Major market reaction, and like you say weve seen prices up over 4 fuelled by the conflict in the middle east and it comes after oil prices suffered the biggest weekly drop since march last week which was reversing a lot of the price action we have been seeing betweenjune and september this year which of course was because of Supply Constraints from saudi arabia and russia but this increase in geopolitical risk is providing a major tailwind to Oil Prices Today and The Big Question really is the market is wondering whether there is iranian involvement in the attack which is something that has been alleged by the israeli authorities because if they are, the tensions are likely to have a more longer lasting upward impact if it were to negatively impact oil surprise and supplies in terms of pushing Prices Higher so it depends on that. Pushing Prices Higher so it depends on that. 0k, we have the sense depends on that. 0k, we have the sense of depends on that. 0k, we have the sense of how depends on that. 0k, we have the sense of how crude depends on that. 0k, we have the sense of how crude is depends on that. 0k, we have| the sense of how crude is react in but in terms of the market, what is the expectations reacting. Uk, america, not yet, we will see what happens then but What About Asia mr mark asia . But What About Asia mr mark asia . ~. ,. , but What About Asia mr mark asia . ~. ,. , asia . We are seeing a big reaction asia . We are seeing a big reaction already asia . We are seeing a big reaction already with asia . We are seeing a big| reaction already with China Reopening after its week long holiday but we are seeing that natural gas has staged gains and also gold and silver are up over i over this risk of sentiment, treasuries are also catching a bid in the Market Nervousness and a risk of sentiment so we also think us are pointing to weaker opening, the dow is set to open about 200 points lower and in the currencies base, some of the safe haven currencies like japanese yen and us dollar has been appreciating with the flight to safety trade and the israeli shackle is under pressure, sliding by over 3 , touching its weakest level since 2016 so the mood music is a risk of sentiment and upside of some of the commodities. Of some of the commodities. Shekel. Of some of the commodities. Shekel you of some of the commodities. Shekel. You mention some of the safe haven assets targeted by investors. Any further advice you would give . I investors. Any further advice you would give . Investors. Any further advice you would give . I would say at the moment. You would give . I would say at the moment, its you would give . I would say at the moment, its all you would give . I would say at the moment, its all about the moment, its all about cautiousness, these geopolitical tensions do have the potential to spark further nervousness in the market, market mood has already been quite sensitive lately because of Rising Interest Rates and so i would say the positioning will be quite cautious over the next few days. Victoria scholar. Thank you very much indeed. Meanwhile the crisis is also having an impact on the aviation sector. Several airlines have cancelled flights to and from israel due to safety concerns, including british airways, lufthansa and american airlines. Live now to our Asia Business correspondent nick marsh, who has been following developments for us. Just tell us a little bit more about these cancellations first. � ,. About these cancellations first. � ,. ,. , first. Its a really fluid situation first. Its a really fluid situation at first. Its a really fluid situation at the first. Its a really fluid i situation at the moment first. Its a really fluid situation at the moment with dozens of cancellations and as you say weve had confirmation in the last couple of hours really that a bunch of airlines in this part of the world, asia, have been suspending flight into tel aviv, thats obviously the biggest airport in israel. Korean air, Cathay Pacific in hong kong, shanghai is high nam airlines and about on top of all the ones youve mentioned, the Big Three American ones as well suspending flight to hainain. In terms of how long this will last, its difficult to say, if you were talking about with the oil prices. All of the other economic knock on effects from the conflict. It depends on the scale of israels response, how long they want to respond for and how hard they will go in. In the meantime, we know there are some flights still going into israel, to tel aviv. Everything has been cancelled. British airways did cancel some flights over the weekend but the majority of the schedule seems clear today not everything has been cancelled. And israels Second Airport has not been disrupted too badly, on the coast of the red sea, its much smaller and far fewer flights compared to tel aviv so fluid situation and really one of those who are going to have to keep monitoring as the day and week progresses. find to keep monitoring as the day and week progresses. And you soke of and week progresses. And you spoke of some and week progresses. And you spoke of some flights and week progresses. And you spoke of some flights going i spoke of some flights going into israel. Do you know if there have been any plans that have been put in place, or discussions, for react repatriating foreign nationals . A lot of foreign nationals were taken hostage and are among those killed throughout those attacks on the weekend. We know the government of thailand has put in concrete plans to use military aircraft, Civilian Aircraft to get its nationals out and we know at least two possibly more time nationals were killed over the weekend, poland has also said it will put similar plans in place thai nationals. Delta said it will help the us with any plans it has. Governments around the world are looking at the situation and thinking this is a dangerous place to be whether you are in israel Palestinian Territories and how do we get our citizens out, using military Civilian Aircraft . Again, its another one where plans are being formulated pretty much hour by hour as it goes on. Pretty much hour by hour as it toes on. ~ pretty much hour by hour as it toes on. W , pretty much hour by hour as it toes on. ,. , ~ pretty much hour by hour as it toeson. ,. , goes on. Nick marsh, thank you very much. Goes on. Nick marsh, thank you very much, joining goes on. Nick marsh, thank you very much, joining us goes on. Nick marsh, thank you very much, joining us live goes on. Nick marsh, thank you very much, joining us live from| very much, joining us live from singapore. Analysts are warning that the outbreak of Military Conflict in the middle east could well deal a blow to Global Economic confidence. This comes as policymakers from around the world are gathering in morocco for the International Monetary fund and the world banks annual summit. The Global Economy is already facing challenges of persistent inflation and rising Interest Rate pressures. And emerging economies are facing headwinds of chinas slowing economy and are at the mercy of the us rate cycle. Ahead of the meetings, the imf has signalled that the odds of a hard landing for the Global Economy had fallen, thanks in part to the Strong Performance of the us, one of the few economic bright spots across the world. Joining me now is sharmila whelan, global macro strategist at Westbourne Research services. Hello. Welcome to the programme here at bbc news. First off, what are the main challenges that the world bank and imf are facing and likely to discuss . Well, theyve got a pretty full agenda, right . As you mentioned of course it is the state of the Global Economy, the imf is veering now towards a soft landing but were not Out Of The Woods on inflation and the Renewed Spike in oil prices on the back of the events the weekend. Also on the agenda is the Debt Restructuring for the low Income Countries as well as institutional reform for the imf and world bank. Imf in particular with its quotas and representation for countries. Then of course ukraine and funding for Climate Change. Lets deal firstly with some of those emerging economies. Of course, china is facing a slowdown. What sort of discussions or options are on the table to help those economies . I the table to help those economies . The table to help those economies . ~ economies . I think with the chinese economy, economies . I think with the chinese economy, the economies . I think with the chinese economy, the government and the aboc are doing what they can, lowering Interest Rates and eased off on the Property Market to stimulate demand but whats coming to a head in china is really the underlying structural problems, whether it is a Property Market or the leverage in the system or the crackdown on big tech that happened in 2020 and since then not being able to work out what the Business Model of operation is basically a loss of confidence which is much more hard to tackle government of the boc. The us, europe, the battle against inflation is not completely won at all and you can see it in the stickiness of inflation and the stickiness of inflation and the other risk is the rise in oil prices, even before the events of the weekend. Then, of course, theres also the fiscal situation in a public that dynamic deteriorating and you wonder whether the day of reckoning there is coming for the us in particular and europe, judging from the spike in inaudible that weve seen and the domestic political situation in the us so its challenging situation all around really. Challenging situation all around really. Challenging situation all around reall. ~. ,. , around really. We have got cop cominu around really. We have got cop coming up around really. We have got cop coming up at around really. We have got cop coming up at the around really. We have got cop coming up at the end around really. We have got cop coming up at the end of around really. We have got cop coming up at the end of the coming up at the end of the guesser in the run up the banks will sitting down this week at the end of the year so in the run up. The imf and other banks are under pressure to lend support some of the smaller economies, especially coming to Climate Change mitigation . Coming to Climate Change mitigation . Absolutely. Go ahead, please. Mitigation . Absolutely. Go ahead, please. Sorry, mitigation . Absolutely. Go ahead, please. Sorry, yes, j ahead, please. Sorry, yes, carry on ahead, please. Sorry, yes, carry on. Sorry. Ahead, please. Sorry, yes, carry on. Sorry. They ahead, please. Sorry, yes, carry on. Sorry. They are l carry on. Sorry. They are absolutely carry on. Sorry. They are absolutely under carry on. Sorry. They are l absolutely under pressure carry on. Sorry. They are absolutely under pressure and youve seen the world bank already coming out and saying that they have reoriented lending more towards helping emerging economies and developing economies in terms of lending for Climate Change, right . And to invest in renewables. But also they are hoping for a step up in contribution by member countries. With the world bank there were rumours about the us and saudi arabia increasing contributions. And saudi arabia increasing contributions. Ok, thank you very much contributions. Ok, thank you very much indeed. Sharmila whelan. Lets get some of the days other news now. The uk high street lender, metro bank, has struck a deal with investors that it says will secure its future after Newspaper Reports suggested it needed to raise cash to shore up its balance sheet. In a statement, the uk lender said it had raised £325 million in new funding, as well as refinancing £600 million of debt. Its boss said the deal marked A New Chapter for the troubled lender. The labour party has announced that if it gets into government, it would create an Anti Corruption commissioner to recoup billions of pounds lost to fraud and waste during the covid pandemic. The Shadow ChancellorRachel Reeves will set out the plan in her speech to labours conference later today. She is expected to put the cost to the taxpayer of covid fraud at £7. 2 billion. And still to come as europe saw its hottest summer on record, what will be the impact of heatwaves on the Tourism Industry . Around the world and across the uk, this is bbc news. Bbc news, bringing you different stories from across the uk. �. , , different stories from across the uk. �. , , the uk. Bill campbell started the uk. Bill campbell started The Collection the uk. Bill campbell started The Collection when the uk. Bill campbell started The Collection when he the uk. Bill campbell started The Collection when he was. The uk. Bill campbell started j The Collection when he was in his 20s and now, 84, The Collection is his passion. This particular collection is his passion. This particular tractor collection is his passion. This particular tractor is collection is his passion. This particular tractor is sort collection is his passion. Ti 3 particular tractor is sort of the beginning of the fulsome story, originally an important being right hand drive. Story, originally an important being righthand drive. Being righthand drive. More than 200 being righthand drive. More than 200 tractors being righthand drive. More than 200 tractors and being righthand drive. More than 200 tractors and may i than 200 tractors and may another 100 other vehicles cars, commercialand another 100 other vehicles cars, commercial and military. 0h, cars, commercial and military. Oh, yeah, i have loved it. I still really enjoyed going around to farm sales and are used to go around to Scrap Dealers and so on. Ive got a lot of satisfaction from doing it. Ive enjoyed the Restoration Site as well. Of course, a lot of work been put in over the years. I course, a lot of work been put in over the years. In over the years. I know what oure in over the years. I know what youre thinking, in over the years. I know what youre thinking, how in over the years. I know what youre thinking, how much in over the years. I know what youre thinking, how much is l youre thinking, how much is all of this worth . Well, bill will not say. But of course, its not really about the money, is it . Its not really about the mone , is it . ,. ,. , money, is it . Formal stories the uk, money, is it . Formal stories the uk, head money, is it . Formal stories the uk, head to youre live with bbc news. French president Emmanuel Macron and german chancellor 0laf scholz are meeting in hamburg today in an attempt to reset relations between the European Unions two biggest powers. France and germany were once regarded as the engine of the eu, but recent poor relations between the two countries have some fearing that their relationship is now slowing down key decisions within the eu, including around energy and trade. To discuss this, im joined by christian schulz, Deputy Chief European Economist at citi. Is the french german relationship in trouble . First off, what are the roots of these supposed tensions between the two countries . What do they need to fix . Do they need to fix . Well, very often when do they need to fix . Well, very often when theres do they need to fix . Well, very often when theres a do they need to fix . Well, very often when theres a change i do they need to fix . Well, very often when theres a change in| often when theres a change in power in one of the two countries, it takes some time to reset relations to come together. Thats the case this time. Germany had a new government in 2021 for for the first time in 16 years, Angela Merkel wasnt the chancellor. 0laf scholz has beenin chancellor. 0laf scholz has been in government for some time but, time before he became chancellor, but it seems to be have a surprisingly slow warm up with Emmanuel Macron, to be honest. Warmup with Emmanuel Macron, to be honest to be honest. Ok. Where do the two countries to be honest. Ok. Where do the two countries sit to be honest. Ok. Where do the two countries sit on to be honest. Ok. Where do the two countries sit on the two countries sit on the subject of energy, trade, and maybe ukraine as well . That is causing a lot of pressure on many, many of its allies. Indeed, theres a long list of policy areas where the two countries disagree. Maybe on the ukraine war, the typical struggles that germany has where exporting weapons are playing a role. That goes beyond imm