we start on the markets because — a day after wall street closed at new record highs — the jitters have returned. but i don't seem to have a camera! what i can do is... you know what? you can look at my chair. we are coming back. hello, nice to see you again. shares have fallen sharply, oil had its steepest one day fall since last summer, and those bond yields — the effective interest rates on government debt have soared again. the yield on the 10—year us treasury bond hit almost 1.75% — its highest since the very start of the pandemic back injanuary 2020. what's that telling us? that investors are scared inflation is about to take off and interest rates will have to rise soon. that's despite reassurances to the contrary from the head of the federal reserve. we'd had about a 45 basis point jump in that treasury yield, and during that time, that is when we saw the nasdaq sell off more than 10%. so the question here is, what does it look like on the chart now for the treasury yield? and the trend is still favouring higher yield. so therefore, if we were to see this treasury yield move, say, over 2%, that could conceivably be a real problem for the overall market as a competition for funds, but also something that could continue to put dour pressure high pe stocks in the nasdaq. fears of virus �*third wave�* in europe add to market nerves. the french prime minister has announced a month—long limited lockdown for paris and other parts of the country starting at midnight tonight as the number of covid—19 patients has spiked. non—essential businesses will have to close but schools will remain open. france currently has a 6pm nationwide curfew in place with weekend lockdowns in two regions, but it is still seeing a rise in case numbers. so what will these extra curbs mean for the economy? joining me now is gaetano gaballo — associate professor of economics at hec business school in paris. gaetano has also worked an an economist at the banque de france and european central bank. i want to ask perhaps and obvious question. how important is france and paris, where one of the lockdowns will take place, to the entire national economy? it place, to the entire national economy?— place, to the entire national econom ? , , ., ., economy? it is 2596 of the world french gdp- _ economy? it is 2596 of the world french gdp. it _ economy? it is 2596 of the world french gdp. it is _ economy? it is 2596 of the world french gdp. it is a _ economy? it is 2596 of the world french gdp. it is a quarter. - french gdp. it is a quarter. not a small fraction. actually, we are talking about an enforced curfew. it is not a national lockdown. in terms... there will be 16 embankments out of 1016 —— there will be 16 embankments out of 1016 -- 1600, there will be 16 embankments out of 1016 —— 1600, so it is a limited measure. the last factor will be the interest rate. do not expect there to be a problem economically speaking. forseveral a problem economically speaking. for several reasons. in march 2020, we saw the sector was sustainable. actually, this was because there was a big increase in online trade, plus 24%. ifind it interesting that in this context, the giants like amazon, for example, is losing market share, and that is interesting because it is signalling that businesses, local businesses are changing the way to do their business. it is a good thing. and then the schools. you said they would remain open. this is important because up to 40% of gdp losses were due to parents staying home in the first lockdown. i think it is a good measure and is following the suggestion of recent research from an institute saying that 95% of infections happened indoors. 80% with windows closed and 15% with windows open. this is a good move and the question is to which extent it will be followed. the the question is to which extent it will be followed.— it will be followed. the other auestion it will be followed. the other question that _ it will be followed. the other question that is _ it will be followed. the other question that is hugely - question that is hugely important and weighs on growth forecasts and what has been going on in the us and uk is how quickly vaccinations can get into the arms of the population. there have been significant problems in france when it comes to the vaccination roll—out. surely that will hamper the french, as well? , ., , well? yes, that is true. the prime minister _ well? yes, that is true. the prime minister said - well? yes, that is true. the prime minister said that. well? yes, that is true. the | prime minister said that they are continuing to promote the vaccine campaign and we hope this will be the case. there were similar problems, especially on the supply issues, contracting problems, late purchases, logistic roll—outs, supplies of doses themselves. this coincides with themselves. this coincides with the arrival of new, contagious variant boot and i think, roughly now, we are at 10% of the population and vaccination is going strictly through age. —— contagious variants. i think all the people around the world will receive their vaccines. thank you very much your time. you can see how those concerns have impacted wall street — the s&p 500 and the dowjones industrial average retreating from their record highs set on wednesday. but it was the technology shares that really took a hit — the nasdaq falling 3%. and the price of oil had its biggest one day decline since last summer — slumping 7%. susannah streeter is senior investment and markets analyst at hargreaves la nsdown. it feels like we are here again. we have massive assurances from the fed. do think monetary policy has lost its mojo? i think monetary policy has lost its mo'o? ~ , its mojo? i think the fed is between — its mojo? i think the fed is between a _ its mojo? ! think the fed is between a rock— its mojo? i think the fed is between a rock and - its mojo? i think the fed is between a rock and hard i its mojo? i think the fed is - between a rock and hard place. it is trying to show it is patient and will wait before tinkering with monetary policy until the economy is more like full steam again, or at least approaching that. so it is kind of shrugging its shoulders at what we have seen on the bond markets. we have seen bonn's sell—off because, of course, higher make them more attractive by eroding the value of their income payments. but technology stocks in particular are sensitive to what is going on in the market because their high valuations are based on a forecast of future earnings, which would be eroded in a high rate environment. there is an expectation that given this with recovery we are seeing, inflation much higher will be on its way. the fed is sitting on its way. the fed is sitting on its way. the fed is sitting on its hands because it feels it does not want to worsen the situation i taking action now or indicating it is taking action now. it is a catch—22 situation. action now. it is a catch-22 situation-— situation. despite the fact that the nasdaq _ situation. despite the fact that the nasdaq had - situation. despite the fact that the nasdaq had a - situation. despite the fact - that the nasdaq had a wobble, 3% fall, more than a wobble, yesterday, generally we have seen indices, equity indices, higher and higher and more problems in the bond markets, so where we are seeing the divergence between those with debt and those with equity, where are we seeing that? it is a clical where are we seeing that? it is a cyclical move. _ where are we seeing that? it is a cyclical move. it _ where are we seeing that? it is a cyclical move. it is _ where are we seeing that? it 3 a cyclical move. it is more of a cyclical move. it is more of a move into value stocks where they are more likely to pay dividends, so you getjammed today rather than the promise ofjam tomorrow. you are certainly seeing a drift away from technology stocks. they are coming off the highs we saw earlier this year. that is also because as economies recover, they are also less attractive because they have seen this super fast growth rate. because they have seen this superfast growth rate. as economies catch up, tech stocks don't look as attractive. at the same time, there is a fear about raising inflation. the fed and the bank of england seem to be singing from the same hymn sheet. they are saying, we think it is transitory. we have also seen the drop in the oil—price, a significant drop yesterday of around 7%. that adds to expectations that this continuing ramping up in the price of oil will not necessarily keep going at the pace we saw. it will see these corrections and, of course, if there is a slightly lower oil price, inflation is not likely to go as high and could be one of the reasons why you are saying —— seeing the fed and bank of england say it is transitory, the spikes we will see in inflation this year and that it would even out over the longer term, which is why they are taking this wait and see, more pragmatic attitude. thank ou, more pragmatic attitude. thank you. susanna- _ "you can't stop sport" — nike's new advertising slogan feels like a rebuke to covid, but the pandemic has hit the company hard. stores around the world have been closed and global supply chains disrupted. but it's still managed to make revenues of more than $10 billion in the past three months — slightly higher than the same period last year. how is the sports giant managing to thrive in the pandemic? diana smith is associate director of retail & ecommerce research at mintel in chicago. thank you forjoining me. let's be honest here, who has, in the last year, really put on a suit or even a pair of heels perhaps, other than me come in here? this boom in sales is not about sport, is it? it is about people sitting at home in tracksuits, isn't it?- people sitting at home in tracksuits, isn't it? yes, our research _ tracksuits, isn't it? yes, our research would _ tracksuits, isn't it? yes, our research would show - tracksuits, isn't it? yes, our research would show us - tracksuits, isn't it? yes, ouri research would show us that about two thirds of adults right now are saying that the only kind of clothing they want to wear is something that is comfortable and casual right now. so the brand is definitely benefiting from an upswing in casualisation of fashion and leisure. that is a trend that was already having prior to the pandemic, but the pandemic has reallyjust pandemic, but the pandemic has really just accelerated pandemic, but the pandemic has reallyjust accelerated it pandemic, but the pandemic has really just accelerated it to new heights.— really just accelerated it to new heiahts. ., , ., new heights. you spoke about the brand- _ you spoke about the brand. the brand positioning is very interesting. they've gone big on diversity, on female empowerment. they were vocal supporters of the black lives matters campaign. the latest ad all over social media features pregnant women and mothers. is us as liberal in the mainstream as the brand positioning would have us believe? we are moving in that direction, so we are seeing much more movement towardsjust social shopping and being more socially aware, socially conscious. and themes of diversity and equity and inclusion are on the top of consumers�* minds right now and researching what brands ultimate positions are honest efforts and they are taking the time to make sure their investments and where they are basing their expenditures are making difference stop they are looking to understand what brand�*s cultural identity is and will make shopping decisions based on what the brand stands for. if they do not agree with the brand�*s values and morals, they will hope to boycott them as well. that is something that is a growing trend we will see more of an it is more predominant among the younger consumers. nikkei really appeals to that group. so they are moving in the right direction in terms of that perspective. —— nike. the film entitled the toughest atheletes, which captures the power and strength of women during one of the most transformative stages of their lives coincides with nike�*s first dedicated maternity collection. a smart move? well, the brand has been trying to appeal more to women. they are seen consecutive quarters of growth against women and they are investing in products and services and technology, innovation, to try and capture a broader share of that market. and i think that is in line with brand�*s mojo, they are very bold, not afraid to take a stand on an issue, and to be more inclusive and reflect the different passions and lives of all of their consumers. i think this isjust another all of their consumers. i think this is just another example of that. so i think it is probably part of a bigger drive to just appeal to theirfemale part of a bigger drive to just appeal to their female target. they understand that will be a growth area for them and they are trying to show in another way, that they understand that a woman has a lot of different passions and interests and lifestyle interest on her mind, thatis lifestyle interest on her mind, that is another way to showcase that is another way to showcase that they understand her. we will leave _ that they understand her. we will leave it _ that they understand her. we will leave it there. thank you very much for your time. let�*s get some of the day�*s other news an internal survey of first—year bankers at goldman sachs — seen by the bbc — has revealed gruelling working conditions. it showed they averaged 95 hours of work a week and slept five hours a night, with personal relationships suffering as well as physical and mental health. the survey was presented to management in february, and the bank says it has since taken steps to address employee burn—out. stay with us on bbc news, still to come... high score — the uk games market surged 30% last year to a record £7 billion. but will it keep growing once we can get out of the house more? today, we have closed the book on apartheid, and that chapter. more than 3,000 subway passengers were affected. nausea, bleeding, headaches and a dimming of vision. all of this caused by an apparently organised attack. the trophy itself was - on a pedestal in the middle of the cabinet here. now, this was an international trophy, and we understand - now that the search for it has i become an international search. above all, this was a triumph for the christian democrats of the west, offering reunification as quickly as possible, and that�*s what the voters wanted. we�*re basically in a seller�*s market. there�*s all sorts of call for creative... for people who can write stories and make things up, basically. it�*s everywhere. and the question of whether or not it has changed the way that people consume — i would have to say that people are a little more jaded now than they were in the old days. when i started, in 1974, you had some very simple things. you had books that were hard covers, then they became paperbacks. if you were very, very lucky, they might become a movie, but that was pretty much the end of it right there. and now the choices are very wide. and i think, yeah, i have to say people are a little bitjaded. but do you think that they�*re jaded in a different sense? a sense that, thanks to the phone they have and the laptop and the tablet, they can access the most extraordinary and often horrifying graphic images and graphic stories at the click of a mouse or a button. do you feel that, when you sit in your writing room and conjure up imaginings for a new story, you have to go further in terms of the, the graphic element — the violence, the horror, the fear—inducing stuff? do you have to push the envelope further than ever before? no, i don�*t need to do that because i�*m not interested in horror, per se. i�*m interested in people and what people do. what i would like for readers, for you, stephen, to feel when they read one of my books is, i would like you to fall in love with the characters and want the best in the world for them. in other words, yes, i�*m a horror writer, i won�*t disagree with that. but what i really want to do is to engage your positive emotions as much as i can so that, when terrible things happen, you don�*t want to see somebody�*s head come off. i think that, in a way, the friday the 13th movies were almost like snuff movies. you didn�*t go to see the campers at crystal lake get away, you wanted to see them killed with arrows and buzz—saws and chainsaws and god knows what. you know, i was in a supermarket down here in florida, and i came around a corner and there was a woman coming the other way, and she pointed at me. she said, "i know who you are. "you�*re stephen king. "you write all those horrible things. "and that's ok. "that�*s all right. "but i like uplifting things, "like that movie "shawshank redemption." and i said, "i wrote that." and she said, "no, you didn�*t, no..." but interestingly, when you talk about what really matters to you — that is connecting with characters, generating love from reader to character — you could... you know, shakespeare would have said that, charles dickens, tolstoy, all of the great writers would sayjust the same thing. do you really resent the fact that you get put in this box of the highly commercial—thriller guy? you�*re not really seen as a literary writer, a guy who actually has an enormous, immense gift with words. does that stick in your throat? i�*m too old now for it to stick in my throat, but there was a time when i resented it very much. and there was also a time when i believed, as a younger man, more naive, that there was a way to build a bridge between, let�*s say, the literary and... ..and the popular. that there was a way to actually have both things at the same time. and i think there was a time when that did happen, although, even at the height of his popularity, charles dickens was loved by the multitude, by the people in the cheap seats, if you will. they crowded the docks at baltimore when the latest edition, the latest chapter of little dorrit came in, and the dock actually collapsed and people drowned because they were so anxious to see what happened next. and the literary critics of that day felt that that was just below them. because there is this sort of elitist attitude, isn�*t there? that if too many people like it, it really was all about using fear as a means to rally political support. i�*m just wondering whether you�*re interested in that and whether you, stephen king, are considering writing a novel about where america is today, weaving politics and fear together? well, i did, in a way — i wrote a book called the dead zone. it had a character in it named greg stillson, who goes from being a door—to—door bible salesman to a candidate for president of the united states. and he�*s a terrible person. and at the same time, he�*s very much like donald trump. and i was so distressed by george bush�*s iraq war, i wrote a book called under the dome. and i had a character in that book namedjim rennie, who is the worst person in charge of a crisis, a disaster situation, that you could possibly imagine. and i wasn�*t thinking about bush so much as i was thinking about cheney. you know, everything that i write has a certain subtext because, man, i think that anybody who writes a long book, they have to be thinking about something other than story, there has to be some concern that has to do with their own life. so i try to keep twitter, the political stuff on twitter, but in the books, that subtext is there. yeah. it�*s all, it�*s all in there somewhere. stephen king, it has been a great pleasure having you on hardtalk. thank you very much. it�*s been wonderful. thank you. good morning, welcome to breakfast with charlie stayt and naga munchetty. 0ur headlines today. back in use in europe. the roll out of the 0xford—astrazeneca vaccine resumes in germany, france and italy after regulators conclude it is safe and effective. here, borisjohnson will have his first dose of the oxford vaccine later, and urges the public to do the same. the oxford jab is safe, and the pfizerjab is safe. the thing that isn�*t safe is catching covid. nicola sturgeon under pressure, as a scottish parliamentary committee concludes she misled them. the first minister stands by her evidence.