from its peak of 9.1% in mid—2022 tojust 3.1% in november. that is above the fed's target of 2% and jerome powell cautioned the committee had not ruled out raising rates again in the future. still, for wall street, all three major markets finished higher and the dow jones industrial average jumped more than 500 points to a record close. this is the third time in a row after all that central bank decided against another rate hike. for investors satisfied that the fed is done, the only question on their minds is when will the fed start cutting them? that's happened in the us overnight. i talked to someone from t rowe price earlier and asked her what the fed's decision means the rest of the world. i think this is a very good question on what we have seen during this business cycle is that the fed and the us rates tend to lead other markets so that is one way we can take signal from what's happening here. there has been enough progress on inflation that makes the fed feel comfortable to cut interest rates next year. i wonder if the next step is for other central banks such as the ecb and boe to get to this stage and then we see easing and financial conditions in those markets, too. so that's one part of the puzzle. the other part is that we know the us economy is a large economy. it imports a lot of goods and services and so a prolonged recovery here in the us would benefit global demand and exporting economies. blerina, for 2024, what's the big challenge that you are anticipating? i think given the market move today, a lot of the easing that may come in monetary policy has already priced in. what worries me is that we haven't seen a lot of progress in services inflation. on average, inflation is coming down. i worry that given how much financial conditions are easing, we may not sustain this progress on inflation over the medium run but i don't think that is a problem today for the fed. i think that is a problem for late next year. in other news, the electric vehicle company tesla has recalled more than 2 million cars in the us after a problem with discovered withers autopilot system. it covers nearly all cars the company has manufactured in the country since 2012. including its most popular, the model y sport utility vehicle. our tech editor zoe kleinman explains. teslas come with a system that can help you drive, it can do things like keep you in the right lane and make sure you are keeping up to speed with the traffic that is around you. it's called autopilot but despite its name it is not supposed to take control. for safety reasons, a human driver has to be legally responsible for the car at all times but the problem is the us regulator said it didn't think autopilot was doing enough to stop drivers from zoning out. tesla said it will update the software by doing things like issuing more visual warnings to try and encourage drivers to stay more alert. that software will go out digitally over the air so there aren't going to have to be any cars that return to the showroom. let's stay with tesla because the company entry into the india market has hit a bump in the road with disagreement over subsidies on imports. how much of a setback for tesla is this? tesla has been wanting to enter india since 2021 and the higher import duties on fully made cars has been the biggest contention ever. that ranges from 70, to 100% in some cases. there has been reports where it seems as if the government is willing to take a step further and tesla is willing to take a step further and locally manufacturing here. so yesterday one of the parliamentarians, the state minister of commerce and trade made a statement in the parliament saying there is no such proposal to lower taxes, seems to be another spanner in the wheel for tesla to enter the wheel for tesla to enter the indian market. this is a place where electric vehicle is much less a right now, there is a scope with the government spending power of people here growing, there has been strong resistance from the local industry which sees this as some sort of favouritism and the government has been very clear they want local manufacturing to happen the focus has been on make in india. let's focus on hong kong because there are mounting signs the asian financial hub could be losing its clout. according to the world federation of exchanges, india's stock market value has overtaken hong kong's which is on track for a fourth year of declines. meanwhile, the amount of money raised through new listings in hong kong is at a decade low. major banks have also downsized their operations in the city, and the number of stock brokerages have also been shrinking. economist alicia garcia—herrero told me what lies ahead. part of that decline is cyclical and this is because of a very strong dollar, very high interest rates on the dollar, and the hong kong dollar is pegged to the dollar so that any funding costs for hong kong, whether it's ipos, bond issuance, of course is much higher than elsewhere, and that's hong kong, when you compare hong kong to other major financial centres such as singapore. of cause for india, the story's different. but india itself is about india as an opportunity and i would argue that that in comparison is more about india and china and that is where you could also argue that the shanghai stock exchange is not doing as well as india is. so it's both a hong kong story and an india story. both in different directions. alicia, we know there is an economic slowdown in china. leaders there must be worried about this happening in hong kong. what can be done to try and improve hong kong's prospects? things have been done because if you recall there was this big issue about basically listings of chinese companies in the us and hong kong had served as a platform to offer those internal audit reports that the us regulators were asking from chinese companies. so hong kong still remains important for the mainland to access other markets. that doesn't mean that everything happens in hong kong, in the hong kong stock market, but what is very clear is that hong kong has become very much more mainland driven. the companies listed in hong kong are mostly from the mainland, the companies that are issuing bonds in hong kong are mostly from the mainland, so of course hong kong is very dependent now on the mainland. if things are not doing well in the mainland, economics—wise, hong kong does suffer, much more than before. argentina's annual inflation rate rose to 161% in november the highest of the year, the new president is trying to fix its worst economic crisis for decades. there are fears inflation will continue to rise over coming months as argentina central bank devalued its currency by 54%. shares in online marketplace etsy have fallen after it announced it would lay off 225 people — around 11% of its workforce. the company will pay as much as $30 million in financial charges from the move. it has been affected by weaker demand for handcrafted goods. 0pen ai, under the deal, users who asked the chatbot what a question may receive summaries of news stories from axle springer brands including political and business insider. hang seng is up after optimism over the federal bank decision not to change rates. that is all for now, thank you for watching. bbc news, bringing you different stories from across the uk. you should arrive at the castle between the hours of 945 and 1015. 84—year—old cynthia has been chosen to receive an mbe for a lifetime of helping others. ifeel humble, to be honest. ifeel, do i deserve it? surely there are people who have worked for perhaps longer than i have. sylvia grew up in south yorkshire and her dad a coalminer. she was always taught a strong ethic. my dad would have been absolutely amazed, he would. and it has caused quite a stir. and no more so from the village which is saved from ruins. she never stops and proud she calls me friends. absolute legend in the area, everybody knows it cynthia. cynthia's diary is as big as ever but she has made room to meet the king. for more stories . from across the uk, head to the bbc news website. hey, i'mjulia with the catch up. tonight, what happened to cop28? a big change for wales. and an unlikely car chase. so that's a wrap for cop28, the un climate conference that was held in dubai this year. the big takeaways, all countries need to move away from using fossil fuels. renewable energy will triple by 2030 and governments need to make stronger commitments to cut carbon by 2025. some other stories now, and mark drakeford, the first minister of wales, has said he is quitting thejob. he'll stand down in march after five years in the top post. welsh labour will have a leadership election to replace him. on tuesday, the un general assembly voted to demand an immediate ceasefire in gaza, of 193 member states, 153 voted in favour, 23 didn't vote and just ten voted against, including the us and israel. the actor andre brouwer, star of brooklyn nine nine, has died at the age of 61. the fan favourite played captain holt. he starred in all eight seasons of the show. and the netflix hit show stranger things has been turned into a stage show. it is a prequel. it will open in the west end on the 14th of december. we will leave you with ten seconds of chihuahua chasing. this here is bean who was spotted running along a motorway in new york. drivers corralled him onto the side of the road and one woman chased him down on foot. thankfully, though, he has now been reunited with his humans. you're all caught up now. see ya. hello and welcome to sportsday. i'm marc edwards. here's what's coming up on the show. toon and out: newcastle's european journey is over. they crash out of the champions league with defeat at home to ac milan. the domino defection asjohn rahm joins. will more big starsjoin? we hearfrom liv golf chief exec greg norman, and he certainly thinks so. it will create a domino effect. there will be more apples falling from the tree, no question about it. we hearfrom great britain's most successful female 0lympian on how she's helping female athletes overcome their struggles to get pregnant. hello and thanks for joining us on sportsday. newcastle's return to europe's top table for the first time in 20 years is over. they are out of the champions league and out of europe altogether after losing at home to ac milan. with psg avoiding defeat at dortmund, it means kylian mbappe�*s superstar squad squeezes into the champions league knock—out stages with the germans. while ac milan drop into the europa league. john murray was at stjames's park on a night which started so brightly for newcastle and ended in desperate disapointment. for around half—an—hour of the 90 minutes, the stars ware aligning and newcastle were heading through to the knockout stage of the champions league. the rifling opening goal gave newcastle a leader put them on course with awareness they had to get. milan had been wretched but they have pedigree and conjured up an equaliser. it stunned the park. the shot was breathtakingly saved by the goalkeeper and was pivotal. sure enough, sweeping the ball into the newcastle nets, moments after coming on as a substitute, malan were breaking hearts, sending newcastle to the bottom
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