As the us exchanges open here in new york. Lets cross live now to Shams Afzal, Managing Director at carnegie investment counsel. Of course, in the last hour, we had that adp data out. How are the markets reacting to this . I think this number, as well as tomorrows total data will probably not change the narrative that has been set already that the Jobs Market has softened quite a bit compared to a year ago. I think the more important data that came out earlier showed the number ofjobs available. If number of jobs available. If you number ofjobs available. If you went back to february 2023, there were almost two jobs open every Wedding Work out there, now that number has shrunk to every 1. 1 jobs to every willing work out there. They are finally getting these numbers so this put the Rate Cut Regime very much intact starting from september and that will be on benefit to the overall capital markets. �. Benefit to the overall capital markets. ,. , benefit to the overall capital markets. �. ,. , markets. And Tech Shares are leadin markets. And Tech Shares are leading the markets. And Tech Shares are leading the losses markets. And Tech Shares are leading the Losses Today markets. And Tech Shares are leading the Losses Today so. Leading the Losses Today so what has been driving the games has now been driving the full. Despite the rotation out of tech to continue . Despite the rotation out of tech to continue . Yes, i think this is healthy. Tech to continue . Yes, i think this is healthy. We tech to continue . Yes, i think this is healthy. We are tech to continue . Yes, i think| this is healthy. We are looking at that equal rate and we see a lot of gainers coming from health care, industrials, certainly Real Estate and utilities. We would not want to see the market be completely behold in the performance of the top ten. So this is actually welcome. It is finally trickling down to the Russell 2000 of the world rather than be completely held up by seven or eight names. So this is a net positive in my eyes. Thanks to Shams Afzal of carnegie investment counsel. The us Labour Market has continued to cool in august. 99,000 jobs were added in the private sector, indicating a downward trend for the fifth straight month. Its the lowest number since january 2021, and well below forecasts of 116,000. And lets Take A Look at pay. Wages grew steadily by 4. 8 in the 12 months to the end of august. Lets cross live now to nela richardson, Chief Economist at adp. The adp numbers, private sector jobs data, what is your raid on the report and what early signals is it telling us ahead of fridays non farm payrolls . We are seen this gradual drift of hiring for the past months, but really all year. It has been a steady decline is where we are now which is lower than normal hiring. This is weak, evenin normal hiring. This is weak, even in a healthy market. It is on the weaker side. And there is a lot that goes into it but i want to point out to one key sector, which is manufacturing. The manufacturing in the us has been shedding jobs for the better part of the year, may be a year and a half. And so the weakness in that sector means that even as the Labour Market is normalising, which is to be expected, there is a key sector which is not playing a big role in producing those monthlyjob gains. In producing those monthly ob aains. �. , in producing those monthly ob aains. � ,. , gains. And fed officials have suggested gains. And fed officials have suggested that gains. And fed officials have suggested that they gains. And fed officials have suggested that they are gains. And fed officials have suggested that they are now more focused on the Labour Market side of their dual mandates now that inflation is receding. Do the disappointing numbers think that the fed is more likely to cut borrowing by 50 Basis Points rather than 25 in its next meeting . I 50 Basis Points rather than 25 in its next meeting . In its next meeting . I dont think that in its next meeting . I dont think that this in its next meeting . I dont think that this one in its next meeting . I dont think that this one data in its next meeting . I dont i think that this one Data Point or even Fridays Government Data Point changes the thirds trajectory. They have already indicated that Jackson Hole and other places that they are committed to getting Interest Rates in a letter instructed territory, especially as i see the risk of inflation and the risk of us topped a list Labour Market being in balance. Whether it is 25 or 50, over the last few months, notjust this month, i would suggest that the playbook of the third historically has been moderate declines and cuts so that calls to a 25 Basis Point Cut rather than a 50 Basis Point Cut. Fed. I think that theys numbers would saddam shake that because this is not outright job loss. We are still producing jobs in a steady fashion in the us economy. Substantiate. Fashion in the us economy. Substantiate. Fashion in the us economy. Substantiate. The Labour Market is a big reason substantiate. The Labour Market is a big reason why substantiate. The Labour Market is a big reason why the is a big reason why the consumer has been so resilient over the last two years and now we are beginning to see that call, somewhat. Can it provide a read through to the health and the consumer . I a read through to the health and the consumer . A read through to the health and the consumer . I think it can. And the consumer . I think it can there and the consumer . I think it can. There are and the consumer . I think it can. There are two and the consumer . I think it| can. There are two indicators that we really focus on in this report, the first is jobs and the second is wages. We have seen that we have stabilised, both for people who are staying at their jobs both for people who are staying at theirjobs for more than a year, and those who are switching jobs. So the fact that wages are settling in, that wages are settling in, that they are stabilising and very notably, they are stabilising at a level that is higher than the current rate of inflation, it means that real wages continue to grow, that is supportive of Consumer Spending in the second half of the year. We will have to leave it there. Thanks to nela richardson, Chief Economist at adp. Lets turn to the us where shares in united States Steel plunged on wednesday, following a report the White House is preparing to formally block Nippon Steels 14 Billion takeover bid. People familiar with the matter say a decision could be made as soon as this week. The move would be highly controversial, and critics say it would lead to Job Losses and could chill foreign investment in the us. Lets cross live now to Henrietta Treyz, managing Partnerand Director of economic Policy Research at veda partners. What are the few areas that both parties are aligned on is actually blocking Nippon Steels bed for us steel but what about the risks of protectionism and would this steel have been easier to get through it was an election yeah . Through it was an Election Eah . , through it was an Election Eah . , through it was an Election Eah . , yeah . This is absolutely about electionyear yeah . This is absolutely about electionyear politics yeah . This is absolutely about electionyear politics and Election Year politics and specifically, the 1. 2 million members of the Steelworkers Union spread across pennsylvania and at ohio. That is whojoe biden, Commander Harris and Donald Trump is trying to speak to. Kamala harris. This is entirely about the election and speaking to those down Ballot Voters in the state of pennsylvania, in the state of pennsylvania, in the state of pennsylvania, in the state of dan in pittsburgh. If you Cant Sell to japan, who can you sell to . I if you Cant Sell to japan, who can you sell to . Can you sell to . I think that Ja An is can you sell to . I think that japan is a can you sell to . I think that japan is a really can you sell to . I think that japan is a really friendly can you sell to . I think that| japan is a really friendly and the seri in this. I think they understand the risks. I dont think that biden is going to cut out and outright kill this deal. Janet yellen is the Treasury Sector and has a lot of sway here. He will be speaking directly to make sure we have domestic capabilities, domestic facilities of production. Strengthening unions and speaking to Bolstering Theirjuniors at the same time, by potentially torpedoing these deals, is a thing that will give unions more leveraged. That is the hope going into negotiations. Promises for Nippon Steel in the next few weeks, should they try to keep it alive, is the outcome that biden is trying to go for. I do not expect any black or white decision making. Separately, Kamala Harris is proposing a 20 unrealised capital Gains Tax on high income earners. Can this proposal actually makes much headway in washington and what is It Significance . flit Headway in washington and what is It Significance . fit a is It Significance . Of a default is It Significance . Of a default to is It Significance . Of a default to the is It Significance . Of a default to the 2010 i is It Significance . Of a | default to the 2010 tax is It Significance . Of a default to the 2010 tax plan. Which is what we are expecting for the outcome of this election, democratic president with 90 odds in my view, republican Senator Work with next year. What that gets you as a two Year Extension of everything that is on the books right now. Im in the capital Gains Tax rate does not change, individual tax does not change, the corporate rate does not change. In the event we get a one sided control of congress, you are still going to be talking about at best, a 50 or 51 majority. This is a bit wonky but that basically means that you are not enacting any massive legislation. It is a far cry from the first 9. 6 that biden and previous democratic president s proposed in the past. We democratic president s proposed in the past in the past. We are Ust Running i in the past. We are Ust Running out i in the past. We are Ust Running out of i in the past. We are jUst Running out of time. In the past. We are just i running out of time. Thank in the past. We are jUst Running out of time. Thank you so much. Thanks to Henrietta Treyz of veda partners. Russias growing friendship with china is on display again with russian leader vladimir Putin Meeting Chinas Vice President Han Zheng at the eastern economic forum in vladivostock. Russia has turned to china to plug the gap in trade after western sanctions blocked it from traditional European Suppliers just after its invasion of ukraine in 2022. Suppliersjust after its invasion of ukraine in 2022. Bilateral trade between the two countries topped 21t0 billion last year, up a quarter on a year earlier. Chris weafer runs a consultancy advising businesses in russia. Earlier, he told Business Today about the significance of the forum. This is the main kind of political and economic relationship for moscow. It shows the complete shift away from what was, you know, kind of very heavy trade with europe, with Western Nations thats now moved to asia, kind Ofjust Restating that and restating the fact that moscow sees this as kind of its main relationship going forward. It used to be the case that the saint petersburg forum, held annually injune, was the main kind of economic and Trade Showcase for russia. Its now become this one here in vladivostok because of the shift in trade relations. But publicly, no, i wouldnt expect anything new behind but publicly, no, i wouldnt expect anything new. Behind the scenes, though, there will be fairly intense negotiations between the russian Side And China over the increasing difficulty with financial Cross Border transactions. The Us Treasury has really come down very heavy on countries. Thats all we have time for. Stay with us here on bbc news. Thanks for watching. Hello from the bbc sport centre. It was a Big Night Of Tennis in new york, with the final four now decided in both the men and womens singles at the us open. And for the first time ever, british Number One Jack Draper has put his name into the hat for a Grand Slam Semi Final after a domininat straight sets win over alex de minaur. He was rarely troubled in what was his first quarterfinal at a major tournament and first time playing on arthur ash. Draper had lost his three previous matches against the australian but took charge of the match from the start winning 6 3, 7 5, 6 2. Draper, who is yet to drop a set in the tournament, becomes the first british man to reach the last four since Andy Murray in 2012. He will now face World Number one Jannick Sinner on friday. It is tough, when you play those best placed in the world, you dont know what to expect
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