Indian markets pared more than a percent of their losses on Wednesday, with the Nifty and the Sensex closing down just 0.37%, regaining the 60,000 and the 18000 levels respectively. A sharp fall in the global equities had meant that markets opened with cuts of almost 1.9%.
this is bbc news with the latest business headlines for viewers in the uk and around the world. higher interest rates will soon be appropriate says the head of the federal reserve as he signals the end of ultra cheap money. another volatile day on wall street with an early stock market recovery wiped out by those comments from the fed. fully charged! tesla hails a breakthrough year with record earnings. but can it continue to swerve the supply chain crisis? plus the rising price of chicken and rice. asian consumers struggle with staple food inflation.
janet yellen s comments boosted the stock market to record highs but some comments raised eyebrows as well. christine romans joins us more with more. two words were the word patient. that s the way it works. she chose all of those words and the word patient is what paemeople wanted to hear. she s holding the world market hand. the u.s. economy is strong enough to raise interest rates. she did raise eyebrows. she said the spoils of the stock market recovery in the economy have gone to people who are invested in the stock market. people who make money with money and not necessarily people who make money with time and work. that s something that s been lagging here. wages have been lagging. it hasn t been as broad based as she would like to see. we know wages are up 2.2% year over year. she would like to see 3% to 4%. we want to see wages part of the
construction jobs, manufacturing jobs. look what has benefited and who has not benefited here. home openers are doing owneres are doing great, stockholders are doing well. who hasn t benefited? everybody else. we re not getting real income increases after inflation and food prices have gone up. complain prices on the way back up gasoline prices on the way back up and enif you want to give them credit for the housing and stock market recovery, how about the low interest rates from the federal reserve board. larry, they re going to come become and that is democrats will come back in the mid-terms and come back in 2016 and say, say what you will the way things are now, say you don t want to use recovery, we re better off than we were when republicans in charge. unemployment is way down, we re not melting down. whatever they ll call it, whether it s recovery-not, they can at least point to that and that s what they will-won t they? well, they probably will say