[laughter] >> cruise control and hillary paired.claims the role plunging prices. .he estimates taking a bite and of the capital. the most valuable company in the world.

welcome to countdown paired i am anna edwards. let's check with what we're watching as u.s. stockpiles are expanding. the 2015 in sultan out -- until now. the crude supplies and a weakening record. we will show those stockpiles continuing to decline at the record already. they were down 6% yesterday. price.oving lower my old

the s&p is taking action. shell debt the coverage backegin in 1990. there could be other european names. later on. bloomberg first. ted cruz from texas from the and republican caucus meanwhile hillary clinton is clean into a narrow lead over barry sanders.

+++ bernie and hillary -- will what happened in terms of nomination. >> we have had some money different indications involved that we can beat her. we will go on for the republican nomination and we will go want to easily beat hillary or bernie or whoever the hell is against us. . >> oil has dropped over a day which shows u.s. cruise stockpiles over a glutton. the 2015 results later this morning and the debt rating lower. also equities. the fourth net income not have the 49 million prescribing which is not entered 11 million.

the new money outflow 2.4 billion francs and we will hear so we can know exactly what is going on. european union says that is closest to a compromise over the u.k. the government head has actualed more than problems. and the ecb has put britain within the drunk. the united kingdom firmly within the eu, while out on the u.s. to integrate further with confidence. -- we arend markets more sure about the capacity to act jointly in a spirit of common responsibility. we should prove them wrong. cool over apple as the most

fellow company in the world. saleson strong online and . it is the first earnings report. day andews 24 hours a more than 150 news bureaus around the world. baird standing by for the deputy markets around pressure and we have a story out of a china and makes back. yes, we have a little bit of a sinking feeling when it comes the markets. we are seeing a bit of it going towards japan easing. itsjapanese markets and will be going down 1/6 of a percent. across the region

thatne in energy producers will go in japan. topicsoing into the which is down. it has put on about 5%. they're down by 1% into the recession. we haven't a number of divisions. saying it will go into market volatility which will raise. also, holding down which will say it will continue with liquidity's. he does not said care about their liquidity's. the course ofto

sustainable economic growth or recovery. they are not do anything on .olicy we have talked about the s&p. it could be in the father line. meadows which produces it. it is surging over 3%. it is also a down day. nna: thank you. humana should be donald trump

with the evangelical christians. it looks like senator bernie sanders is in a virtual tie. let's get more from hans nichols. good morning to you. take us through this. what does it mean? hans: for the republican side, we can see donald trump's air of one ability, that he is a winner. it is punctured. or seven days, he can reinflate this antiestablishment balloon. we can somehow figure out a way to win in new hampshire. here are the numbers. is coming in first place with 27% of the votes.

ande is trumped with 24% rubio, close to third place, 23 11% -- you want to get organization mattering. mr. cruz had about 12,000 volunteers which met precinct captain and all 1600 precincts in 1691 physics. that is a lot of organization. organization that bernie sanders is for real answer is over one moby have is 49%rtual time over e.parating them i think with don tremendous it was most of her. it will go on and we are in for a long haul appeared it is

something we have not done and that is so humble. finish second and i am honored -- i really honored. and allcongratulate had the incredible candidates including mike huckabee who has been a good friend of mine. >>gratulations to everyone everybody is retweeting what he said. nobody remembers who get second place. is thecan hear republican establishment -- all those back in washington thinking they can go back to the inability. pairedhat is interesting what about the democrat side?

she clearly has a difficult race on her and. it was in the single digits in the polls and neck and neck with the pursuant front runner. it tells you something is going on in the democratic party. there is a great deal of concern of inchoate quality. there have been other left-wing party candidates in iowa that have failed, fluttered, that is not the case here. we have bernie sanders show me these organized as well and now a ghost new actuaries and easier path. it is primary new hampshire which anyone can show what and it is an open primary.

we don't know where they will both from. i will they finish up donald trump and have marco rubio as in establishing kevin. which way will ago in which primary will they vote and? anna: thank you very much. we also have the chief currency strategist. n we sorted on a political vendor, talking about it. this is something markets have quacks overth baird

the course of the last 30 years, it has been only presidential elections. bill clinton was going to be in now we know it should be over that. quacks in the era we're in -- monetary policy. you are saying it should be over that.

not monetary policy. it is difficult for other stories. quacks that is absolute you break. we go back 2014, the idea of the central bank. we have seen it that is ludicrous. the idea unless there is a generally traumatic selection but it seems like they will not react. to we -- only tell anything from these companions?

i too think they can be some elements. in november,iness could be a major issue. to be a political issue.

>> will a be a strong color of just week overseas? >> i think is a combination of both. -- monetaryce prices. to bring more anna:ust the fed spared thank you very much.

we have much more on center stage. send 10 to send did over two the side. we have more on the course spared m&a, later, the federal reserve into speaking about it. -- still to come, usa. go soo have the issues to stay tuned. next, the fed stanley bishop.

>> you are washing in frankfurt. ubs says the net income rose. wealth management and in banking and ubs ceo says woes up 25%. fell 49% due to a decline in commissions on investment and fees. million, that was the lowest. capital hired a former banker that was convicted in the u.s. for investment deals was based in moscow. eight yearsnced to

in prison in july 2013. and that was your birds appeared >> the central bank extended its interest rate to nine months. held keeping the benchmark rate unchanged at 29%. was threat and there is also a slowdown. >> it has appeared in and we will see what develops. we were in the process -- the american economy is in the long process of manufacturing, declining g d and services continued to increase the share there is a tendency for manufacturing growth much

rapidly than gdp. the fed will not decide how many times it will raise rates but will base its moves on economic innovators. they also said the efficacy is aced on it. -- we continued views even had the undertaking of i policy that is not right. thereby, race and the interest rates. it is working more than i can in 2012 with the committee. if it is working more than expected, they will actually have somewhere to name the team

clearly, some kind of signs of recovery. there have been flurries in the u.s. but we're looking to the north. a little bit of a hiccup because the things that are making it -- higher volatilities of the north. is this forced make more risk to the south. i think the better chances will -- weh the perspective there have been worriers i'm not convinced. whatg to get out of this

does that do to those countries that have been on a different quacks it is the final friday -- they have reassessed a little bit.

anna: when will see rate moves. moving. i'm surprised by perhaps why it is happening. i can imagine some people given the strength, could maybe, just and there is at anna:ility of doing that thank you.

we will talk about bp. later, we will talk to the ceo and the first interview of the day.

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anna: welcome back. let's go to the first is news. >> hillary clinton is clinging to a narrow lead over bernie sanders. >> i don't know who'll win between bernie and hillary. i don't know what will happen with fairly. maybe some bigger problems. had so many different indications involved

that we need her and we beat her easily and we will get the republican nomination and we will know want to easily beat hillary or bernie or whoever the hell is sterling against us. >> oil has dropped for a second day. record and a global glut. shell has morning and a rate which is more than 1990. ubs as in that income racing more than what 15. it declined in the wealth management and we would hear from those people at 6:45 a.m. right here on countdown. the european union is close to

talks with the u.k. over terms so they canplate untangle the more problems that are coming together. the ecb president has reiterated his desire to to keep britain but -- within the block. the solution that will anchor the yuan a can get firmly within the eu -- while allowing it to go further -- would boost confidence. into the markets in spirito actually of what, responsibility. we should prove them wrong. is leapfrogging apple is the most alamo company in the world. trading in the house without better-than-expected results due to sales and kocher control.

the world health organization is declared the zika virus outbreak a global emergency the. priority as they can moves rapidly across the americas and officials say they can move and have concerns growing. by 2400ews -- powered journalists around the world and the bloomberg gas compared anna. have denmark and other communities with the share of the odd back program. 9 billion euros. will in lineit and the net before 2015 then just a net profit will be a hell of -- ahead of estimates.

better news on the impairment side. danish right backs on the impairment -- that is just an apparent. as good ateresting hairline hide. ubs with thepite down day, you are looking asian trading. there are about some intense of a percent. noting chinese stocks are continuing to decline but it is trading. it is ahead of the market closed for next week for the rest of -- spectrum -- australia

risk aversion. oil and we have with brent for 1.7%. we have quite a gathering of everyone is giving an eye >> this is the world currency market. >> they does the u.s. dollar.

that is back to the resolver of australia. with get more on the oil story what are we expecting. what are we expecting? this will be a big. of getting paid. >> you heard that we have this glut of oil on the market in the fourth quarter of last year --

the oil price average was $43 a barrel, that was the worst quarterly average crude oil in a decade. it will be a shocker for bob dudley. and how it has performed at least financially speaking given the oil price. integratedssue is oil companies into the downstream business. on the refining side, there is concerns there could be some soft this on the back of -- warmest than usual winter. -- that usually saves the company. this time around, we will have looking into it appeared they want to make sure $.10 still there paired worn share your think the real focus will be on capital expenditure, right? towards 17,000 billion

dollars. they see a -- i think you'll be closer to 14. any updates on capital expenditures perhaps it really is what is going to move the share price through bp this learning, anna. especially what we have about s&p. it is downgrading the rates on shell. . quacks and visit expressing of concern. it really stretches themselves in terms of borrowing, caving. today's oil prices, to maintain dividends, not incredibly a surprisingly but this will be an so, that is definitely an issue. i think there are very few

people out there that think we going to see a dividend tie or think there is i concern that there can be something later in the year or at least questioning the mechanics of the balance sheet -- wondering what extent it is accessible to allow borrowers -- and also what it means for a company to keep spending at the .nd the other big thing i would point out is yesterday, bomar having ams to be deputy ceo. of it is perhaps the beginning of the secession. it is creating some speculation.

it is taking on more of a wall to assist bob dudley him what is a very difficult time not just for vp but for the entire oil industry. thank you very much. make sure to stay 10. about the oil and how much it is contracting. chart bloomberg five-year on the dollar index -- it is more coming into the dollar and the oil. to me,a good look at it

that's a do with people to their credit. >> we do have the advantages. thank you very much. up next, a mishmash we break down the latest with the ceo. that is next. ♪

anna: welcome back.

a.m. 6:45 the fourth quarter profit dropped 49%. net income dropped to two under were nine billion dollars. hundreds of uber drivers have gone to like because of the new york offices. the price cuts is because of reduced rates on new graphics services. the fourth quarter which has declined and we will hear from the ceo at 6:45 a.m. london time. that is an bloomberg business flash. anna: ubs is recording fourth-quarter net income bigger

than before. >> you look at the profit that is up almost 6%, 6.2 billion. >> you look at the water, and the businesses -- when you look at it, the fourth quarter is more challenging with our investment bank that acid you showingpersonal shrank and is the fourth quarter ati want to focus in on it low levels. these are serious communications. up and prepare for 2016. i think when you look at the

dynamics of the fourth quarter and you look at it, you can see a trend continuing. it is a big diversion. i think the location -- in andral, high volatility geopolitical and micro economic issues. even in the asian business, or the american business -- in india --asia, leveraging their we discovered something that was good for us but they are relatively small statements. in then quite small fourth quarter and also what i'm looking at the environment -- it is not one that would want to do that. having said that, we are confident towards the plans for

the future. quacks how will you run the the the future despite the asian issues -- as a result of this? quacks i think what we need to do is more about sticking to our discipline -- for example, money. we cannot rush to create cosmetic issues actually, we at structuring, the fourthsits and quarter -- we did not go out. mainly for leveraging factors and cross-border organization, major effects. $.85 for these investors.

the markets have to have expectations -- is it dividends are you backing yourself into a corner in terms of what the market is saying in 2016? year is a very strong also, it is a reflection on the very strong euro. that is a reason why don't we are up 20% this year in terms of profit -- we are adding $.55 of -- wel dividend for the are comfortable that we can grow old ordinary people an excuse -- executing our strategy. ?> at one point, is it capable >> i cannot comment. we are comfortable in our

position and we want to continue offocus our bay on the 50% net. let's i got negative rates. -- theyurope, sweden are dynamics. where is the capitulation -- negative euro great? used to thetting great environment at least one year or more which we want we are well prepared to do that and also we have seen that in the way we manage our ballot sheet. we are wired to manage this challenge. you might also be migrating but we had core productions for our shareholders and solutions for

the clients. liquidity is a lot more than what the balance sheet is saying this environment is not just from p&l standpoint but it is weo buried the mandate anna: have a lot more coming yet. anna: we have more from donald later on. interesting report from morgan stanley paired in the futures market yet ah. expectations squirreling. if you look at the last century, it is relatively rare to do that. have a general election. -- exactly.

>> i think that it finds we have the well all he be and airpark. we cannotg thing is do that anyway. >> it's a general election he can go back on. waiting for the polls the purpose. >> there are so many unknowns. anna: showing the weakness over the last year. what is the next move? move, so, i think the next for the bank of england is just reaction towards the capital. i think inflation will work its way into the area. has so much.

anna: thank you. . now, google is looking to leapfrog apple when it comes to the company in the world. that is the latest. with more, here is caroline hyde. . caroline: it is encroaching and other territories and you can see the bottom line here. both companies now worth more than half $1 trillion overall. it is happening yesterday and we than $550ere it more billion will be traveling into this pocket. we have tech companies. -- the into the numbers fourth quarter sales will be now i'm -- 19%.

. it is now 36%. remember, affable crumb -- check out what google has to offer. maps -- chrome coming youtube and google play all have over one billion users. i am pleased to share gmail joins the crossing numbers. even though the profits and revenues are nowhere near where they should be. they had can be worth more. what about on the field? thesephabet googled

shots. what can happen? and is screaming ballooning -- just think google could generate 2.5 billion dollars. but clearlye days this is worth that. but we're working within the google issue. we will see if we have that ♪ ng

anna: stay with us.

anna: cruise control. clinks is to her narrow lead.l oil falls for a second day. how the oil companies being hit. $2.4 billion for the oil company and taking a bite out of apple. how thet company is poised become the most volatile company in the west. ♪

welcome to countdown. we have numbers coming third. the dividend number is $.10 and we have more concern for the morning and $.10. people objected at 100 66 million dollars. expenditures about on the crawlspaces at 1.1. this high level of numbers. the nothing income number we and $196ook at is 2.4 million and that is compared to million so that is

a weaker than estimated number. out for theng guidance at the capital expenditure but there are bigger number is already -- what more can they do? we're talking about the offshore gaps in the portfolio which might require the higher investment rate and production that is bp at 4016, underlying production, which will be broad brushing. have you had 2016 -- detail still. opd and the person will be doing that in a middle of a wild. have in andwhere we the broadly negative one here

and that is the best on of the european market and the u.s. market going to run with. just a touch weaker. in the u.s. will be doing that as well. with that in mind, let's go to the bloomberg news caroline hyde. caroline: romney ila republican caucuses. is clean to an narrow lead but he says they will eat them. >> out of who will win between bernie in hillary. i don't know what will happen with hillary -- maybe it is a problem. but we have had so many different indications involved that we beat hillary easily and we will go on to get the republican nomination and we

will go want to easily eat hillary or bernie over where the hell that the right us. polls have dropped for a second day for donald trump. a record has fallen. the comeback is not for show. in 1990. ubs says netaction net income in the fourth quarter was -- beating estimates. anna: thank you very much. that haveme news

received a possible confirmation. the home retail group store is willing to recommend the author which is holding about reaching a pack into the financial area. we will get news shortly. that's go back to the chief to bring us up-to-date on what is happening. now much as changed. >> that is right. wli, chinese markets are doing the wrong thing. . that is what we saw on the last -- toppeared 3/10 of 1% put things in the context, it is over 20% less them what we usually see and we also have the pboc into the markets at 100 billion euro that boosted things for the

sayese markets but analysts this is short-lived and volatility will come back. get --s of what we can the region of bank of japan is going low. also in the low but we can also see 6% prices where the oil major is explored. this but all the volatility -- we will continue to watch and see the impacts of the growth been bank ofave

japan. it is getting back into sustainable growth. we have had some policy measures this of worth the staff. a little bit of recovery into the small cast indian, indian market. that is how we are faring. a little bit into the region and a. anna: thank you. brief inave the same double-digit epf and they say they will be paying wonders 63 pounds even though that is a little higher than what was expected. bp full-year earnings has come out last week. we will also know what is going on inside.

>> yeah, i just a income at $250 million which is an estimate of over $800 million. a clear miss on the earnings front and a 91% decline year on year for fourth-quarter earnings. also interesting, the replacement cost -- over $200 billion. the key is that it includes rish billion ofosts, $1 restructuring caused in 2016. we knew it would be bad. this is worse than what was expected. the dividend was pointed out. production seems like it is more or less our line. dvd, we more questions for bob dudley -- about how much he will go into the balance sheet -- how will he maintained the dividend and what is the balance as heto be going forward

tries to build an oil company that will continue to replace the reserves. it is not going to be easy. the fact he is making last money will put more pressure on him. anna: expenditures and the business -- you talked about bob the possibility of some planning going on? has been plenty of speculation since the announcement yesterday. lamarr mckay becoming a date deputy ceo. used to be the head of the ops business. now, the speculation is perhaps this is the getting of the succession plan. he is taking on some of the responsibilities what were clearly bad times. industry bute oil

it is a long-term, i think, and it lets people focused on my interview with rob today -- no one really expected for the dividend yet it but closer to the end of the year, there are some people that say you wouldn't been helpful to do just that as opposed to allowing debt to climb. there is the issue of cutting back capital expenditures which you do turn production growth, youacing the amount of oil has the slowest growth so this is something many anna: thankng about you. jobs by the 3000

end of 2017 that leaves us with their feminization. pipes with oil and wouldd one billion euros shares with the restructuring process. joins us with an exclusive interview. it is great to have you on the program. how sure are you that the amount of money you are raising with the help is going to be enough to restructure this business? advantage when reeling it will still affect us in france baird we support the increase by thinking about half of it.

it is a big part of this amount. whichice of 11-year-olds has the company. it is to make sure whatever the , whatever the head warming is -- i know your ceo is thinking about it and saying in the company is not protected from takeover. have you had any discussions about buying the business? really.not it should them have a 15 but, with a sensitivity on the cap for the next 15 years which means that other opportunities arise and they would take care

you said you will be cutting jobs -- have a we seen the worst of that? have the main part of what is going on today is the fact we are transforming in the mayany and rebalancing it and some capacity in europe the eurog exports for market -- one of brazil and one in china. how much do you look at what is happening and china and the feel and blame the chinese are the woes as well as the weakness in the oil price?

not concerned about that. of theostly a product economy. market. export and we have acquisitions going on. >> do you want regulators take action over the chinese? that.w, we disregard >> thank you for joining us. let's bring into the -- what a way to start the morning. we spoke about one business and wounds licking their

that we have seen baird >> it is challenging. the most pressing of the moment and i think ryan lewis said that $50 -- $37 off -- anna: we were talking about how it is affecting it. readjustments in the masters. cutas gone on and has been and acknowledgment for the tough time. it is a little tricky to get rid of. it is not as if they would not do with. expenditure has dividends in debt.

that is the wrong price. forgiven? be anna: would that? >> the problem is very skewed. things is the big lumps, dividends, companies that and thenses pharmaceuticals have the premium in the market and have the big shots which is a bit of a challenge. there are expensive. compelling. was 8:45 a.m. and you

are not known for your optimism. i am not. anna: not recently. not since january. anna: it has not changed. i am very difficult. >> your critics will not be circling you in the u.s. weak.p is very it is 2.7 at the moment. -- it israising cycle challenging. it remains difficult. basicallyonomic bust behaviorve to have the with interest rates. it's another challenge. they are giving them negative interest rates and somehow we

happen weat will not will save more, not less. times japan isng supposed to get better but we are still poor companies are used the misery. yes, thank you very much. up next, central banks are talking about the u.s. more, coming up. ♪

australia has extended

its interest rate for another month. india also keeping the benchmark rate unchanged. u.s., stanley fischer spoke to us about the threat posed by the u.s.. >> manufacturing growth has declined. wait and see what develops. we were in a process and the endrican economy of low- property with gdp and it is continuing to increase with a share of gdp. there has been a tendency to grow rapidly than gdp for some time. anna: that came as stanley fischer said they would not be

detracted but with county times the world raise rates this year. he also spoke about the efficacy. >> countries that have used it theynually, given and up, have been undertaking corrections and monetary policy. it points to -65 places which is the interest rate. than it is working more can say that i expected. in 2012, it was the committee. anna: stanley fischer speaking overnight. countries that have introduced issue -- give you a remarking. >> what does that mean?

act of desperation? what is the use of its? it is hard for the japanese banks. it does not help them. do people respond? no evidence. the only country that is doing that -- the ecb as a whole. you have issues in long-term money but you have low levels. between there any line the eurozone and negative interest rates? >> the levels have not been seen since 1985. is they arething going. d france is still at an all-time high. .

related industries. that is the hope was message. a lot left in the area. it is any because of that. that is the question. not and thered are pockets of growth -- marginally improvement. that -- ituch about is negative breaks -- we're supposed we going swimmingly. anna: the equity -- .2% -- thatness in new york is mostly more and more but if it does not, they might not acknowledge it. >> you have unemployment which is the cost. the u.k. is an example.

there is living wage and all these things going up. they can see that because the profit lines are going up. they can see competition from everywhere. they are desperate to compete. the dichotomy between the consumer and what is called for the behavior -- anna: you? it is distribution. they just want little boxes for the distribution centers. pragmatic issue region. we are buying it for a reason which is not the reason. anna: thank you very much for joining us. up next, the european equity trading.

we will give you everything you need to know ahead of trading. the first interview of the day at 83 8:35 a.m. london time. we have the short break right now.

>> welcome to "on the move". i am guy johnson alongside jonathan ferro. a number of stories out that need attention. jonathon: bp, profit down 91%. we expected some pain in the upstream business. the average price in the mid 40's. we been talking about a crude route for 18 months now. the comparables are still very -- you solve the numbers this morning from bp. guy: we also need to talk about what is comingup