wall street was being red on tuesday, bank stocks leading the way. shares in goldman sachs fell 2%. the catalyst was moody's downgrading the credit rating on several small and me us banks, including mmt and pinnacle financial. the red flag is raised by the ratings agency including a potential recession as well as problem so to the commercial real estate set up. as one analyst put it, any doubts about regional banking is bad for market sentiment. that wasn't helped by data from new york federal reserve, which showed that for the first time americans owed more than $1 trillion on their credit cards. traders have also been focused on corporate results, which so far have been better than expected. that was true for lyft was reported results after the us market close, ebbo�*s small arrival is forecasting higher revenue in the third quarter based in part on a post— pandemic rebound in road sharing. rivi and posted a narrower loss than expected and raised its production guidance for the full year. michelle fleury reporting there. elsewhere on wall street this morning, nine companies including wells fargo have been fined more than half a billion dollars because of their employees' use of messaging apps. employed in —— according to the security and exchange commission the companies admitted employees used things like whatsapp and signal to discuss company business in direct violation of the record—keeping rules. meanwhile, co— working giant we work said there is substantial doubt about its ability to continue operating. and its latest earnings report the company also cited an increase in council memberships to its shared office spaces, wework has said the next 12 months will be focused on issues like reduced rental costs and increasing revenue. shares in the company are down 20% in after—hours trading. china has just released its latest inflation figures and it came inflation figures and it came in at minus zero this is the first time that inflation has fallen since the start of 2021, that was of course in the middle of the pandemic. earlier, i've spoke to professor prasad, the former chief at the international monetary fund china division and he explained of china could be facing a similar situation thatjapan saw back be facing a similar situation that japan saw back in the 19905. , , ., ., ., , 19905. the signs are ominous certainly. _ 19905. the signs are ominous certainly, right _ 19905. the signs are ominous certainly, right now _ 19905. the signs are ominous certainly, right now demand l 19905. the signs are ominous| certainly, right now demand is something very fast, we are seeing very little investment by the private—sector, even official investment by state—owned enterprises is falling, debt levels are high, although corporate debt has been coming down to some extent. but certainly the real estate sector is not doing well, they are property developers were very exposed to the slowdown of the banks. but china still has some tools in its kit that it could use to p"°p up its kit that it could use to prop up the economy, the question is whether they are going to roll out those tools are most importantly whether they can do what is necessary to revive private and business confidence. there is a risk that we could see a japan times scenario, we are not quite there yet and a lot depends on what the government does right now. 1ng what the government does right now. �* , y ., what the government does right now. m what the government does right now. a , ., what the government does right now. as you say, they do have tools to use. _ now. as you say, they do have tools to use, yet _ now. as you say, they do have tools to use, yet we _ now. as you say, they do have tools to use, yet we haven't i tools to use, yet we haven't really had any major announcement when it comes to stimulus measures from beijing. are you expecting any? the government _ are you expecting any? the government seems - are you expecting any? tue: government seems to are you expecting any? tte: government seems to want are you expecting any? "tte: government seems to want to send a message that everything is under control, that the economy is still on the right track, but i think they will have to see some significant stimulant measures, both monetary measures such as reducing interest rates, making money easier for al—sultan companies access, some fiscal stimulus, that is more government spending, some tax cuts, but i think the real issue as well, the government can get confidence back in the private sector so that households can go out and spend rather than save our businesses start going out and investing. that they haven't accomplished so far and that is really the key, both to shorten growth but also the longer term recovery of the economy.— of the economy. that is breaking _ of the economy. that is breaking news - of the economy. that is breaking newsjust - of the economy. that is breaking newsjust in i of the economy. that is l breaking newsjust in that breaking news just in that china's latest inflation data showing that inflation falling by 0.3% in the month ofjuly from last year. this is the first fall since the middle of 2021 when, first fall since the middle of 2021when, of course, china was in the midst of the pandemic and that data came on the back of china's latest export performance yesterday which showed a 14.5% fall for the month ofjuly. that is the lowest since the covid pandemic hit back in 2020. we global consumer demand has said the country known as the factory of the wildcard, imports for last month have also highlighted waning domestic demand as consumers tighten their purse strings. the country that experienced deflation or falling prices back in the 1990s is now seen the opposite and we are of course talking about japan. and we are of course talking aboutjapan. inflation and we are of course talking about japan. inflation there has aboutjapan. inflation there has been hovering at around a 40 year high, that means that despite the rise in salaries, consumersjust aren't despite the rise in salaries, consumers just aren't feeling the benefit and, in fact, household spending has been falling for the fourth straight month stop earlier, spoke to a consumer sector specialist who explained why people aren't buying more, despite the wage hikes. ~ ., ., , buying more, despite the wage hikes. ~ . ., , ., , hikes. what was out shows the on household _ hikes. what was out shows the on household spending - hikes. what was out shows the on household spending was - hikes. what was out shows the on household spending was for four consecutive months was negative by 4.2% and this was dampened by the real wage growth that was also negative, this was negative for 15 consecutive months. that is a balance of the wage growth offset by the nominal wage increase which has been around 2-3%, increase which has been around 2—3%, plus, which is a good news, but the cost increase by inflation has been offering, it is around 4%, offsetting the nominal wage growth. this dampens consumers' appetite to spend more. dampens consumers' appetite to spend more-— spend more. what needs to ha en spend more. what needs to happen here. _ spend more. what needs to happen here, japanese - spend more. what needs to - happen here, japanese companies are not used to raising salaries, will they raise salaries, will they raise salaries further will the government do something to dry and probably consumer sentiment? , ,, �* sentiment? (indistinct) we're seeinu a sentiment? (indistinct) we're seeing a little _ sentiment? (indistinct) we're seeing a little bit _ sentiment? (indistinct) we're seeing a little bit of a _ seeing a little bit of a seachange injapan, so in the short run what is pushing further wage increases are cost increase and also the labour shortage. 0verthe increase and also the labour shortage. over the long run government is pushing for the labour market reform so that there will be more fluidity in there will be more fluidity in the labour market which will push up the wages of the long run. at the end of the day, it's down to the employers' appetite to reward and retaining talent appropriate levels of there is a consensus in japan that levels of there is a consensus injapan that is that employees have not been compensated enough and we're seeing that japan is now almost a cheap labour cost country because the other countries, including asian countries, have been raising their wages so rapidly. this is detrimentalfor raising their wages so rapidly. this is detrimental forjapan to attract talent from overseas, so if this serves as a wake—up call i think they will sustain momentum to increase wages.— increase wages. nobuko kobayashi _ increase wages. nobuko kobayashi speaking - increase wages. nobuko kobayashi speaking to i increase wages. nobuko i kobayashi speaking to me increase wages. nobuko - kobayashi speaking to me a little earlier. now to india, which has seen food inflation rise sharply, especially for tomatoes. that will continue to put pressure on the country's central bank, which is making its rates decision later this week stop now almost a month on this humble tomato, which is really a vital ingredient in the base of most indian curries, is out of reach of most people here. it used to cost roughly 30—110 sense, but now retail is at $2 a kilo in mothers like these and evidently there is a lot of anguish as a result of that. translation: i anguish as a result of that. translation:— anguish as a result of that. translation: i have been sellinu translation: i have been selling vegetables - translation: i have been selling vegetables for - translation: i have been selling vegetables for 20 l translation: l have been - selling vegetables for 20 years but never seen prices go so high. demand is definitely down. people who were buying five kilos earlier are now buying two kilos in anticipation that rates will come down.— anticipation that rates will come down. there are many reasons _ come down. there are many reasons why _ come down. there are many reasons why tomato - come down. there are many reasons why tomato prices | come down. there are many - reasons why tomato prices have continued to go up, unseasonal rains and extreme weather not only damaged the crop, but it is also made it difficult to transport it. then of course there are the longer term issues, things such as lack of adequate storage and processing infrastructure. none of this can be sorted out overnight, which is why tomato prices are now expected to go up even further before they begin cooling down in september once the new crop comes in. people like this who runs a home catering business, worried. tt catering business, worried. tit has definitely increased my budget. and i can't increase the prices for my clients because, you know, we have a fixed prices and they have a fixed prices and they have a fixed clientele, so it has definitely affected me because they can't make any profit from that. �* ., ., ., ., , that. along with tomatoes, -rices that. along with tomatoes, prices of — that. along with tomatoes, prices of onions _ that. along with tomatoes, prices of onions and - that. along with tomatoes, l prices of onions and another staple in indian cooking, have been going up as well. this is worrying notjust for politicians, but also for india's central bank. high prices of onions have led to electoral defeat in this country and they could also feed into higher consumer inflation at a time when the reserve bank of india is meeting later this week to decide on interest rates. and before we go, shares in investment giant softbank group have jumped about 2% this morning. that is after the company reported a surprise net loss of more than $3 billion for the first quarter. the bottom line was hit by a week yen and also a drop in the share prices of major holdings. that is it for this addition of asia business report. we will be back tomorrow morning. so do join us if you can. but for now, thank you forjoining us. bbc news — bringing you different stories from across the uk. meet the cheshire ghost riders, who are gearing up for a home world championships. it's a whirlwind of emotions, notjust adrenaline. you're focused during the flow state, and then you're across the line before you know it. i'm absolutely buzzing because i did the worlds 11 years ago now. i had an awful accident in which i broke my hip, i couldn't walk for seven years. i recently got back into it and qualified again, and it's amazing. there was no stopping getting me back on. if you look at kids under ten, they are the most fearless, they don't have to get up and go to work. here at this bmx track, the club have a total of eight riders qualified for the world championships in glasgow — the youngest being nine years old. i started when i was about three. my dad did it first, and i thought, "maybe that might be interesting if i try it." can we go? yeah, go. a racist 30 seconds to a minute. it is a physicaljob, your muscles are burning. going flat out until you hit the finish line to that start hell. very much a contact sport. people are going to go into you, you are going to go into people. it's about being physically and mentally prepared for that. for more stories from across the uk, head to the bbc news website. hey, i'm zof with the catch up. tonight: laurenjames apologises, the strictly line—up continues, and a very clever dog. first, more than 140,000 of you in scotland have found out how you got on in your exams this year and results are still higher than they were before the pandemic. there was a slight fall in the number getting as, bs, or cs in their highers, but in good news 70% of scottish applicants have been accepted by their first choice uni. some other stories now, england forward laurenjames has apologised for her red card during the match against nigeria. she was sent off after stamping on michelle alozie's back following a foul. and a big meeting in brazil is being held to protect the amazon rainforest as scientists are concerned the deforestation in the amazon may soon be irreversible. it's the first time in 1a years there has been a meeting like this. and you have seen lots of sale signs at the minute, shops have been ramping up promotions to try to get people to spend more after the wet weather this summer has hit business. july's usually a busy month for shopping sales have closed and shoes actually went down last month. and the strictly line—up is starting to be announced and it looks like a good one this year. the latest celebs are bbc three's very own zara mcdermot, emmerdale star adam thomas, and asianetwork presenter nikita kanda. time now then for a check ten seconds of a very clever dog. fierce is a fire detection dog in essex and has the nose and skills to catch arsonists, which can be very difficult and expensive, so she is in high demand. super, super cute as well. you're all caught up now. see you later. twice hello and welcome to sportsday — i'm tulsen tollett. colombia advance to a quarter—final against england after seeing off jamaica while france breeze into the last eight and a date with co—hosts australia after brushing aside morocco. plus andy murray moves into the second round in toronto as he builds towards the us open. hello and thanks forjoining us, where we start with football. colombia are through to their first women's world cup quarter—final after beating jamaica 1—0 and will now face england.

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