also coming up — setting sun? japan's gdp slumps in the first three months of the year with india on track to overtake it as the world's number four economy. can anything stop the decline? plus, a tight corner for the square mile: fears for the future of the city of london as firms look to new york to list their shares. but the head of the london stock exchange tells the bbc there's no reason to panic. live from london, this is business today. i'm sally bundock. we start in new york where all three major share indices closed at new record highs after inflation figures boosted hopes that the us federal reserve may soon be able to start cutting the cost of borrowing. here's the figure that got wall street so excited on wednesday. us consumer prices rose

at an annual rate of 3.4% in april, down from 3.5% in march. it doesn't sound much of a drop, but it was the first time this year that inflation has fallen as expected, suggesting the fed could finally be winning the battle against soaring prices. here's erin delmore in new york. a banner day on wall street with all three major indexes closing at record highs. that's right — the dow, the s&p 500 and the nasdaq all hit their highest levels ever. the catalyst — wednesday's consumer price index report which showed inflation rising less rapidly in april than we'd seen in the first three months of the year. fed chairjerome powell had said just a day earlier that fed officials were surprised by this year's higher—than—expected readouts. traders keenly watch inflation figures for clues on how the fed will move forward on interest rates. any news of price increases easing raises their hopes

the interest rates will be cut sooner rather than later. now more investors expect the fed to make its first rate cut in september and a second in december. as we have been reporting on news day, russia're president has arrived in china for a two day—visit. let's have a look at those closing numbers — the dow, s&p 500 and the nasdaq all closing at new record highs. all three markets a green arrow, a strong performance arrow, a strong performance across arrow, a strong performance across the board. the three indices closing at record highs. it's the first time we've seen record closes for the dow and s&p since the end of march, but it's the second record close in a row for the nasdaq. but is the market optimism justified? one wall street investor is warning that interest rates will still be staying higherfor longer.

we higherfor longer. don't we higher for longer. don't think inflation we higherfor longer. don't think inflation is coming we don't think inflation is coming down, if anything it is accelerating, we look at the data we see whether from metals to agriculture, things have been going up and services things are going up, the things interestingly enough really going up, cpi does not count anymore, copy at 80% in the last nine months, we won't talk about the coffee prices anymore. the numbers can be manipulated by what is reported, when you look at what was going on with clients in the marketplace we see services going higher, shelter prices going higher, shelter prices going higher, shelter prices going higher, that is where we want to look at, that will continue through the rest of the year and you will have investors looking at high inflation. and i think rates will stay there, because of that. joining me now isjoshua mahony, chief market analyst at scope markets. everyone must be breathing a

sigh of relief the inflation figure did come down, give us your take on the markets and reaction on wall street? people are t in: reaction on wall street? people are trying to _ reaction on wall street? people are trying to take _ reaction on wall street? people are trying to take the _ are trying to take the positives of this report, there were positives others the core reading which strips out some of the more volatile elements such as energy, did drop down to a three—year low, we saw that month on month figure coming in at 0.3, that is below the expected patients of 0.4, there is some optimism. but we are still in the mid threes, the target is 2%, the reaction with markets is feeding off what we had been seeing in the lead up to it anyway, equity markets in the us hitting record highs, but they were not far away from it in the first place despite the factjerome powell of the federal reserve came out and said we're not going to hike rates next, he did not say we are on the cusp of cutting rates. markets are

pricing and 70 — 75% we a september rate cut the two rate cuts this year, equity markets taking this is a bit positive and we have seen all of the highly sensitive interest—rate areas, really gaining ground, in particular the tech sector, the real estate sector and it is notable that shift towards the more volatile end of the us market comes after a period of outperformance for other parts of the market where we saw utilities and consumer staples doing well which typically do well when people are a little more fair. e there has also been a lot of news this week feeling the tech stocks in particular open ai launch, the google launch of its ai offerings. google launch of its ai offerin95-_ google launch of its ai offerinus. , . offerings. there is so much excitement _ offerings. there is so much excitement surrounding - offerings. there is so much l excitement surrounding that, the nasdaq has been strong anyway regardless?— the nasdaq has been strong anyway regardless? yes, and we're just _ anyway regardless? yes, and we're just coming _ anyway regardless? yes, and we're just coming out - anyway regardless? yes, and we're just coming out of- anyway regardless? yes, and we're just coming out of the l we're just coming out of the quarter earnings season in the

us, that two markets has posed a big question mark, we have seen significant volatility for tech stocks in particular, bear in mind tech stocks or growth stocks are named that way because of the perception they will have rapid growth in the future. there are some question marks about a potential slowdown with that growth this year, of course there are such lofty expectations around ai and we need to see that transmit into the bottom line for these businesses, the more they can come out with news that points to enhanced revenue down the line the more people can continue to dream we will see these bumper profits later in this year and following years to justify the lofty valuations we have within markets the moment. joshua mahoney from _ markets the moment. joshua mahoney from scope - markets the moment. joshua l mahoney from scope markets, thank you very much indeed.

we have in—depth analysis from faisal as lamb. he is posing this question? would the us economy doing too well. a good read take a look if you are interested in that. let's go to asia now, because japan's economy has slumped in the first three months of this year, hit by months of weak consumer spending. japan is on track to lose its status as the world's number four economy to india, which could overtake it next year, according to the international monetary fund. japan's total economic output or gross domestic product shrank at an annual rate of 2% betweenjanuary and march — that's a lot worse than the 1.5% fall expected by economists. so, why is it struggling? mariko 0i in singapore is looking at the numbers for us. talk us through the challenges? it basically boils down to the purchasing power of mr and mrs

walter nabi as some economists would like to call them, that being a very common family name injapan, it is about private consumption accounting for half of the economy and that felt like zero .7% in the first months of this year much worse than accepted, if i'm honest i'm not surprised because of that 95% of the messages i received from my mother who lives in tokyo is about how things are getting so much more expensive. inflation injapan expensive. inflation in japan is expensive. inflation injapan is nothing compared to the rest of the world but japan had decades of no inflation or even deflation when the prices fell, and authorities have been desperate to have prices rise copy ordinary consumers just are not used to it by wages have risen bit after decades of no pay rise, wages are adjusted to inflation that has been falling for two years and the weakness of the japanese yen does not help because it makes imported products like oil more expensive and that's why people

have been tightening their purse strings. there are a lot of talks on the growing wealth gap because as we have been talking about, the japanese stock market has been doing really well, those who invest have been getting wealthier but the number of people who put money in the stock market are still not the majority.— still not the ma'ority. thank ou for still not the ma'ority. thank youforgiving_ still not the majority. thank you for giving us _ still not the majority. thank you for giving us that - still not the majority. thank| you for giving us that outline on what is happening injapan. let's get the views of masami imai, professor of economics at wesleyan university in connecticut. give us your take on whyjapan is struggling? i give us your take on why japan is struggling?— is struggling? i think what she was talking — is struggling? i think what she was talking about _ is struggling? i think what she was talking about was - is struggling? i think what she was talking about was quite i was talking about was quite correct, japan and its economy is struggling this quarter partly because the consumer demand was quite weak. that is because real wages which is adjusted for inflation has been declining for two years, so that would dampen consumer appetite to spend. and so that

is part of the primary reason why the japanese economy is quite fragile at this point. we did see recently the wage row negotiations coming out very positively, in terms of increasing wages injapan? positively, in terms of increasing wages in japan? yes, that is why _ increasing wages in japan? yes, that is why the _ increasing wages in japan? yes, that is why the forecast - increasing wages in japan? yes, that is why the forecast for - that is why the forecast for 2024 is projected to be a positive growth rate because people project wages are going to grow towards the end of the year. to grow towards the end of the ear. , to grow towards the end of the ear. ., year. basically, those wage deals negotiated _ year. basically, those wage deals negotiated in - year. basically, those wage deals negotiated in this - deals negotiated in this quarter, just looking at now, the data for we should see the impact whether people will spend more in the months ahead? i think that is what they expect to see with those forecasts.— expect to see with those forecasts. what about the challenge _ forecasts. what about the challenge facing - forecasts. what about the challenge facing the - forecasts. what about the challenge facing the bank| forecasts. what about the i challenge facing the bank of japan with its current value of the japanese yen, the state of

the japanese yen, the state of the economy, it puts the bank of japan in the economy, it puts the bank ofjapan in a very difficult position?— ofjapan in a very difficult osition? , , position? yes, indeed, it is lookin: position? yes, indeed, it is looking like _ position? yes, indeed, it is looking like the _ position? yes, indeed, it is looking like the weekend i position? yes, indeed, it is looking like the weekend isj looking like the weekend is feeding to the higher inflation rate injapan, which based on that, the bank ofjapan it is planning on increasing its policy rate, and the next quarter in the next meeting at the future meeting.— quarter in the next meeting at the future meeting. thank you for our the future meeting. thank you for your analysis _ the future meeting. thank you for your analysis on _ the future meeting. thank you for your analysis on the - for your analysis on the japanese economy. let's stay in asia, because as you've been hearing, russian president vladimir putin has arrived in china for a state visit, his second trip there injust over six months. in the last hour, he's met with china's president xijinping. they are now holding talks. russia's economic ties to china have become increasingly important following sanctions by western countries over the war in ukraine. trade between the two soared by more than 25% last year,

with china buying more russian energy and russia buying chinese goods from smartphones to cars to industrial equipment. dr marcin kaczmarski is professor of international politics at the university of glasgow. what will be achieved during the second visit in six months? first, we expect both sides would like to send a clear message they are united, united front if i may put it so, they share views on international politics. they will probably both lambaste western supremacy or us supremacy, i am not sure how much they can expect they can achieve with income terms. whether russia can achieve what it would like — which means convincing china to agree to

the gas pipeline to convince china to join with other projects to encourage china to invest in russia, they are trying to walk a fine line between supporting russia politically, and all this increasing trade you mention, it cannot replace from the chinese perspective, it cannot replace either the american or european markets.— replace either the american or european markets. from china's persnective _ european markets. from china's persnective the _ european markets. from china's perspective the war _ european markets. from china's perspective the war in _ european markets. from china's perspective the war in ukraine, | perspective the war in ukraine, will china use its influence at all, in terms of its relationship with russia on this? , . ., this? china's influence on russia to _ this? china's influence on russia to convince - this? china's influence on russia to convince it - this? china's influence on russia to convince it to i this? china's influence on - russia to convince it to change the course of the war in ukraine seems to be limited and last year we saw that xi jinping during his visit to moscow tried to convince led amir putin to give up the

rhetoric of nuclear threats and this has not changed, the moscow policy in this regard. i would be very sceptical china has not leveraged of the support it provides russia with, and china would like to support the western decision it would mean china changes course and it would possibly generate some resentment on the part of the russian a leech, which so far has accepted china has become a senior partner that russia has become a weaker partner in this relationship, so far it has not received china as threatening. but in the case of beijing putting more pressure on russia regarding ukraine this assessment may change. thank ou for assessment may change. thank you for your _ assessment may change. thank you for your thoughts, - you for your thoughts, interesting to get your take on that trip.

let's get some of the day's other news now. the owner of royal mail is poised to accept an improved takeover bid worth about £3.5 billion from czech billionaire daniel kretinsky. international distribution services — or ids — says mr kretinsky has agreed to "contractual undertakings" on key public interest issues, including sticking to plans to offer first—class letter deliveries six days a week, protecting workers' rights and keeping its headquarters in the uk. netflix says its advert—based subscription service now has 40 million monthly active users — up from just 5 million a year ago — a sign that the move to offer a cheaper plan is paying off. the streaming giant says the ad—based service now accounts for 40% of new customers in the countries where it's available. coming up, cracking the code to accessibility: how qr readers could make shopping less of a struggle for hundreds of millions of visually—impaired consumers. around the world and across

the uk, this is bbc news.

you are with business today. no reason to panic — that's the message from the chief executive of the london stock exchange over the growing number of companies worth hundreds of billions of pounds, which are leaving it. they've gone to new york or been snapped up by foreign buyers. the uk's finance minister, chancellor of the exchequer jeremy hunt, is holding a summit in the next few hours on how to stop the exodus, which is being described as an existential risk to a vital part of the economy. here's our business editor simonjack. for centuries the area around saint paul's several together companies that need money to grow and those who have money to invest. it is home to the london stock exchange with pensions and savings buy shares

in companies so we can share in theirfuture success. in companies so we can share in their future success. but firms are leaving the london market and looking elsewhere. like this biotech is looking at higher prices in stop it is bad news for london. it’s higher prices in stop it is bad news for london.— higher prices in stop it is bad news for london. it's more than a crisis it's _ news for london. it's more than a crisis it's next _ news for london. it's more than a crisis it's next -- _ news for london. it's more than a crisis it's next -- it's - news for london. it's more than a crisis it's next -- it's an - a crisis it's next —— it's an existential crisis, i don't see any world with united kingdom should not be actively engaged and practising artificial intelligence technology and biotechnology, the amount of companies leaving the exchange in that field in those sectors is extremely alarming. some big companies _ is extremely alarming. some big companies have _ is extremely alarming. some big companies have already - is extremely alarming. some big companies have already left - is extremely alarming. some big companies have already left or. companies have already left or about to leave or thinking of leaving, cambridge —based tech giant arm is now listed in new york, paddy powers �*s owners living injune and travel company to and many others have been snapped up privately, while main is keen to sell to a cheque billionaire, shall his wand can't rule out the move to the us to get a higher share price. the boss of the london

stock exchange seem to relax insisting the uk was holding its own. , ., , , ., its own. there is no sense of anic i its own. there is no sense of panic i think _ its own. there is no sense of panic i think there _ its own. there is no sense of panic i think there is - its own. there is no sense of panic i think there is need i its own. there is no sense of panic i think there is need to j panic i think there is need to get the facts out there. one has to recognise the us economy is the largest economy in the world therefore has a huge amount of capital. we are the six largest economy in the world with the third largest capital market, we are already punching above our weight and the fact the only place we keep —— we are really competing with is the us is to accredit. aha, is the us is to accredit. a single company apple is worth more than and biggest companies in england combined, on average us listed companies demand double the price for pound or dollar of profit, little surprised uk companies are looking to york. who cares if they go elsewhere to raise money? companies listed yet need accounting services, legal, dislike coral reef that contributes 10% of uk economic activity and 10% of all taxes

collected. if a giant like shell were to leave how big a blow would that be? massive, absolutely _ blow would that be? massive, absolutely massive _ blow would that be? massive, absolutely massive because i absolutely massive because other companies will follow, bp would have to consider it, then the whole ecosystem goes, the uk market shrinks, definitively impacting on our own economy, not only the stock market. london lost some business to european exchanges after brexit but they are struggling to compete, london is not burning but the chancellor is concerned enough to fetch the big engines to a major summit at his official country retreat. simon jack, bbc news. let's look at the issue of accessibility now. finally, today is global accessibility awareness day. around a billion people in the world have a disability or impairment, and campaigners want companies to do more to make their products accessible. one key area is product packaging — millions of blind or visually impaired people struggle to read basic

product information. but could accessible qr codes be the answer? aqrs are now being printed on branded goods from multinationals including unilever, nestle and diageo — they can transmit key product information direct to a consumer's smartphone where it can be turned into an audio description. caspar thykier is co—founder and ceo of zappar, the firm behind accessible qr codes. welcome to the programme. tell us how they work? the welcome to the programme. tell us how they work?— us how they work? the idea of an accessible _ us how they work? the idea of an accessible qr _ us how they work? the idea of an accessible qr code - us how they work? the idea of an accessible qr code is - us how they work? the idea of an accessible qr code is to - an accessible qr code is to make information on product packaging accessible to everyone everywhere. whatever their visual acuity is whether you are cited or partially sighted, it's about helping 300

million people to access their product information readily and easily in their everyday life, what we have done through the addition of some simple dots and dashes around the corner of and dashes around the corner of a qr code, what we call a d3 code scheme is allow sighted to scan that qr code and be taken to the brand website using the camera phone or lens or qr code reader, now blind and partially sighted users using the sdk software development kit embedded in apps like the microsoft cai or the envision at the three most popular apps used by the blind and partially sighted community around the world, they can scan the same code from further distances and be served all the structured information related to that pack using the device accessibility features like text to speech. the dots and dashes are doing a couple of things allowing us to increase detection distance from normal qr code scanning, typically a

code on pack would be 15 millimetres and could be scanned from 15 centimetres away, now we can increase that to over a metre or a metre 20 centimetres away, and it can announce what that product at a and guide the user closer to the product from 65 centimetres and unpack all that information related to that product in a structured and nested way. it is especially helpful for product discovery in—store more importantly at home at the moment of use for the partially and blind community. bud moment of use for the partially and blind community.— and blind community. and this is u- and and blind community. and this is up and running _ and blind community. and this is up and running now? - and blind community. and this is up and running now? it- and blind community. and this is up and running now? it is. is up and running now? it is indeed- _ is up and running now? it is indeed- do _ is up and running now? it is indeed. do people - is up and running now? it is indeed. do people know- is up and running now? it is. indeed. do people know about it, what kind _ indeed. do people know about it, what kind of _ indeed. do people know about it, what kind of reaction - indeed. do people know about it, what kind of reaction have. it, what kind of reaction have you had to this are people using it?— you had to this are people usin: it? ~ ., ~ . , using it? we worked closely with the royal _ using it? we worked closely with the royal national - with the royal national institute of blind people and they were very helpful in doing an expert assessment around the 3pp, an expert assessment around the app, and coming up with the solution and through research and working with blind and

partially sighted community what we quickly understood is that not having access to that information really makes them — robs them of independence, and makes it very challenging and everyday life. the new feature levels that playing field in terms of access to that information. we are fortunate big brands like unilever have come on board and helped us scale this globally.— scale this globally. what we need is for _ scale this globally. what we need is for most _ scale this globally. what we . need is for most manufacturers who make products or whatever to have that qr code in a very specific place so it is an obvious place and scannable easily even when the supermarket shelf or where ever it might be?— it might be? that's true what is really exciting _ it might be? that's true what is really exciting as _ it might be? that's true what is really exciting as there - it might be? that's true what is really exciting as there is l is really exciting as there is a generational moment right now, where there is a movement to qr codes on packaging, that is being led by gs one, the global standards product that oversees all barcodes that

exist on packaging, they have a programme called sunrise 2027 about moving manufacturing from the one debar code that we scan in the store over to the new digital link to qr code �*s which will help with supply chain and can be read by the point—of—sale readers. now we can take that qr codes and dots and dashes and level the playing field so the information is readily available to everyone. it sounds like really good news for everyone visually impaired. thank you for getting up early casper, and telling us all about that. if you are watching us in the united kingdom, breakfast is up next. have a really good day. hello, there. looking at thursday's weather, we've got some, i think, wet weather on the way to parts of england and wales

with some thundery rain at times. on wednesday, here's the day of sunny spells and passing showers. some of those showers, mind you, were very heavy, for example, here in hebden bridge. but looking at the satellite picture, you can see a stripe of cloud just here, that's a weather front that stretches all the way into europe. there's our front. but bumping into that front, we've got this trough here, this line of very intense showers. you might get the sense that these areas of rain are merging together. well, i think that's exactly what's going on. and they will tend to run towards england over the coming hours. so weather—wise, over the next few hours, not so much of an issue. we'll have some low cloud affecting some of our north sea coast, a few mist and fog patches here and occasional spots of rain or drizzle. drier weather elsewhere with temperatures around 10 or 11 degrees quite widely. the problems with the forecast come tomorrow. i think there is a risk of seeing more widespread rain initially across eastern areas of england through thursday morning before moving across the midlands and on into parts of wales and the west country as we head into the afternoon. so the details are going to be

quite difficult to come by, but expect the chance of seeing some heavy thundery rain at times across parts of england and wales. further northwards for northern ireland, sunshine through the morning and a dry morning. the afternoon, yeah, you could see a storm or two breaking out. most of scotland, in contrast to all of that, will be dry, although there will be some mist and low cloud across eastern areas, spots of drizzle through the morning, the afternoon, the best of the sunshine into the northwest, and that's where we'll see temperatures at their highest, probably reaching around 23 degrees or so. heading into friday, the weather pattern is still rather unsettled, but hopefully a bit more straightforward. it should be a day of sunshine and showers through the afternoon for england and wales. the drier weather will be further north again for scotland and for northern ireland, where most places will keep spells of sunshine and temperatures well into the low 20s. that's going to feel pleasant with light winds. for the weekend weather picture,

we're still at low pressure close to the south of the uk, a ridge of high pressure trying to build in from the northwest. and so, it's again scotland and northern ireland that will have the driest weather through the weekend. england and wales, meanwhile, will have the chance of seeing a few more showers to come. bye for now.

good morning, welcome to breakfast with nina warhurst

and charlie stayt. 0ur headlines today. a plumber dubbed the kindest in britain with pledges of free repairs has been accused of faking stories on social media, including one using a dead woman, to help raise over £2 million. this is from depher�*s account. is that post true? that post is not true, no. herfamily have said that is a lie, what do you want to say to that family? well, i havejust said, i apologise to the family but i will have to look further into that, that's the old account. slovakia's prime minister is in hospital after being shot slovakia's prime minister is no longer in a life—threatening condition after being shot whilst greeting members of the public. a beautiful morning on windermere but an ugly issue, the dumping of sewage into lakes like this one, i will hearfrom sewage into lakes like this one, i will hear from local businesses and have the latest financial results from the water company. in sport, it's a 12th title

in 13 seasons for celtic. they thrash kilmarnock to seal the scottish premiership in style.