investors brushed off comments from the chair of america's central bank, jerome powell, who's ruled out an interest rate cut next month. isaac poole, the global chief investment officer at 0reana financial services gave us his outlook on the interest rates and the markets earlier. what we are seeing here is the market really continuing to expect significant rate cuts from the fed and that has helped drive forward returns, as you say, this target was what we were expecting to hit at the end of the year, but we have seen a little bit better than expected economic data is also helping optimism, that earnings growth might pick up a bit in the next few months. so this is all _ bit in the next few months. so this is all about expectation for rate cuts, mr optimism because of strong earnings? i think it really does reflect rate cut expectations and a growing belief that the us can have a soft landing, because when you look at earnings growth, actual earnings growth has been slow and negative for some companies. the growth is slowing, that has cast doubt on the possibility of a re—acceleration in earnings, so it leaves raleigh a little vulnerable —— but that rarely vulnerable —— but that rarely vulnerable to reach earnings expectations.— vulnerable to reach earnings expectations. you mentioned a soft landing — expectations. you mentioned a soft landing and _ expectations. you mentioned a soft landing and there - expectations. you mentioned a soft landing and there was - expectations. you mentioned a soft landing and there was talk| soft landing and there was talk about hard versus soft landing, or even heard recession mentioned. do you think the economy is really resilient as investors believe? irate economy is really resilient as investors believe?— economy is really resilient as investors believe? we are not out of the _ investors believe? we are not out of the woods _ investors believe? we are not out of the woods yet. - investors believe? we are not. out of the woods yet. monetary policy is still very restrictive. we are seeing growth slowing in key areas, perhaps a little bit below trend. but that said, the recent economic data suggest we are a little further away from recession and many had appeared last year. that is feeding through to the positive sentiment around equities in the us. y sentiment around equities in theus. ., , sentiment around equities in theus. g ., , the us. my colleagues make fun of me for getting _ the us. my colleagues make fun of me for getting so _ the us. my colleagues make fun of me for getting so obsessed i of me for getting so obsessed about this. what is driving the record high but also, china is a very different picture? tiara a very different picture? two very different _ a very different picture? two very different markets. - a very different picture? twr very different markets. in japan, you also have this structural tailwind that we are seeing reforms and marketing infrastructure, reforms and the economy, that's on growth and also the rose cyclical tailwind from monetary policy is still very accommodative. so there is still scope forjapan to still scope for japan to continue still scope forjapan to continue to outperform. it is quite different in china, because the structural side of the economy is slowing. we are seeing slower growth in slower demographics, that will continue, and of course cyclically we are seeing deflation and growth really struggling to pick up meaningfully without further policy support. so that's putting downward pressure on china's equities. it could persist from here even. also, japan's nikkei which opened just moments ago has crossed the 37,000—mark for the first time in more than three decades. inching higher because it is a record high level that isaac and i were talking about. shares of the british chip designer arm soared nearly 50% on the strength of the company's latest quarterly earnings report and the demand for artificial intelligence. our business correspondent erin delmore filed this report from new york. when the chip designer arm ip owt, it missed the public —— but the biggest public offering of. if a company $54.5 billion valuation. but now, the company closed thursday's trading day on wall street at nearly $140 per share, on wall street at nearly $140 pershare, given on wall street at nearly $140 per share, given the company a valuation well over $100 billion and giving a clue best ever day on wall street by far. the company is riding high on wednesday's earnings reports, which floated higher quarterly cells and have an estimate of focus for the current quarter, and you guessed it, higher—than—expected sales estimate for the full year. evenif estimate for the full year. even if you're not familiar with arm, you're probably very familiar with its work. the company paris chips by apple, amazon, google and others and in fact fair technology is in every smartphone. amid the fervour and investment frenzy over ai technology, arm is making bank. particularly true for the japanese investment firm softbank which owns 90% of arm and it's a mess for the uk. after all, arm is a british chip designer and has ruffled feathers when it chose to list on the nasdaq are not on its home turf. shares in arm owner softbank are trading more than 10% higher after it posted its first quarterly profit in over a year, thanks in part to the chip designers's strong numbers. softbank also saw a big recovery in its vision fund, with investment gains of $4 billion. the stronger result follows four straight quarters of losses, and shows that ceo masayoshi son's shift towards artificial intelligence is paying off. sticking with al, this week the head of the united nations added its voice to those warning about the unchecked rise of artificial intelligence. as its use continues to grow, governments around the world are racing to put new laws in place. the european union is leading the way with all 27 members having now backed its artificial intelligence act. but complying with those new laws will likely be very expensive for businesses. my colleague aaron heslehurst asked the woman regarded as the mastermind behind it — european commission vice president margrethe vestager — if that gave bigger companies an advantage over smaller rivals who have less money. we sort of have an asymmetrical approach. if you are the big guy, if you have market power, if you can have systemic implications, you also have big responsibility. if you are the small player, just trying to make it in the marketplace, we will enable you, we will make sure that the marketplace is open for you. we will make sure you don't have to do the same due diligence is the big guy, who might have systemic implication. i think that is really important, because there are so many small players in this field, and what you must not underestimate is the innovative power that comes from smaller players. we know what the french _ from smaller players. we know what the french president - what the french president emmanuel macron thinks, so i have to ask you, how do you get the balance right, to make sure you don't over regulate ai the balance right, to make sure you don't over regulate al or other tech in such a way that european consumers and businesses, and the economy as a whole, not left at a disadvantage to other parts of the world? because companies in asia the united states for example, with innovations that you don't allow. . example, with innovations that you don't allow.— you don't allow. , this is the question _ you don't allow. , this is the question that _ you don't allow. , this is the question that has _ you don't allow. , this is the question that has been - you don't allow. , this is the question that has been with| you don't allow. , this is the i question that has been with us from the very first day. the amazing thing with artificial intelligence is what you can do that you trust it. so the regulations should produce the necessary trusts. if there is a risk to ai. so you're willing to go ahead and use it as much as possible. the first step in doing that is that you can innovate, you can do your research and you will not be touched by the ai act. if your use case is one which says there is no risk, you just go ahead. when you then have some risk use cases, that you're actually really are careful to make sure that businesses have a fair chance of meeting the requirements, and those are the balances that we have been pushing. travel demand in china is picking up ahead of the lunar new year, and notjust trips made by those heading home to spend time with family during the festive season. i spoke with nuno guerreiro, a regional director at booking.com earlier and asked him if china's slowdown was a cause of concern. it is exciting when we see the travel numbers. we definitely see consumers looking more and more, even from china to travel, with a holiday traffic during the lunar new year, we see higher numbers, particularly supported by the visa free arrangement for travelling to china and some of them via multi channels with other countries. we see south—east asia particularly benefited. singapore, thailand, malaysia. but we also look at countries in europe but opted to do better fitting. countries in europe but opted to do betterfitting. france, germany and the netherlands. that has led to an increase of chinese tourists that are stepping out not only travelling domestically but certainly compared to last year, now exploring interregional in asia—pacific destinations, but also in europe. destinations, but also in eur0pe-_ destinations, but also in euroe. �* , , europe. i'm sure it is a sigh of relief _ europe. i'm sure it is a sigh of relief for _ europe. i'm sure it is a sigh of relief for many _ europe. i'm sure it is a sigh of relief for many countries | of relief for many countries which rely heavily economically on those chinese tourists, but it's interesting because we were speaking to another guest about the slowdown in the chinese economy. is it not affected their appetite to travel? , , travel? indeed, we see this in some other — travel? indeed, we see this in some other economies, - travel? indeed, we see this in some other economies, but . travel? indeed, we see this in i some other economies, but the fact is that there is also a support, the visa free arrangements are available for people to start to travel. the air capacities is not at the levels of 2019. domestically it was already up last year from 2019 levels. so that with lower air fares, 2019 levels. so that with lower airfares, that 2019 levels. so that with lower air fares, that supports the increase of searches and the consumers wanting to travel to different destinations, particularly outside of china. and that's it for this edition of asia business report. hgppy happy lunar new year to all be celebrating this weekend. i will be back next hour so join me if you can. for now, thank you for watching and you can follow us on x and everywhere as well. anna gray is a true believer. no question for her that come budget is real, and much more drastic action is needed. but she has a slightly different way of persuading people to her cause. every tuesday morning, she's been standing in the square in petersfield with a placard, a peaceful vigil whatever the weather, representing women of this town. i representing women of this town. ~ . ., representing women of this town. ~' .. .,. town. i feel like we can act locally. — town. i feel like we can act locally. we _ town. i feel like we can act locally, we don't _ town. i feel like we can act locally, we don't have - town. i feel like we can act locally, we don't have any| locally, we don't have any whistles _ locally, we don't have any whistles or glue, and we don't cause — whistles or glue, and we don't cause any— whistles or glue, and we don't cause any disruption. so it is just— cause any disruption. so it is just really— cause any disruption. so it is just really a polite protest and — just really a polite protest and i_ just really a polite protest and i think that's actually what _ and i think that's actually what encourages other women to come _ what encourages other women to come and — what encourages other women to come and join us. she what encourages other women to come and join us.— come and 'oin us. she was inspired _ come and join us. she was inspired by _ come and join us. she was inspired by tales _ come and join us. she was inspired by tales of - come and join us. she was inspired by tales of the - come and join us. she was i inspired by tales of the baltic chain, one people linked hands across estonia, lithuania and latvia to demand freedom. there is a real beauty _ latvia to demand freedom. there is a real beauty about _ latvia to demand freedom. there is a real beauty about it. - is a real beauty about it. people _ is a real beauty about it. people peacefully and calmly standing together as a clear and visible sign.— standing together as a clear and visible sign. other women who have _ and visible sign. other women who have seen _ and visible sign. other women who have seen her _ and visible sign. other women who have seen her stand - and visible sign. other women who have seen her stand have| who have seen her stand have started to join who have seen her stand have started tojoin in who have seen her stand have started to join in the weekly ritual. it's always good. it's more likely to change minds than lying down on the road? it might do, it might make people think_ might do, it might make people think a — might do, it might make people think a hit— might do, it might make people think a bit harder. _ might do, it might make people think a bit harder. for— might do, it might make people think a bit harder.— think a bit harder. for more stories from _ think a bit harder. for more stories from across - think a bit harder. for more stories from across the - think a bit harder. for more stories from across the uk, | stories from across the uk, head to the bbc news website. hey, i'm zof — with the catch up. tonight: a recap of the mobo awards, harry kane talks mental let's start with climate change, then, as for the first time ever, global warming went up by more than 1.5 degrees across last year. that's the target experts reckon we need to stay below to stop the worst effects of climate change. so, what effect could this actually have on us, then? well, we'd be at increased risk of things like heatvwaves, floods and wildfires — and crops that are important for food would fail. but researchers are keen to emphasise though that we can still make a difference — and we have made some progress, with renewables and electric vehicles becoming really popular in many parts of the world. all right, now to the mobo awards then — celebrating black music and culture. it was a huge night for this guy. yeah, central cee won best male act and song of the year with sprinter, which also features dave. a huge night for raye as well as she won best female act. and best hip—hop act went to little simz. and video of the year went to stormzy for his iconic mel made me do it track. and we've been hearing from harry kane about how to look after your mental health. the england captain's given a zoom lesson to kids at a school in northamptonshire about building resilience and emotional well—being. and we're going to leave you with ten seconds of an eiffel tower... ..made out of matchsticks. impressive, right? it took eight years to build, only the guy who built it couldn't beat the world record because he used the wrong kind of matches. you would just despair! you're all caught up now — see you later! hello there, and welcome along to sportsday. i'm gavin ramjaun. the nations league draw has been made — we'll have all the details on which groups to look out for. super bowl 58 is just around the corner — we're in las vegas for all the build—up as the chiefs take on the 49ers. and we hear from harry kane on his great start at bayern munich and the work his foundation is doing for children's mental health. hello there and welcome along to the programme. plenty to come, but we start with football, and the draw for the european nations league has been taking place in paris. for the first time, scotland are in the top tier and they have matches against croatia, portugal and poland to look forward to in group a1. england were relegated from group a last year. they're in b2 and they'll play the republic of ireland, greece and finland. wales are also in the second tier and have iceland, montenegro and turkey in b4.