. trend has been up. correction, not cras

here to give us the very latest is yogita limaye who has spent the day on the floor of the new york stock the dow is up 1.6% but that could change by the time we have finished having this conversation. it has been extremely volatile, very choppy, and the traders i was speaking to on the floor of the stock exchange say that will continue until at least the end of this week. one of the traders says he expects it to continue for a few weeks perhaps, but fundamentally all of them saying there's no reason to panic, no reason for alarm. markets were inflated and they were due for a correction. they were waiting for some sort of trigger for that to happen and last week we had a strong jobs report in the us which prompted fears interest rates would rise more rapidly and that's the reason we have seen rise more rapidly and that's the reason we have seen the sell—off. things could change, and although the dow is in positive territory, things can change in a matter of minutes so who knows how it will end. thank you. and we'll find out how this story and many others are covered in tomorrow's front pa

yogita limaye is at the new york stock exchange.e i just had a look at the figures ijust had a look at the figures but tell us about the trading so far. there was quite a lot of frantic running around and the guy open 500 points down and after that it has been slipping into positive territory as well. it has been very choppy and the figures here are expected to continue being volatile, not a sport today but for the rest of the week and they are essentially saying that fundamentally they do not think there is a reason to panic, that the us economy remains strong. many said that they were expecting a correction in that sense, there was a trigger with that strong jobs report last week, that is when the sell—off started and it continues but at the same time we have got four hours of trading to go. yesterday things changed and tumbled within a matter of minutes and it is hard to predict how it will end up but i think everyone is expecting things to remain choppy. just to recap, if you can explain the context, what is there in the politic

yogita limaye, bbc news, new york.ning for easy cigarettes to be given on the nhs because they're an excellent way to help smokers quit. public health england said vaping poses only a small fraction of the risk of smoking tobacco. 0ur health reporter michelle roberts has more. they've helped tens of thousands of people quit smoking, but currently in the uk, people have to buy e—cigarettes, unlike nicotine patches and gum. public health england wants that to change and for doctors to start giving e—cigarettes to patients on prescription. the latest evidence reviewed showed that although vaping is not entirely risk—free, it's much better than smoking. they say e—cigarettes are 95% safer than most cigarettes as they do not have most of the toxic chemicals found in smoke. they estimate e—cigarettes help the least 20,000 people successfully quit per year. despite their popularity, around 40% of smokers have not tried them. experts say the evidence in favour is so compelling, smokers who want to quit should not wait for free

we can go to yogita limaye in new york. amazon was the most impressive? that is right.was the announcement where they were tying up with the big companies here to get into health care as well. they have been diversifying very rapidly and still have been managing to quote record profits. the prophets have come from amazon prime subscriptions. in that sense that is being viewed as a good thing as well. as far as apple is concerned, that was also one that markets and people here were watching. there we re concerns about people here were watching. there were concerns about sluggish demand for the iphone ten. those do not seem for the iphone ten. those do not seem to be off the mark because they have reduced the sales forecast for the year ahead. essentially what is happening is they are now charging more. the money that they are making for every iphone that they sold, well, that is increasing. even though they might be selling fewer phones, they are still making profits. and the other big one that you are talking about, alphabet, google's parent company, despite the result

for more on this, let's talk to yogita limaye, our business correspondent in new york. so taking analysts, it is 8.5% down, so taking a beating. the e—commerce sales growth came at 23%. that might seem like a good number, but people were expecting a lot more. people were expecting a lot more. people were expecting between 40—50% e—commerce sales growth, so that seems to have been the number disappointing the most. as far as what the company say, the reason for that is in 2016, they acquired this american online retailer called jet .com. they say they have invested in that decision and reshuffling that division and in this quarter, that is why you have seen growth of only 23%. they have forecast in 2018, you will see e—commerce sales growth of about 40%. this is key. to get this right, given the competition from amazon. that is exactly right. they anticipated they need to grow in that space, which is what led to this acquisition in 2016. also, the pressure is growing because last year, you had amazon entering walmart‘s core business area, where they acquired whole foods.

let's go to yogita limaye on the floor of the nyse. how has trade kicked off today?olatility to last until the end of the week. today, there will be governors of the federal reserve who will speak at different events. these are members of the committee that make interest rate decisions, although the official meeting is not until march, people here will watch closely for what they have to say. that could give some indication about where interest rates will go. another big story in the states today, we have the former boss of buber appearing in court at a trial where uber have been accused of stealing driverless car technology from google. give us background to the case —— uber. from google. give us background to the case -- uber. he was a major pa rt the case -- uber. he was a major part of google's self driving technology project, which was later spun off into a company. he then quit google and founded his own start up, which was later acquired by uber. the accusation is he stole 14,000 documents containing trade secrets, which basically found the base of uber‘s self

yogita limaye is in new york ssource wherever the dow ends up, it has been an astonishing day. yes.ast week, as you pointed out. finally enough, you had a labour report that came out about employment in america. it came out on friday morning and was something that was positive for the economy. 200,000 jobs were added, more than expected, and wage growth, which was 2.996 expected, and wage growth, which was 2.9% over the previous year, more than what most people expected, but as you pointed out, there is not actually a direct correlation between the strength of the economy and the level of the stock market so what has happened is because of that higher than expected wage growth, what people are expecting is that if people's salaries go up, prices go up, inflation goes up. what happens when inflation goes up? the central bank will essentially be compelled to raise interest rates to try and keep inflation under control, and before friday when i spoke to traders and said how many rate rises do you expect this year, they said about 23. that is what they were expecting. then you have this

the bbc‘s yogita limaye reports from new york. have ever known. children have ever known. she migrated from indiana one decade ago. ago. her husband is on a visa given to highly skilled workers. to highly skilled workers. years ago she was given the right to work in this country. work in this country. now president trump intends to revoke that. trump intends to revoke that. than be a contributing member of society. society. among the group of indians who gathered outside the us capitol. gathered outside the us capitol. immigrants from these countries are high. high. skills have thrived over the decades, living the american dream. decades, living the american dream. because hiring foreigners is cheaper. cheaper. to getjobs was opposed by subgroups. it was even challenged in court. court. irrelevant now given the views of the new president. the new president. americans and he wants we just two entities. entities. cheaper labour about that does not help the american worker. help the american worker. that america might deny them this