bob dudley says the company's strategy is clearly working.ces and costs, projects are coming in on time, under budget. we just pierced the range, really because of one transaction. a creative transaction with bp. on the backside of that, we have committed to diverse over the next couple of years, $10 billion will bring the gearing back down. i am not concerned of ticking outside the range a little, because it is such a good transaction. desley: certain people were said to have died in a paris apartment fire. one other is seriously injured, but the cause of the blaze is uncertain. the fire broke out in a wealthy paris neighborhood i. another 27 people, including three firefighters, have minor injuries. parliament's failure to agree on brexit is holding back investment, according to the business secretary greg clark. his comments come after there was an abandonment of plans to expand production in the u.k. the japanese carmaker will have to reapply for government grants. next weeky has until to secure changes that will satisfy enough lawmakers

we want to prevent oefrz frtherm having their hands on it." >> bp ceo bob dudley has told cnbc in an exclusive interview that the price of oil is within a ban that suits both producers and consumers. dan joined us with more from cairo. what more can you tell us about that interview with bob dudley >> we were fortunate enough to speak to him at the conference, which is happening right now he announced that bp intends to spend 1.8 billion dollars in egypt in 2019. that is very significant for the second year in a row it means that bp is spending more in this country than any other country in the world this is interesting as well. he said there's a flurry of uncertainties in the market that could lead to a potential energy market crunch over the next few months. the opec plus countries agreed reduce production in the first quarter. we don't even really have data from it. we'll have to see what the data looks like, but the markets feel tight to me, and we plan bp on this fairway, which i think is good for the world between $50 and clars 65 wrash that's good for producers and consumers. >

we speak to bob dudley, you can catch that interview after 7:30 a.m. london time.the u.k., germany, and france recognize juan guaido as the country's interim president but the eu fails to support him at italy. we will bring you the latest. this is bloomberg. ♪ nejra: it is 7:18 a.m. in london, we are 42 minutes away from the start of cash equity trading. i am nejra cehic. we could get gains, the euro weaker.- eurostoxx nasdaq futures not showing a direction.f unchanged on a 272 handle, the dollars drifting. i am focusing on the aussie, reversing losses, it dropped on retail sales but gained after the rba tech policy unchanged. we did not get the dovish tilt some were expecting. back from losses, we look ahead to crude inventories tomorrow and in the oil sector, it is bp you want to focus on in terms of european earnings, adjusted that coming in at a strong beat, copper on a tear, up 8% -- .8%. today we are asking the question on mliv, will trump's state of the union speech move markets? the bloomberg business flash, dudley humphrey has that in dubai. >> ims is susp

. >> bp's fourth quarter net profit jumps 65% while the oil major ups its dividend ceo bob dudley telling cnbc is optimistic for the year ahead. >> feels like the markets will be firmer. couldn't predict the oil price we're planning bp between 50 and 65 >>> apple supplier ams plunges more than 15% becoming one of the worst performing stocks in europe after slashing its dividends and warning of a difficult quarter ahead. >>> good morning, and welcome to "street signs. on "the final services number for the month of january have been confirmed let's just go over them. we now have confirmation the final composite pmi number for the euro zone as a whole came in at 51. this is slightly higher than the initial flash estimates of 50.7 and still lower than where we were back in december, which is 51.1 to put it into context, we've been saying this for a whoil now, these are the lowest numbers since july 2013. insofar as there is a breakdown, the number came in at 51.2, and that's in line with the december line also a little higher than the flash pmis well. from what i can tell just looking at the

guy: that was bob dudley, the ceo of bp. the stock rising to the top of the ftse 100 today.tock of the hour, estee lauder with its best day in more than seven years with a shares up more than 13% after the company raised its guidance based off strength in asia. they are liking the perfumes? >> they beat in second-quarter results and upped for their guidance going forward, far above what analysts expected. this is coming from asia. i have a chart here on the bloomberg terminal showing asian countries really have been the driver for sales, the white bar is offsetting some weakness in america. this has been a long-term trend and a has not changed despite fears of a slowdown in china, how the trade wars are impacting the consumer there. so the company really just eras ing those concerns. and this is coming from skincare, 40% of the revenue. guy: are they out of the woods? >> it was not an issue this quarter, but the company did list china among risks going forward, saying growth could change, tariffs could impact them, also noting brexit as a risk. so the outlook could be conser

the good of bob dudley, the chief executive officer of british petroleum. with us, gene frieda.hy executives who are spinning the message. it is part of the culture. china, the reality in chevron out, conoco phillips out, bp is the only one in their. .e can you do big oil drilling with countries like china or are those days over? gene: i think china is special. i think the mantra would be like this -- if you are an oil-producing country that needs money, you're going to open your market to foreign producers. otherwise, china does not need the money and it is not opening. china does not fit in that bucket. tom: i agree china is separate. energychina's independence? with your visits and study of china, are they going to be energy independent? gene: i think they are trying to be pioneers in terms of getting up the renewable curve and that will reduce energy needs and it will make them more independent. ultimately, that is about how do we shift the growth model away from the old stuff, the infrastructure driven, property focused growth model. so far, i would be skeptical they make t

staying with oil, bp ceo bob dudley going on the record overnight in egypt, and he has a big warning for your money let's go to dan murphy who is live in cairo with more. dan. there are a number of uncertainty that is could lead to an oil crunch over the coming months he still sounds pretty optimistic on the youtlook for prices listen in. >> the markets feel tight to me, and we plan bp on a sort of fairway, which i think is good for the world, between $50 a barrel and $65 that's good for producers and consumers. we're, you know, $62 today, so we're within that fairway. i think what's important is when the prices are too high or too low, it leads to all kinds of unintended consequences. shaken but undeterred. bp still plans on spending about $1.8 billion in egypt. this year alone. that means this country is the biggest spender for egypt for a second year in a row it spends more money here than anywhere else in the world back over to you >> dan murphy with an exclusive comment from cairo, egypt. shaken but undeterred. good work, dan i'm watching you >>> meantime, the crisis in caracas

ceo bob dudley said he is bullish about where oil prices are likely headed.ere's what he said earlier this morning on cnbc in europe. >> we're playing bp between 50 and 65 >> bp shares are up more than 4% in european trading right now. >>> also to watch, gilead sciences, fourth quarter profit falling short of analyst foeshs. sales of its flagship hepatitis c drugs continue to slide. the company also highlighting some potential risks that could impact results this year that includes generic competition and demand for higher discounts on its hiv drug gilead also lowered this morning down to 4% the company's guidance for the quarter coming in well short of estimates. that stock down about 5.5% this morning. let's get you now up to speed on what is happening in the broader markets. we we want micro let's go macro take a look at stock futures they're up decently. we had a big gain yesterday on the dow. 175 points a little follow-through. dow futures up 49. nasdaq futures are slightly down, but on a fair value basis. because of the lunar new year, you have stock ma

here's what bob dudley had to say about opec cuts. >> it looks to me when you combine that disciplinems to have and has demonstrated for quite a while now and you look at factors like venezuela, human tragedy, there are things that could firm up the oil price. then the bottlenecking of infrastructure in the permian will come. oil, interesting, $50 that's what they are basing this on. -- amount of debt they have it was supposed to be reduced to below 30 this year. that has been pushed back to next year. that is front and center of you are doing well, but what's the expense? david: no trouble. we will sell some stuff. -- joining us now, the oppenheimer & co. senior analyst. $1435.a price target of good to have you on the phone. the markets were a bit disappointed because of margins. were you disappointed? >> that is a fair assessment. you had two factors. higher spending on content, cloud and hardware. they don't help you understand the breakdown. as a result, the gross profit was weaker than expected. secondly, there was a one-time increase in bands to equity related to other bets, the

it certainly changes flows of .rude it's a human tragedy scarlet: that was bob dudley speaking with anname gina mayor from houston. -- regina mayor from houston. what do the results from shell, exxon mobil and chevron tell us about how the big oil companies are navigating the swings in oil prices? volatile.uite very large companies are able to withstand those ups and downs. where we see things falling out at the margins are the smaller shale producers. there are three key things driving the macro impact for crude price. number one, the fact that opec plus appears to be disciplined in terms of its cuts. we are seeing it three quarters of the way toward the committed cuts already. 12 million barrels per day even with four out of five weeks of reduced count -- rig counts. and then what will happen with the venezuelan sanctions and iranian sections and the conversations with china on an ongoing basis. those are the things that anyone watches on a given day. caroline: today, it is driving the price down, focusing more on oil stockpiles. i want to get your take on where you see the price when

oil is coming down even though bob dudley says the oil market is tight -- >> bp had a good quarter. >it is not up more when it gets up to the high of the permian buys, sell the futures, the long curve, now five years, right around here. i also worry, david, i don't want to -- last night someone called me on the oil stock, i said, frankly, i don't want to recommend any more oil stocks. there are things happening in terms of the next generation these are taking the appearance, they're beginning to have that kind of tobacco-like feel. i don't think the younger managers want to own it. >> so, what, millennials pressuring fiduciaries to divest themselves >> becoming money managers and not wanting to own these things. i think it is worth watching they don't like plastic either i was talking to benno dorer about this, from clorox, it is a very big yiissue. watch this oil derivative as a way 20 years from now where people say, i'm not going to own -- it is going to take a long time. >> we had jim on talking about plastics and they had a whole strategy there too very important part of the busi

this as bp pays ceo bob dudley said a flurry of intensifying risks could trigger an energy market crunch me and we planned bp on this fair way between $20 a barrel to $65. that's good for producers and consumers. so we're 62 today. so we're within that fairway i think what's important is when the prices are too high or too low it leads to all kinds of unintended consequences. >> always good to hear from the majors on their price forecasts. and, clearly, a lot of them are bullish. so far oil has had a pretty good year but if you add it all up over the last three months, guys, still down 11% 21% over the last six months >> yeah. all right. let's go to our etf spotlight. we're going to send it over to bob pisani he's not here. oh, no he's live from the world's largest etf conference in hollywood, florida bob, take it away. >> bring jenny on down and the kids you'll like it down with us. the etf conference the biggest etf conference in the world right now where roughly 2,500 investment professionals are gathered to talk about the most important trends in 2019 in investing. among the big tren

bp ceo bob dudley says he is bullish will the future. here's what he said earlier on cnbc >> it feels like the markets will be firmer couldn't predict the oil price we're planning bp between 50 and 65 >> take a look at bp shares. they are trading higher. actually, almost 5% at moment. we'll talk to bfcfo at 7:45 a.m. eastern time this morning. meanwhile, gilead's fourth quarter profit fell short of forecasts. its hepatitis c drugs continued to slide the company also highlighting some potential risks that could impact results this year, including generic competition and demand for higher discounts of its hiv drug. that stock down 4% seagate is also down sharply the maker of data storage products reporting second quarter results that beat forecasts. the company's guidance for the current quarter dame in well short of estimates that stock down more than 5% it's been a tough area of western digital and seagate having a hard time >> president trump set to deliver his state of the union address. tonight at 9:00 p.m. eastern time let's get to a