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by about twice the global average. it's already increased by 2 degrees celsius. 20 years since the us—led coalition invaded iraq to topple dictator saddam hussein, we look at the legacy. hello and welcome to bbc news. the world's financial markets have reacted with unease following last night's emergency takeover of the troubled swiss bank credit suisse. shares in credit suisse fell by more than 60% this morning after european markets opened and the value of banking shares across europe have dropped sharply. credit suisse was bought by fellow swiss bank ubs after a deal brokered by...

state of emergency as intense storms hammer the golden state. >> we can't live like this. >> atmospheric rivers washing out roads and bridges leaving people trapped in their mee joi management director from one of the hardest hit counties. the economy still red hot notching another strong jobs report. we'll tell you where the job gains are and why this complicates the fight to tame inflation. >> all the money is in the bank. i don't know what we're going to do now. >> reporter: a capital crisis, a stunning free fall leading to the second largest collapse of a financial institution ...

people, including a 9-year-old. they say a tip led to his arrest. >> also happening today, the fed is expected to raise interest rates again. the big question, though, is whether the fed chair, jay powell, signals that a pause is to come. also, the biden administration now signing off on sending 1,500 troops to the southern border ahead of an expected surge in migrants. and the u.s. announced a new immigration deal with mexico aimed at deterring border crossings. >> and new and promising data just released on an alzheimer's treatment. details about the drug the company says signi...

and the rise of china. and, climate advocates bless the president for approving a huge drilling project in alaska. we will sit down democratic senator chris van hollen let what it says about progressive's wish list ahead of 2024. plus, the bite administration says the worst is over, after a high-profile bank failure spoils markets appear. >> our banking system is sound. >> but while makers, business leaders and consumers are still bracing ahead of a fed interest rate decision just days away. we will bring in mohamed el-erian one of the world's most respected investors on what this me...

and titans many charged with being woke, but the fact of the matter was, it was a bank that made the wrong bet on treasuries at the wrong time and bought tens of billions of those, the price of treasuries went down and flat-footed while people wanted their money. now it's in receivership and run by the federal deposit insurance corporation. it's a dramatic played out amidst talk there could be other problems out there. kelly o'grady has more from los angeles. kelly. >> good morning to you, neil. yes, it's the second biggest banking collapse in u.s. history. the first major one since ...