2 , the catalyst was moodys downgrading the Credit Rating on several small and medium sized us banks, Including Mmt and pinnacle financial. The red flags raised the Ratings Agency included a potential recession, as well as problem side to the commercial real estate sector. As one analyst put it, any doubts about regional banking is bad for market sentiment. That wasnt helped by data from new york federal reserve, which showed 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, which reported results after the us market close, ebbo� s small arrival is focusing higher revenue in the Third Quarter based in part by a Postman Damik rebound in ray jones. Meanwhile, an electric vehicle maker posted a narrower loss than expected and raised its Production Guidance for the full year. Elsewhere on wall street this morning, nine companies, including banking giant wells fargo, have been find over half A Billion Dollars because of the employees use of personal messaging apps. The companies admitted that messaging apps. The companies admitted that employees messaging apps. The companies admitted that employees used l admitted that employees used platforms like whatsapp and Signal Platforms like whatsapp and signal to discuss company business, that is in direct violation business, that is in direct violation of the Record Keeping rules violation of the Record Keeping rules. Meanwhile, Co Working Giant rules. Meanwhile, Co Working Giant we rules. Meanwhile, Co Working Giant we work max said substantial doubt about its Substa Ntial Doubt about its ability substantial doubt about its ability to continue operating. Those ability to continue operating. Those were dennis lichts earnings those were dennis lichts earnings report, they cited an increase earnings report, they cited an increase in earnings report, they cited an increase in cancelled memberships to its shared Office Memberships to its shared office spaces. They said the next office spaces. They said the next 12 office spaces. They said the next 12 months will be focused on issues next 12 months will be focused on issues like reduced rental costs on issues like reduced rental costs and on issues like reduced rental costs and increasing revenue. Shares costs and increasing revenue. Shares of costs and increasing revenue. Shares of the company are down 20 after trading hours. China will be releasing its latest Inflation Figures in the next hour and economists think prices may have continued to fall in july after prices may have continued to fall injuly after being flat injune. Unlike the rest of the world, china is experiencing a rare episode of sliding prices. Earlier, eyes spoke to the former achieve at the International Monetary funds China Division who gave me staying on this. Staying on this. Consumer demand staying on this. Consumer demand has staying on this. Consumer demand has been staying on this. Consumer demand has been very staying on this. Consumer l demand has been very weak staying on this. Consumer demand has been very weak and Consumer Prices have been flat, they are likely to show in the most recent data that we are in deflationary territory full producer prices, the Prices Producers leave people raw goods, intermediary goods, they have been squeezing industrial profits and if they are not in deficient territory already i think we will see official confirmation shortly. Another asian economy confirmation shortly. Another asian economy that confirmation shortly. Another asian economy that suffered | asian economy that suffered from falling prices is japan. Some economists have been saying that china could actually be now in a similar situation thatjapan was actually be now in a similar situation that japan was then backin situation that japan was then back in the 1990s, some people calling it a Balance Sheet recession. Do you agree with that assessment . The recession. Do you agree with that assessment . Recession. Do you agree with that assessment . The signs are anonymous. That assessment . The signs are anonymous, certainly that assessment . The signs are anonymous, certainly right that assessment . The signs are anonymous, certainly right now| anonymous, certainly right now demand is slowing very fast, we see very little investment by the private sector, even official investment by state owned enterprises this morning. Debt levels are high, although corporate debt has been coming down to some extent. Certainly the real estate sector is not doing well, Property Developers are very exposed to the banks. But china still has some tools in its kit that it could use to pp up in its kit that it could use to prop up the economy, the question is whether they will rule out those tools and most important whether they can do what is necessary to divide private and business confidence. There is a risk we could see a japan type scenario. Not quite there yet. A lot depends on what the government does right now. 5 government does right now. As ou government does right now. As you say, they do have tools to use, that we havent really heard any major announcement when it comes to Stimulus Measures from beijing. Are you expecting any . The measures from beiing. Are you expecting any . The government seems to want expecting any . The government seems to want to expecting any . The government seems to want to send expecting any . The government seems to want to send a expecting any . The government l seems to want to send a message that everything is under control, that the economy is on the right track. I think they will have to see some significant Stimulus Measures, such as reducing interest rates, Making Money Easierfor households and companies to access some fiscal stimulus thatis access some fiscal stimulus that is more government spending, tascott, think the real issue is whether the government can get confidence backin government can get confidence back in the private sector so that households can go out and spend, ratherthan that households can go out and spend, rather than save and businesses start going out and investing. That they havent accomplished so far and that i think is really the big, both for short term and for longer term recovery of the economy. Staying with china, the countrys largest privately owned property developer, country garden, has said it has not paid to dollar bill and coupons due this week. The amount is valued at 2o ssoooooo. They now amount is valued at 20 5000000. They now have 30 days to cough up the money will slip into default. The countrys Property Sector has been facing that crisis since evergrandes default in 2021. The current three that Expense Deflation or falling prices backin deflation or falling prices back in the 1990s announcing the opposite. Inflation in demand is at a a0 year high, that means that despite a rise in wages consumers just arent feeling the benefit. In fact, Household Spending has slipped for a fourth straight month. Earlier on spoke to a Consumer Sector specialist to explain why people arent buying more despite the way takes. Iauihzat why people arent buying more despite the way takes. What was out showed despite the way takes. What was out showed household despite the way takes. What was out showed Household Spending | out showed Household Spending was negative for four consecutive months, it was negative in june consecutive months, it was negative injune by a. 2 present, this is dampened by the real wage growth which was also negative, this was negative for the 15th month. The nominal Wage Increase has been around two 3 , the Cost Increase has been hovering around a , therefore offsetting the nominal wage growth. This Dampens Consumerss appetite to consumer. , g. ,. , ~ consumer. One is japanair, japanese consumer. One is japanair, Japanese Companies consumer. One is japanair, Japanese Companies are. Consumer. One is japanair,| Japanese Companies are not consumer. One is japanair, Japanese Companies are not used to raising salaries, will they raise salaries further, will the government do something to try and prop up the Consumer Sentiment . Try and prop up the Consumer Sentiment . ,. , sentiment . indistinct to the wa to sentiment . indistinct to the way to increase sentiment . indistinct to the way to increase and sentiment . indistinct to the way to increase and we sentiment . indistinct to the way to increase and we are way to increase and we are seeing an increase in the mentality injapan. In the short run, what is pushing further Wage Increases a 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 there will be more fluidity in the Labour Market which will push up Labour Market which will push up wages. At the end of the day, it is down to the employerss appetite to maintain the talents properly. Employees have not been compensated enough. We are seeing that japan is almost a cheap labour cost country, because other countries, including asian countries, including asian countries, have been raising their wages so rapidly. This is detrimentalforjapan to detrimental for japan to attract talent detrimental forjapan to attract talent from overseas, so if this serves as a wake up call i think there will be sustained momentum increase wages. Sustained momentum increase wa. Es. , sustained momentum increase wanes. ,. ,. ,. , wages. Now to india, which is also seeing wages. Now to india, which is also seeing food wages. Now to india, which is also seeing Food Inflation wages. Now to india, which is also seeing Food Inflation rise| also seeing Food Inflation rise sharply, especially for tomatoes. That will continue to put pressure on the countrys central bank, which is making its rates decision later this week. Almost a month on, this humble tomato, which is really a vital ingredient in the base of most indian curries, is out of most indian curries, is out of reach of most people here. It used to cost roughly about 10 a0 it used to cost roughly about 10 a0 cents, but now retails at 2 a kilo in markets like these. There is a lot of anguish as a result of that. Translation anguish as a result of that. Translation � , translation ive been Selling Venetables translation ive been selling vegetables for translation ive been selling vegetables for 20 translation ive been selling vegetables for 20 years, translation ive been selling vegetables for 20 years, but 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. There are many reasons rates will come down. There are many reasons why rates will come down. There are many reasons why tomato rates will 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 of 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 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 run a Home Catering business, worried. Home catering business, worried Home Catering business, worried. ,. , worried. There is definitely an increase to worried. There is definitely an increase to my worried. There is definitely an increase to my budget. Worried. There is definitely an increase to my budget. And. Increase to my budget. And cant increase the prices for my clients because, you know, we have our fixed my clients because, you know, we have ourfixed prices my clients because, you know, we have our fixed prices and they have a fixed clientele, it stephanie affected me because they cant 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 another i that. Along with tomatoes, prices of onions another staple in indian cooking have gone up as well. This is a way notjust for politicians but also for indias central bank. The high price of onions have led to electoral defeats 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 rate. Rates. Before we go, let us show you where the unsung index will in about 15 50 minutes time. We are waiting for chinas Inflation Figure and economists are expecting the economy could be in deflation already. That is it for this addition of Asia Business report. Thank you so much for watching the programme. Voiceover bbc news, bringing you different stories from across the uk. Early morning, for over a year now these speed limits through the village has been 20 mph. Today police were out to check and still found some who were going to fast and pulled them over. Ifind it difficult to do 20 mph. I am normally doing 23. The police check the speed for 19a motorists during a two hour period and found 16 going too fast, with one going 3a mph. Today they didnt have to pay a fine, but could watch a safety presentation, part of the way the police are trying to get the message across. Certainly at 30 miles an hour you have a 50 chance of surviving a vehicle collision. Ar 20 mph you have a 95 chance. But the fact that people were still speeding was not a surprise to many here. It will be good to see people actually going 20 mile per hour, a lot of the time ago bit quicker. And the new speed limit wontjust mean changes to drivers behaviour, will also mean the need to be changes the roads themselves on the signs and markings. The welsh governments at longer term the cost would be balanced by reduced pressures on the nhs and emergency services. Hey, im zof with the catch up, Tonight Laurenjames tonight lauren james apologises, this Tonight Laurenjames apologises, this prickly lineup continues, and a very clever dog. First, more than 1a0,000 of your 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, orsees slight fall in the number getting as, bs, or sees in their highs, but in good news 70 of scottish applicants have been accepted by their first choice unique. 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 alozies 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. As the first time in 1a years there has been a meeting like this. And you have seen lots of sale signs at the minute, jobs have been ramping up minute, jobs have been ramping up promotions to try to get people to spend more after the wet weather this summer has it is ysis. Gallays usually a busy month for Shopping Sales have closed and shoes actually went down last month. This prickly lineup is starting to be announced and it looks like a good one this year. Strictly. Zahra mahmoodijoe strictly. Zahra mahmoodi joe mattock, strictly. Zahra mahmoodijoe mattock, emerdale start adam thomas, and nikki to candour. Time now 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 stop super, super cute as well. You are all caught up now. See you later. Hello and welcome to sportsday im 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 womens world cup quarter final after beating jamaica 1 0 and will now face england. As David Brindle reports it was a tense and nervous game with so much at stake