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which are demanding significant pay rises for their workers, want to increase the pressure on employers ahead of another round of negotiations. let's get more on that. with me now is michael field, european market strategist at morningstar. thanks forjoining us. this is a battle that we are seeing play out in many countries dealing with cost of living crises. zoning in on germany, talk to us about what circumstances the transport workers are fighting. i circumstances the transport workers are fiaahtin. ~ , ., , circumstances the transport workers are fighting-— are fighting. i thin...

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a far cry from the 9% we saw in june but there are warnings of a possible recession or the pipelines our business reporter katie silva has been looking into the details of the story for us. it is always great to see you on asia business report at the seems like relatively good doesn't it? fit at the seems like relatively good doesn't it? of course. as we mentioned _ good doesn't it? of course. as i we mentioned a huge drop since lastjune. 5% inflation down from 6%, its well and truly been welcomed in high quarters, president biden saying it gives american families some breathing roo...

of a possible recession in the pipelines. our business reporter katie silva who has been looking into the details of the story for us, joins me now on the program. katie, it is always great to see you on asia business report and this seems like relatively good, doesn't it? it does. it has been welcomed in high quarters. president biden, for example, saying that it gives american families some breathing room and particularly pointing to the fact that we've seen the greatest reduction in the costs of gas as well as food and grocery expenses — things that are very important to america...

and his supporters. we start with the troubled global banking sector. european markets have closed down more than three percent, spooked by a major sell—off of shares in the swiss banking giant, credit suisse. coming days after the collapse of us based silicon valley bank, it's prompted fears of a full—blown crisis in the sector. let's take a look at the damage at the close in europe today. shares in credit suisse plunged to a record low, falling 24%. that came after its biggest investor said it could not give the bank any more financial help. here in the uk, the insurer prudenti...