0:00:08 > 0:00:11This is Business Live from BBC News with Ben Thompson and Sally Bundock.
0:00:11 > 0:00:15Correction or collapse?
0:00:15 > 0:00:17Global markets turn red as the Dow Jones suffers its biggest
0:00:17 > 0:00:19one-day fall in history.
0:00:19 > 0:00:24Live from London, that's our top story on Tuesday 6th February.
0:00:40 > 0:00:42The sell-off began in the US, caused, unusually,
0:00:42 > 0:00:44by positive economic news, jobs and wages rising
0:00:44 > 0:00:45quicker than expected.
0:00:45 > 0:00:47And that could prompt another surprise rate rise
0:00:47 > 0:00:48for the world's largest economy.
0:00:48 > 0:00:50We'll explain what it all means.
0:00:50 > 0:00:58Also in the programme:
0:00:58 > 0:01:00Profits at oil giant BP soar to $6.2 billion,
0:01:00 > 0:01:03but can it regain its former glory nearly eight years after
0:01:03 > 0:01:04the Deepwater Horizon disaster?
0:01:04 > 0:01:09And this is how markets are trading in Europe,
0:01:09 > 0:01:12down by 3% across the board - following heavy losses
0:01:12 > 0:01:15in Asia and the US.
0:01:15 > 0:01:21We go beacon with the boss of a firm cashing in on the boom in healthy
0:01:21 > 0:01:26eating, but it is delivered to your door. We are asking whether the
0:01:26 > 0:01:29door. We are asking whether the market volatility is a long overdue
0:01:29 > 0:01:32correction or a market panic. Let us know your thoughts. Where do you put
0:01:32 > 0:01:34your money?
0:01:46 > 0:01:51A warm welcome to the programme, a lot to squeeze in today.
0:01:51 > 0:01:54There seems to be no stopping the global stock market sell-off.
0:01:54 > 0:01:57Sparked in the US, it swept through Asia
0:01:57 > 0:01:59and the malaise is happening now across European bourses.
0:01:59 > 0:02:03The start of the week saw the biggest decline
0:02:03 > 0:02:07on Wall Street for six years. So let's look at the numbers:
0:02:07 > 0:02:12Moments ago, Europe is trading right now, but this is how things went in
0:02:12 > 0:02:16Japan, closing down nearly 5% lower. At one point today in Japan, in
0:02:16 > 0:02:24Tokyo, it down nearly 7%. That is the big fall on the Dow Jones.
0:02:24 > 0:02:29That's the biggest one-day fall in terms of points in its history. The
0:02:29 > 0:02:32SNP 500 also losing ground.
0:02:32 > 0:02:35In a moment, we'll go live to a trading floor in London
0:02:35 > 0:02:38and our team based in Singapore but first Yogita Limaye in New York
0:02:38 > 0:02:42looks at what sparked the sell off on Wall Street.
0:02:42 > 0:02:45, S&P.
0:02:48 > 0:02:51This trading floor saw its worst day since the financial crisis.
0:02:51 > 0:02:55After months of hitting record highs, US stocks went into freefall.
0:02:55 > 0:03:00The trigger - wage growth has been faster than expected,
0:03:00 > 0:03:04sparking fears that there will be a rise in interest rates.
0:03:04 > 0:03:05Certainly not what this man would have wanted
0:03:05 > 0:03:12on his first day in office.
0:03:12 > 0:03:15Jerome Powell took over as the chair of the American Central Bank,
0:03:15 > 0:03:17the body that makes decisions about interest rates.
0:03:17 > 0:03:20And it was bad news for this man, too.
0:03:20 > 0:03:23President Trump has repeatedly taken credit for the massive gains made
0:03:23 > 0:03:27by financial markets in the past year.
0:03:27 > 0:03:31But addressing factory workers in Ohio as stocks plunged,
0:03:31 > 0:03:34this was one record he chose not to speak about.
0:03:34 > 0:03:37The White House has said the president is focused
0:03:37 > 0:03:43on long-term fundamentals, which remain exceptionally strong.
0:03:43 > 0:03:47And many on Wall Street say there's no need for alarm just yet.
0:03:47 > 0:03:49People are taking profits after an historic climb,
0:03:49 > 0:03:56it's very quiet in there, very orderly, no panic.
0:03:56 > 0:04:02Whilst the share market is falling, gold and the Japanese yen are on the
0:04:02 > 0:04:02way up.
0:04:02 > 0:04:07Michael Hewson is senior market analyst at CMC Markets.
0:04:07 > 0:04:07We are under analyst at CMC Markets.
0:04:07 > 0:04:07We are under way analyst at CMC Markets.
0:04:07 > 0:04:08We are under way and analyst at CMC Markets.
0:04:08 > 0:04:09We are under way and it analyst at CMC Markets.
0:04:09 > 0:04:09We are under way and it is analyst at CMC Markets.
0:04:09 > 0:04:09We are under way and it is not analyst at CMC Markets.
0:04:09 > 0:04:12We are under way and it is not looking good.Indeed, Sally. But not
0:04:12 > 0:04:17as bad as it could have been. I talked to you 45 minutes ago, and we
0:04:17 > 0:04:22were looking at a significantly lower open. We have rebound it a
0:04:22 > 0:04:30little bit since then, but we still remain below the closes yesterday.
0:04:30 > 0:04:37We may get a rebound today, we could well find that we could see further
0:04:37 > 0:04:40tests on the downside.What is the talk in the City about how long this
0:04:40 > 0:04:48may last, and when what we deem is normality may return?I am going out
0:04:48 > 0:04:53on a limb here, but I am saying that we could potentially have seen the
0:04:53 > 0:04:57highs for the year this year. A large part of the reason we have
0:04:57 > 0:05:01sold off quickly is, a large part of the rising US markets has been on
0:05:01 > 0:05:05optimism about Mr Trump's tax reforms, and rising inflationary
0:05:05 > 0:05:11pressure and what have you. But also fuelled by a sharp rise in margin
0:05:11 > 0:05:16debt, that is where US investors borrowed debt to buy stocks. If
0:05:16 > 0:05:20interest rates go up and stock markets sell-off, the margin debt
0:05:20 > 0:05:25becomes more expensive to maintain. We did have a self-fulfilling
0:05:25 > 0:05:29prophecy interims of a sharp sell-off. In the wider scheme of
0:05:29 > 0:05:33things, the sell-off is modest compared to where we were at the
0:05:33 > 0:05:38beginning of 20 Zepeng team. If we don't get a rebound soon, we can see
0:05:38 > 0:05:43further declines in US markets, which is what worries me the most,
0:05:43 > 0:05:52the rise in margin debt particularly in the US.Thank you.
0:05:55 > 0:06:05Looking at the European open, the FTSE 100 is down 2.5%. Remme,
0:06:05 > 0:06:09Japanese stocks, their biggest points drop since June, 2016, ending
0:06:09 > 0:06:17the session down 4.7%. Hong Kong saw its biggest percentage drop since
0:06:17 > 0:06:22August, 2015.
0:06:22 > 0:06:24Let's take you to our Asia Business Hub, where Karishma
0:06:24 > 0:06:26has been tracking those numbers.
0:06:26 > 0:06:33The falls were significant.I was talking to an analyst at earlier on,
0:06:33 > 0:06:38who was saying to me that usually use CV 's falls mirrored out here in
0:06:38 > 0:06:42Asia, but at a greater value. That is for many reasons, the same
0:06:42 > 0:06:49reasons we have seen stocks go up in the US, many Asian share markets
0:06:49 > 0:06:54have benefited as well. The flow of money into Asia over the last
0:06:54 > 0:07:0010-year is, thanks to low interest rates in the US, many investors
0:07:00 > 0:07:05putting their hot money out here in Asia, so when you see share falls in
0:07:05 > 0:07:10this part of the world, like in Japan, at one point it was close to
0:07:10 > 0:07:127% lower today, but as you mentioned, it has recovered
0:07:12 > 0:07:19slightly. They do seem to have bigger percentage value than in the
0:07:19 > 0:07:25United States. Everybody out here that I have spoken to today has
0:07:25 > 0:07:29said, the economic fundamentals in Asia are still strong. These are
0:07:29 > 0:07:34some of the best economic times we have seen in this part of the world
0:07:34 > 0:07:38in recent years. Notwithstanding the slowdown in China, but the big
0:07:38 > 0:07:41question for a lot of traders and investors in Asian markets is how
0:07:41 > 0:07:46long will this US market sell-off continued? That is what they are
0:07:46 > 0:07:51paying attention to when US markets open later today.Thank you for
0:07:51 > 0:07:55updating us on that.
0:07:56 > 0:08:01Let's get onto corporate news.
0:08:01 > 0:08:03BP has announced its latest set of results and the oil giant has
0:08:04 > 0:08:05posted some impressive numbers.
0:08:05 > 0:08:07The company made $6.2 billion in profit last year,
0:08:07 > 0:08:11that's a 139% increase compared to 2016.
0:08:11 > 0:08:14If you look at the underlying conditions in the energy market, of
0:08:14 > 0:08:19course, they have improved an awful lot.
0:08:19 > 0:08:21Oil soared in the second half of 2017 and in January,
0:08:21 > 0:08:23prices hit a four-year high of $70 a barrel.
0:08:23 > 0:08:26With me is Paul Hickin, the oil director at commodity
0:08:26 > 0:08:32pricing group S&P Global Platts.
0:08:32 > 0:08:37BP is a funny one, because it is a firm we only talk about when the
0:08:37 > 0:08:40results are out. So much happens in between. Bring us up to date and
0:08:40 > 0:08:47fill in the gaps.Basically, for several years now, they have been
0:08:47 > 0:08:54cutting costs, tightening their belts, and that has helped BP and
0:08:54 > 0:08:59the oil industry generally with capital discipline. They have come
0:08:59 > 0:09:04out projects like Venezuela and Vietnam, and focused on core
0:09:04 > 0:09:10businesses, the North Sea and middle east, Iraq, Kuwait, the UAE, all the
0:09:10 > 0:09:13safe bets. It has paid dividends for them.
0:09:13 > 0:09:19They have had to get a lot leaner and meaner. BP, unlike its rivals,
0:09:19 > 0:09:23have paid a lot of money out for the deepwater horizon disaster. Could
0:09:23 > 0:09:27you save the results to date marked a turning point for BP in terms of
0:09:27 > 0:09:34that disaster also oil prices being lower, where are we going?It still
0:09:34 > 0:09:39casts a shadow over BP and its results. If you look at positive
0:09:39 > 0:09:43results, net debt ratio is still high, a stubborn problem for them.
0:09:43 > 0:09:48That weighs against them, compared to major peers. They have done good
0:09:48 > 0:10:00work. Oil prices up, which has helped, but they announced a bounce,
0:10:00 > 0:10:05and they can't close the chapter on that.What is important is BP pay
0:10:05 > 0:10:08out dividends and keep pension funds have become it is an important part
0:10:08 > 0:10:14of pension funds in the UK.The CEO has been very keen to balance the
0:10:14 > 0:10:20capital discipline with the investment in new projects, which is
0:10:20 > 0:10:25the lifeblood for investors for an oil company. They have had seven oil
0:10:25 > 0:10:33projects come on last year, and eyes diversifying will stop gas is a big
0:10:33 > 0:10:37part of their portfolio.Paul, thank you. Thank you for explaining that,
0:10:37 > 0:10:46it is an interesting one. BP shares down 2% at the moment.
0:10:47 > 0:10:54One firm is cashing in on the dim food, but selling it through your
0:10:54 > 0:10:56door.
0:11:06 > 0:11:09The former bosses of Carillion are due to be questioned by a joint
0:11:09 > 0:11:14committee of MPs today.
0:11:14 > 0:11:16The construction firm liquidised with a reported £5 billion
0:11:16 > 0:11:18of liabilities and just £29 million left in cash -
0:11:18 > 0:11:21less than a year after being signed off as a going concern
0:11:21 > 0:11:23by KPMG in Spring 2017.
0:11:23 > 0:11:26Joining us now is the chair of the Work and Pensions Committee,
0:11:26 > 0:11:32the Right Honourable Frank Field MP.
0:11:32 > 0:11:36Many will be watching this very, very closely who feel these people
0:11:36 > 0:11:41in front of this committee made a lot of mistakes.Well, they have
0:11:41 > 0:11:46certainly got a lot of questions to answer. One is, for example, were
0:11:46 > 0:11:51they knowingly trading unlawfully when they should have actually been
0:11:51 > 0:11:58much more honest about how dire their predicament was? Why were they
0:11:58 > 0:12:06raising money, borrowing in fact, to pay dividends? And why did they take
0:12:06 > 0:12:11such large salaries when all these things were possibly happening, and
0:12:11 > 0:12:16we know the pension deficit was escalating? There are some very key
0:12:16 > 0:12:21questions. Then later next week, the chair of the business committee, and
0:12:21 > 0:12:27I, we are doing a joint enquiry, looking at those people called the
0:12:27 > 0:12:31auditors, you mentioned KPMG. There are four big companies in this
0:12:31 > 0:12:35country, they share the prize is out between them. Why did they give them
0:12:35 > 0:12:40such a Bill of health? When you look over a period of time, nobody with
0:12:40 > 0:12:47an A-level or O-level accountancy standards would say there are big
0:12:47 > 0:12:50questions for this company to answer?
0:12:50 > 0:12:55A lot of people will look at something like this, people giving
0:12:55 > 0:12:58evidence, explaining what happened, what power do you have to hold them
0:12:58 > 0:13:05to account?Well, I mean, they will appear in public, so in a sense,
0:13:05 > 0:13:09they are appearing before their friends, neighbours and the country
0:13:09 > 0:13:13by television, but you are right. At the end of the day, we produced a
0:13:13 > 0:13:23report on BHS, that was Sir Philip Green before us, Mr Philip Green
0:13:23 > 0:13:29today. The government has not acted. Again, it comes back to the big
0:13:29 > 0:13:33issue, you have rightly talked about Brexit, but we need reforms on the
0:13:33 > 0:13:36home front.Thank you for your contribution.
0:13:46 > 0:13:49You're watching Business Live.
0:13:49 > 0:13:52Global markets turn red - as the Dow Jones suffers its biggest
0:13:52 > 0:13:53one-day fall in history.
0:13:53 > 0:13:57We have talked about whether it is a correction or collapse.
0:13:57 > 0:14:03Take a look at that. Many of these were down over 3% lower. We will
0:14:03 > 0:14:07talk to a top market analyst in around five minutes also to get her
0:14:07 > 0:14:12analysis of why we are seeing such declines, and whether we need to cut
0:14:12 > 0:14:17our losses and run or hang in there. It will take a tough nerve over the
0:14:17 > 0:14:20next few days. A lot to get through, let's bring you date with other
0:14:20 > 0:14:28stories making headlines.
0:14:28 > 0:14:30Laurent Potdevin, the boss of athletic wear firm Lululemon,
0:14:30 > 0:14:31has quit unexpectedly.
0:14:31 > 0:14:33The Vancouver-based company said Mr Potdevin had fallen short
0:14:33 > 0:14:35of internal standards of conduct.
0:14:35 > 0:14:39He joined Lululemon, which is best known for its yoga-wear, in 2014.
0:14:39 > 0:14:41Singapore's central bank says there is no strong case
0:14:41 > 0:14:42for banning cryptocurrencies.
0:14:42 > 0:14:44The bank has been studying the potential risks but the deputy
0:14:44 > 0:14:47governor says that it is too early to say whether virtual
0:14:47 > 0:14:55currencies will succeed.
0:14:55 > 0:14:58Bank of Japan Governor Haruhiko Kuroda on Tuesday ruled out
0:14:58 > 0:15:01the possibility of raising interest rates any time soon despite his
0:15:01 > 0:15:02optimism over the economic outlook.
0:15:02 > 0:15:07He said the fundamentals behind stock prices remained solid.
0:15:14 > 0:15:20There is your central bank round-up. Sammy lives a bit of central bank
0:15:20 > 0:15:29action. -- Sally loves. But now we are
0:15:29 > 0:15:38talking food. We will talk about Vigo and food. One firm is cashing
0:15:38 > 0:15:45in on delivering to your door. -- we will talk about vegan food. Last
0:15:45 > 0:15:52year 542,000 British people consider themselves vegan. The Vegan Society
0:15:52 > 0:15:56says there was a 185% jump in the number of vegan products launched in
0:15:56 > 0:16:07the UK. Writing on the back of this is the
0:16:07 > 0:16:17vegan delivery firm Allplants. I am sorry, I believe I have pronounced
0:16:17 > 0:16:21the surname of the founders of this company incorrectly.It is a monthly
0:16:21 > 0:16:27fee, you can buy once, weekly or whenever you like. -- it is not a
0:16:27 > 0:16:33monthly fee.And the commercial! People want to subscribe more often,
0:16:33 > 0:16:36people on weekly are getting it every day, personal trainers are
0:16:36 > 0:16:41eating it every day. If you are a health savvy moaners maybe once a
0:16:41 > 0:16:46month you get your six dishes. Of our customers say it allows you to
0:16:46 > 0:16:53feel like you are cheating, you are having something like mac and
0:16:53 > 0:16:55cheese, super creamy and indulgence, which is made of cashews, which are
0:16:55 > 0:17:07in protein.You have a pile of these meals. They are ready to go? You can
0:17:07 > 0:17:15put them in the freezer, they are made in your...Kitchens.Kitchens,
0:17:15 > 0:17:21my brain is not working, in London, and you deliver them to the door.We
0:17:21 > 0:17:25wanted to make it really, really easy for people to eat healthier.
0:17:25 > 0:17:27Whoever you are, trying to eat healthy meals that are super
0:17:27 > 0:17:31delicious and really, really convenient is tricky. That was the
0:17:31 > 0:17:36main impetus. Alongside that, we wanted to show people at eating
0:17:36 > 0:17:40plants is healthier and more sustainable but it is also something
0:17:40 > 0:17:44you can do every day and it is not about sacrifice. You can eat lasagne
0:17:44 > 0:17:50with walnut mints, for example.In terms of the price, it is kind of
0:17:50 > 0:17:54middle. I was grilling you in the green room, it is high and frozen
0:17:54 > 0:17:57ready meals that you would see in the supermarkets, so why would I
0:17:57 > 0:18:02even find out about your company when I can get that at the
0:18:02 > 0:18:05supermarket?People are shopping online more, that is where we are
0:18:05 > 0:18:09seeing growth. We might grow into supermarkets in the future, but for
0:18:09 > 0:18:13now it is learning about customers, creating a one-to-one relationship
0:18:13 > 0:18:17where we can find out what they are looking for. Do they want asserts as
0:18:17 > 0:18:24well? It allows us to scale into other countries. UK's first. We are
0:18:24 > 0:18:29not really talking about vegans, we are talking about the 56% of people
0:18:29 > 0:18:34reducing their meat. We will go UK first, learn what to do here, make
0:18:34 > 0:18:38the best food we can and try to see how we can do it elsewhere.
0:18:38 > 0:18:41I say you have shunned the supermarkets, getting delivered to
0:18:41 > 0:18:46the door. It allows you to know a lot about your customers. You can
0:18:46 > 0:18:56find out what they want, but at the same time it comes with hurdles, it
0:18:56 > 0:18:58is the logistics of getting it to someone's house, keeping it frozen,
0:18:58 > 0:19:02what if they are not in?It is not easy for us, we try to make it as
0:19:02 > 0:19:06easy as possible for the customer. The whole recent eat more plants is
0:19:06 > 0:19:10about living a healthier, more sustainable life, it is challenging
0:19:10 > 0:19:17to get frozen sustainably to your door.How do you deliver? Petrol or
0:19:17 > 0:19:22diesel vehicles?All our vehicles are carbon neutral, we offset the
0:19:22 > 0:19:26carbon on every delivery. The packaging the product comes in is
0:19:26 > 0:19:39100% recyclable or compostable, we were pretty hard on making sure the
0:19:39 > 0:19:42liner that keeps it frozen...That sounds expensive. You had to make a
0:19:42 > 0:19:45decent profit on each meal, you have been going a year, it is early days?
0:19:45 > 0:19:48We have shipped just over 120,000 meals so far. Looking at it from a
0:19:48 > 0:19:51business case, in terms of how long people are staying with the
0:19:51 > 0:19:55business, we are already able to make a small profit and every
0:19:55 > 0:19:59customer which allows us to invest even more in making the food more
0:19:59 > 0:20:03delicious and easy.All the fruit and veg and everything, I guess, is
0:20:03 > 0:20:08going up in price with Brexit on the fall in the value of sterling?That
0:20:08 > 0:20:12is the meta- view of it all, good food in general is going up in price
0:20:12 > 0:20:19all the time. -- but food in general is. We always making sure we get the
0:20:19 > 0:20:22best ingredients, put them in, make the most delicious food we can and
0:20:22 > 0:20:26make it easy as possible for people to eat healthier in a hurry.
0:20:26 > 0:20:35We talk about distributors in the industry, your closest rival is
0:20:35 > 0:20:38probably less the supermarkets but the takeaway convenience, you can
0:20:38 > 0:20:43get this delivered to your door or something that is already cooked?We
0:20:43 > 0:20:47are cheaper than a takeaway, if you look at the way we cook the food it
0:20:47 > 0:20:51is more nutritious, with a takeaway you do not know what is going into
0:20:51 > 0:20:55it, with a restaurant even you are not told the nutrition value.We
0:20:55 > 0:21:00assume what is going in this.Online we have the full nutritional
0:21:00 > 0:21:07breakdown, we show the customer our recipes, we have beautiful recipe
0:21:07 > 0:21:10videos and health tips and food hacks on the website. This cashew
0:21:10 > 0:21:16Mac, you can see it all online.You and your brother of vegan, have you
0:21:16 > 0:21:21made a plot of the recipes?It started ourselves. This is my
0:21:21 > 0:21:31favourite at the moment, it is essentially like but we have used a
0:21:31 > 0:21:36walnut mince and sun-dried tomatoes. We create the recipes and we work
0:21:36 > 0:21:40with a team of chefs. With this particular one we have worked with a
0:21:40 > 0:21:43really great chef who is Indian himself and has a lot of history at
0:21:43 > 0:21:49making delicious Indian food. So we lean on what we are interested in
0:21:49 > 0:21:51from a culinary perspective, what customers are for and collaborate
0:21:51 > 0:21:57with the best # each dish.Alex, you are so passionate about your food.
0:21:57 > 0:22:04So is Ben. I wanted to move on! They are hand
0:22:04 > 0:22:08signed by the chef who made it. Alex, it has been really great to
0:22:08 > 0:22:14see you, thanks for coming in.
0:22:18 > 0:22:26Stay up to date on the BBC Business Live page. And we want to hear from
0:22:26 > 0:22:38you. Get involved on the web page, on Twitter, and you can find is on
0:22:38 > 0:22:45Facebook at Bbc Money. What you need to know, when you need to know.
0:22:45 > 0:22:56We promised some more market analysis.
0:22:56 > 0:22:59Lucy MacDonald, CIO of Global Equities at Allianz Global Investors
0:22:59 > 0:23:01joins us now to discuss.
0:23:01 > 0:23:04It is unsurprising we are seeing the reaction we are at the moment. We
0:23:04 > 0:23:09had been expecting correction because of the vertical rise we have
0:23:09 > 0:23:15seen in markets this year. One of the risks we have been looking for
0:23:15 > 0:23:21was inflation surprise, that is what we saw on Friday.Was at a big
0:23:21 > 0:23:24surprise?It is a pricing that wage inflation is the dog that has not
0:23:24 > 0:23:33barked in this relatively strong market with low unemployment.
0:23:33 > 0:23:36Listening to Janet Yellen over the months and looking at why has there
0:23:36 > 0:23:43not been more wage inflation, the quality of the jobs coming into the
0:23:43 > 0:23:48market has been part of that. But we saw the first hint of it on Friday.
0:23:48 > 0:23:53We are seeing what you would normally expect to see at this stage
0:23:53 > 0:24:01of a recovery. You get the reaction and bond markets, which comes into
0:24:01 > 0:24:06the relative value. It is textbook stuff. It is not a surprise that it
0:24:06 > 0:24:09should happen in this way. The question is how far it goes from
0:24:09 > 0:24:14here. There is a story in the National,
0:24:14 > 0:24:21the 500 richest people in the world lose a combined $140 billion, which
0:24:21 > 0:24:25shows quite where the money is invested and what is at stake when
0:24:25 > 0:24:32we talk about 2%, 3%, 4%, when it is a value like $100 billion it is a
0:24:32 > 0:24:41lot money.The percentages make the difference. It is not an enormous
0:24:41 > 0:24:43percentage so far, it just takes us back to where we were at the
0:24:43 > 0:24:50beginning of the year. Stav says stocks are not aligned to
0:24:50 > 0:24:54products or productivity, realisation sets in, correction has
0:24:54 > 0:25:01to happen. -- Steph says. Nick, a regular guest on the
0:25:01 > 0:25:05programme, says try not to be drawn into the market timing. They make
0:25:05 > 0:25:10money from investment. You get Rich slowly, remember. Trying to call
0:25:10 > 0:25:15these swings up or down is probably a mug's game?We do not try to be
0:25:15 > 0:25:20too cute about these things. When you get a really big panic, like on
0:25:20 > 0:25:24Brexit day, there was a great short-term buying opportunity, there
0:25:24 > 0:25:27was a very short run-up to Trump was elected, that really went very, very
0:25:27 > 0:25:33quickly. -- very, very short one after Trump
0:25:33 > 0:25:38was elected. You do not buy anything different or lower quality, you do
0:25:38 > 0:25:43not trade, you buy stocks for the long-term. If you can buy won a 10%
0:25:43 > 0:25:49discounts, that is nice.Thanks for explaining that. The FTSE 100 is
0:25:49 > 0:25:56down just shy of 2% in the moment. More news ahead on the BBC. Stay
0:25:56 > 0:26:04with us.