Alarm bells are ringing about the outlook for china, but officials remain confident this is a short term blip. Only last month, the chinese premier, li qiang, said his country was still on track to reach its annual Growth Target of around 5 , a modest target after china grewjust 3 last year, one of the weakest showings in nearly half a century. Lets talk through whats at stake with jane foley, head of fx strategy at rabobank. Iam hoping i am hoping she is there. Good morning to you. I am hoping she is there. Good morning to you. Good morning. A fourth month morning to you. Good morning. A fourth month in morning to you. Good morning. A fourth month in a morning to you. Good morning. A fourth month in a row morning to you. Good morning. A fourth month in a row of fourth month in a row of contraction although it is slightly improved from last month, hasnt it . It slightly improved from last month, hasnt it . Month, hasnt it . It has slightly month, hasnt it . It has slightly been month,
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
plus the crypto crash deepens. could it spell disaster for el salvador s multi million dollar gamble on bitcoin? we start in the us where the federal reserve has announced the biggest rise in borrowing costs in 28 years. the fed raised its key interest rate by three quarters of a percent and signalled more big increases are on the cards. as our correspondent michelle fleury reports, from washington, it s battling to control the worst inflation in four decades. intensifying its five figure inflation which is currently at a a0 year high reserve raised its key interest rate by three quarters of a percentage point to a range of 1.5 to one and three quarters of a percent, move that will push up borrowing costs for and company. us interest rates haven t been hiked by this much in one go since bill clinton was in the white house in 199a, the size of the mood something federal chair reflected on during his press conference. clearly the 75 basis point is an unusually large one a
you re live with bbc news. we have touched on the economic challenges facing china. let us focus on europe. in a few hours from now, the latest eurozone gdp and inflation numbers will be released, which will show how the cost of living crisis is affecting millions of people across the bloc. last month, consumer prices slowed to 5.5%, mainly due to lower fuel prices. many analysts will be keeping a close eye on the second quarter gdp numbers, after they were flat during the first quarter. we re nowjoined by carsten brzeski, who s the head of macro research at ing. what kind of figures are you expecting this morning? are you gloomy or optimistic? given where we are coming on
positively motivated fiscal policies which encourage those who are retired because they don t see a tax free benefit from increasing the pension pot because they would be limited to the million pounds and then for those who just want purpose, employers can create this culture of well being so that people can come back for a mission of purpose from themselves make for themselves make for themselves to focus on as they go into their latter years. ok. go into their latter years. ok, thank you go into their latter years. ok, thank you very go into their latter years. ok, thank you very much - go into their latter years. ok, thank you very much for - go into their latter years. ok, thank you very much for taking us through that. wague. thank you. meanwhile in europe the economic picture looks a bit more positive. eu gdp estimates out later are expected to show that europe will avoid a recession as the continent reduces its reliance on russian energy supplies, giving way to lower