this is business today, live from new york, where us shares opened higher, looking to extend their rally after strong revenues from the world's biggest chip—maker bestie the sector. the uk posted its strongest growth in more than two years. but could that mean there is less pressure for an interest rate cut? plus, regaining altitude— british airways�*s owner, iag, sees a surge in bookings as it pulls out of the post—pandemic slump. and a

crushing experience for apple. it is forced to apologise after its new commercial strikes the wrong chord. welcome to business today. us markets have kicked off the last trading day of the week on a high. economic data here in the us has been boosting hopes of interest rates cuts from the federal reserve. an overnight, the world's biggest chip—maker said its revenue in april soared 60% in the year. if that continues we could be looking at a third straight weeks of gains for the snp 500 and nasdaq. for the dow jones, it will be four of gains. thank you for being here, melissa. we have seen some encouraging signs. what do you attribute this hot streak to? it

what do you attribute this hot streak to?— what do you attribute this hot streak to? . , , ., . streak to? it has been an exciting season, streak to? it has been an exciting season. lots _ streak to? it has been an exciting season, lots of _ streak to? it has been an exciting season, lots of winners _ streak to? it has been an exciting season, lots of winners and - streak to? it has been an exciting i season, lots of winners and losers. and i think last week having the rate hike taking of the table, it has provided some stability to the market to allow investors to return to fundamentals.— market to allow investors to return to fundamentals. new set and setting earninas to fundamentals. new set and setting earnings season. _ to fundamentals. new set and setting earnings season. how _ to fundamentals. new set and setting earnings season. how about - to fundamentals. new set and setting earnings season. how about the - to fundamentals. new set and setting earnings season. how about the tech | earnings season. how about the tech sector specifically?— sector specifically? technology is alwa s an sector specifically? technology is always an exciting _ sector specifically? technology is always an exciting sector - sector specifically? technology is always an exciting sector to - sector specifically? technology is always an exciting sector to take | sector specifically? technology is | always an exciting sector to take a look at. i think of all this around ai, absolutely the place to be right now in tech. tell ai, absolutely the place to be right now in tech-— ai, absolutely the place to be right now in tech. tell me, what areas of tech are most _ now in tech. tell me, what areas of tech are most vulnerable? - now in tech. tell me, what areas of tech are most vulnerable? i - now in tech. tell me, what areas of tech are most vulnerable? i think i tech are most vulnerable? i think companies _ tech are most vulnerable? i think companies that _ tech are most vulnerable? i think companies that have _ tech are most vulnerable? i think companies that have a _ tech are most vulnerable? i think companies that have a lot - tech are most vulnerable? i think companies that have a lot of- companies that have a lot of exposure to legacy technology, technology that is not hooked into the next generation of accelerated computing or generative ai. i think they are potentially at risk. we computing or generative ai. i think they are potentially at risk.- they are potentially at risk. we are seeinr so they are potentially at risk. we are seeing so many —

they are potentially at risk. we are seeing so many different _ they are potentially at risk. we are | seeing so many different influences here, we are seeing a resilientjob market, though we did see numbers dip recently. how do all of these factors affect investor sentiment? definitely. it is thought of a tale of two cities. we have a lot of different data points thrown at others. they ones who is focused on are clearly at the inflation data, consumption and jobs. snp global market intelligence, we are expecting in september rate cut for the first time. i think that is sort of the backdrop that we are most focus on. thank you so much, melissa. ., ~ most focus on. thank you so much, melissa. ., ,, , ., most focus on. thank you so much, melissa._ let's _ most focus on. thank you so much, melissa._ let's turn -

most focus on. thank you so much, melissa._ let's turn to i melissa. thank you. let's turn to the uk canal, — melissa. thank you. let's turn to the uk canal, where _ melissa. thank you. let's turn to the uk canal, where official - melissa. thank you. let's turn to i the uk canal, where official figures the uk canal, where officialfigures out today showed the economy is no longer any reception two recession. that was better than expected. most economists had expected gdp growth of 0.4%. it is also the fastest growth rate for more than two years. the uk entered a recession after output fell for two quarters in every at the end of last year. we have been told it may mean that as liz hurley to cut the cost of borrowing in the uk. the liz hurley to cut the cost of borrowing in the uk. the bank of linkin: borrowing in the uk. the bank of linking decided _ borrowing in the uk. the bank of linking decided to _ borrowing in the uk. the bank of linking decided to leave - borrowing in the uk. the bank of linking decided to leave uk - borrowing in the uk. the bank of i linking decided to leave uk interest rates at 5.25%, but they'd definitely open for that first rate cut to come potentially in thejune meeting. i think these gdp numbers shows there may not be quite the same pressure on the bank of england to cut interest rates, because part of the dilemma was the economy was looking pretty weak and inflation is

coming under control. why are the bank of england not cutting? with this momentum and momentum and growth and recovery coming through, thatis growth and recovery coming through, that is potentially less pressure. but the market is definitely pressing in uk rate cuts this year. how quickly they will come and how many there will be is the big question. but look out for thatjune meeting, where there is probably a 50-50 meeting, where there is probably a 50—50 chance they will put that first 25% two point basis through. and at the next couple of hours we get a better idea of when interest rates might be coming down here in the us. several policymakers are giving speeches today, and we get a consumer confidence reading from the university of michigan. stephen, you are at the chief us economist at ets lombard. tell us, any hints coming from us federal reserve members? what is the latest and what do we expect race i think you are going to

hear more of the same, which is that this has always been that about the economy weakening, it has always been about cutting.— been about cutting. because inflation is _ been about cutting. because inflation is at _ been about cutting. because inflation is at a _ been about cutting. because inflation is at a lower - been about cutting. because. inflation is at a lower plateau. once they have confidence it is there, they don't want the funds rate to get too restricted and create a slowdown, so theyjust want to adjust that all the work. i think the question is confidence in a stable, lower inflation rate. getting 170,000 on the jobs stable, lower inflation rate. getting 170,000 on thejobs number, which is really a median number, and average that you would get with an unemployment rate under 4%. it has to make them feel a little bit more confident in there. for to make them feel a little bit more confident in there.—

confident in there. for so long we have been — confident in there. for so long we have been talking _ confident in there. for so long we have been talking about - confident in there. for so long we have been talking about higher i confident in there. for so long we | have been talking about higher for longer as the fed's mantra. maybe better save these days, as hi ed is for as long we need it. how are investors taking guidance from the fed and acting on it now? i investors taking guidance from the fed and acting on it now?- fed and acting on it now? i think the market _ fed and acting on it now? i think the market is _ fed and acting on it now? i think the market is still— fed and acting on it now? i think the market is still looking - fed and acting on it now? i think the market is still looking for i the market is still looking for cuts. at least with a nominal curve, which at the short end actually curtails lending growth, because thatis curtails lending growth, because that is what inverted curves do. for the equity market, it is still about pricing cache and discounting it. if rates are going to be lower, they need to boost stock prices higher. i don't think markets are quite ready to be on their own, without getting this from a lower industry.-

this from a lower industry. thank ou so this from a lower industry. thank you so much _ this from a lower industry. thank you so much for— this from a lower industry. thank you so much for taking _ this from a lower industry. thank you so much for taking the i this from a lower industry. thank you so much for taking the time | this from a lower industry. thank i you so much for taking the time with others. european airline giant iag says it is already seeing strong bookings for the summer, after a surge in earnings for the first the months of the year, driven by higher travel demand over the easter holidays. iag was formed more than a decade ago from the merger of british airways and spain's iberia. it now also owns ireland's linkous. it now also owns ireland's linkous. it was hit hard by the pandemic and was battling the units of dollars of debt. ,., . ., was battling the units of dollars of debt. ., ., debt. the impact of geopolitics in articular debt. the impact of geopolitics in particular what— debt. the impact of geopolitics in particular what has _ debt. the impact of geopolitics in particular what has been - particular what has been substantially less on demand as we perhaps would have expected. although it is increasing fuel costs as diversions take place around those geopolitical hotspots. i think in terms of the cost of living, consumer confidence is showing signs of improving, critically as central

banks moved was cutting rates. iag as the demand for... banks moved was cutting rates. iag as the demand for. . ._ banks moved was cutting rates. iag as the demand for... apple has been forced to apologise _ as the demand for... apple has been forced to apologise after _ as the demand for... apple has been forced to apologise after its - as the demand for. .. apple has been forced to apologise after its new- forced to apologise after its new ipad commercial sparked an outcry around the world. the ad showing books, musical instruments and art materials being crushed by a giant hydraulic press was supposed to issue how creativity has been compressed into the latest ipad. but is it has been seized upon by critics, who says it sums up the cycling of duty by big tech, and even the threat from artists by artificial intelligence. so how did you get it so wrong? mark, for all the outcry we have seen online, as it speak to a sense of tone deafness by apple here? i it speak to a sense of tone deafness by apple here?— by apple here? i think it is corporate _ by apple here? i think it is corporate hubris. - by apple here? i think it is corporate hubris. for- by apple here? i think it is corporate hubris. for a i

by apple here? i think it is i corporate hubris. for a brand up such on the cusp of understanding cultural zeitgeist, such on the cusp of understanding culturalzeitgeist, i such on the cusp of understanding cultural zeitgeist, i think for many people arejust shows cultural zeitgeist, i think for many people are just shows how high their ivory tower is and how they are not connected with the angst of the cultural community, of which they perhaps service and depend on for decades. apple advertising were some of the best in the world. the american agency but their name on some of the greatest creativity. this for me was corporate hubris, not being aware of the debate, the anxieties of their own community. the debate that they created globally perhaps gives them an idea ofjust how globally perhaps gives them an idea of just how they globally perhaps gives them an idea ofjust how they need to get back to their roots, because they are facing many challenges now. then tim cook's regime, they have got two major losses in america about the way they required some of the software they

are using. that is a challenge. but for the corporate message, this is prev haaland fist waving activity back to them in terms of what they're trying to generate in terms of a dialogue. you they're trying to generate in terms of a dialogue-— of a dialogue. you talk about the ivory tower- _ of a dialogue. you talk about the ivory tower. when _ of a dialogue. you talk about the ivory tower. when we _ of a dialogue. you talk about the ivory tower. when we look i of a dialogue. you talk about the ivory tower. when we look back. of a dialogue. you talk about the i ivory tower. when we look back yet at ground level, does this look to a sense of anxiety about the way people perceive ai could affect their employment orjobs going forwardmick a major sticking point in the active drug in hollywood last year about al generated acting. again, you have summarise some of theissues again, you have summarise some of the issues that surround the debate at the moment. obviously, what they're trying to do is compress culture stop all that the message they have sent as we have got a smaller and lighter ipad. the weight

of the debate is far greater than the size of their technology. but it shows they have triggered a... advertising now is about creating a conversation on social media. many fashion brands have created some of it because they want to keep that edge. but i think at apple ho, they will find it very disheartening at the moment that they have allowed something like that to be launched. they have had to withdraw it, which is quite a move. one hopes they will live from this hubris and may be cast an eye on the community that is feeling such pain at the moment. i think globally we are all very concerned at the moment about the scale and influence of many of the corporations in the valley that are controlling our lives.— controlling our lives. mark, thank ou for controlling our lives. mark, thank you forjoining — controlling our lives. mark, thank

you forjoining us _ controlling our lives. mark, thank you forjoining us there. - controlling our lives. mark, thankj you forjoining us there. everyone stay with us on bbc news.

hello from the bbc sport centre. i'm hugh ferris. bayer leverkusen are still on for what's being called the invincible treble, after setting up a meeting with atalanta in the final of the europa league. and they're already offering fans a chance to celebrate the first of a possible three trophies in a unique way, giving them the choice of a number of different tattoos they can get for free to mark the club's first bundesliga title. reaching the europa league final brought with it another achievement — a 49th unbeaten match of the season is a european football record — but was only achieved thanks to a 97th minute equaliser as leverkusen beat roma on aggregate. just one of the late goals they've relied on to preserve their unbeaten record.

i think it's