so let s get down to business and we begin in the us where the world s most powerful central bank wraps up its monthly meeting later. it s a given the federal reserve will increase the cost of borrowing. the question is by how much. with recent inflation data flashing red the sentiment on wall street has been grim. on monday the s&p 500 entered a bear market after the index fell by more than 20% from january s recent high. our north america business correspondent, michelle fleury, has more from new york. this minnesota petrol station is letting customers know they share their frustration. skyrocketing fuel prices have helped drive up inflation, currently at a a0 year high. customers, our car coming up, ate her at her corolla and gets fuel and at $80, you can t know how much it hits home to people. how much it hits home to ”eole. ,, . , how much it hits home to n-eole. , . , ,, people. gas prices in the us hit a record people. gas prices in the us hit a record of people.
hit the country hard, making the economy one of the biggest issues in this election. financial markets are already celebrating a modi win. let s go live to the bombay stock exchange and our correspondent archa na shukla. looking at markets today, we are seeing a sharp sell off, what is going on? are seeing a sharp sell-off, what is going on? are seeing a sharp sell-off, what is going on? well, as the markets opened what is going on? well, as the markets opened today, - what is going on? well, as the markets opened today, they . what is going on? well, as the i markets opened today, they got a bit of a shock from the initial and early trends of election counting. projections had projected a clear mandate for narendra modi and his party and its allies, but the initial trends can begin seem to show the win could be narrower than projected. i am outside the bombay stock exchange, one of the two national exchanges in india, both of which saw a rally yesterday in monday s trade,
good morning to you. this time yesterday we were watching oil because of the 0pec decision on sunday but what was happening with gas prices? with gas prices? well, the gas rices with gas prices? well, the gas prices are with gas prices? well, the gas prices are really with gas prices? well, the gas prices are really being - prices are really being affected by a temporary outage at a norwegian processing plant which is affecting movement of gas, and so the reason that is important is that, following the end of russian pipelines of gas to europe, norway is now the largest exporter of gas into europe, accounting for about 30% of all european gas imports. so any changes to norwegian oil supply very quickly feeds through to the national gas price and causes exacerbated volatility at outages such as this. it goes to show that outages such as this. it goes to show that across - outages such as this. it goes to show that across europe | outages such as this. it goes i to show that acros
down significantly on monday as well all these markets on wall street. all eyes will be on how markets react when the federal reserve makes its decision, much of which is priced in, pricing and a 0.75% rise in the cost of borrowing. let s get some of the day s other news. europe s gas supplies suffered a double blow on tuesday after a major us liquefied natural gas export terminal said it would be offline for at least three months and russia said it would cut flows through a key route to germany. the twin threat to european gas imports shows the ongoing vulnerability of the continent to supply disruptions as it tries to reduce its reliance on russian gas. european benchmark gas prices jumped more than 15% on tuesday. now to south korea where unionized truck drivers have ended their nationwide strike after reaching this a tentative agreeement with the transport ministry. the government has agreed to extend their minimum wage system as they face a rise in fuel prices. the eight day strik