and winds of change. cloud computing, augmented reality, and 100km/h yachts! how sailgp hopes to get the video game generation on board. this we start with the cost of borrowing because it is on the rise again. in the next few hours the bank of england and the european central bank are both expected to increase their main interest rates by half a percentage point to their highest in m years as they battle to bring inflation under control. good news for savers of course, but piling more pressure on businesses and many people with loans and mortgages. for the bank of england, it would be the tenth rise in a row and would take the cost of borrowing to 4% its highest since 2008. on wednesday the us federal reserve announced a quarter percent increase a much smaller rise than in recent months. but its chair, jerome powell, warned that it would not be the last. as samira hussain in new york reports after in new york reports a year of aggressive rate increases after a year o
of cheer on wall street: amazon shares soar as it racks up sales of $121 billion in the last three months. hello there. we start in the us, with fears of a recession in the world s biggest economy. in the world s biggest economy are rattling people. official figures out on thursday show it shrinking for the second quarter in a row. two quarters of negative growth are what many countries around the world would define as a recession. not so in the us, as we ll show you why in a minute. us gross domestic product declined at an annual rate ofjust under 1% between april and june. that comes after a steeper 1.6% decline in the first three months of the year. but that hasn t hit the labour market yet. us treasury secretary janet yellen said the economy is now at full employment with the unemployment ratejust 3.6%. meanwhile, prices for groceries, petrol and other basics are rising at the fastest pace since 1981. he s what president biden had to say. both chairman powell and many
Guy what do you need to know this morning . There is Caroline Hyde with the first word. Caroline good morning. Chinese shares have slipped after slumping industrial profits, increased concern that the economic slowdown is deepening. They have put the regional benchmark. Taking how protection in case rates go negative. Waning Inflation Expectations of sliding oil prices, putting pressure. Sees chinamits he andcially in hong kong, china they no longer offset the slowdown in the Global Smartphone market. Global news, tway four hours a day, powered by 2400 journalists and 150 news bureaus. Guy . Guy thank you. We are half an hour away from the equity market open. Let me show you where we think we will go. Remarkably calm, considering where we have been as of late. Ftse opening flat. An ok half point lower, session yesterday. I want to show you what happened with the shanghai composite this is the day that we round trip to back up since the start of the week and we are still significantly l