i'm steve sedgwick this was "street signs." up next is "worldwide exchange." join us tomorrow for european programming on "squawk box" from 7:00 central european time these days families want to be connected 24/7. that's why at comcast we're continuing to make our services more reliable than ever. like technology that can update itself. an advanced fiber-network infrustructure. new, more reliable equipment for your home. and a new culture built around customer service. it all adds up to our most reliable network ever. one that keeps you connected to what matters most. >>> good morning, a f.a.n.g. tastic rally, the nasdaq rallies as tech roars back to life >>> big blue is seeing red today. we'll tell you what's driving ibm lower. >>> plus breaking deal news. discovery communications reportedly in merger talks with scripps networks we have instant analysis right up it's wednesday july 19, 2017 "worldwide exchange" begins right now.

i'm steve sedgwick up next is "worldwide exchange." we'll be back on european programming with squawk box europe tomorrow morning. republicans pull the plug on the healthcare bill. we're live in washington with the fallout. >>> global markets immediately reacting to the news the u.s. dollar dropping to multi-month lows.trading day se. >>> and netflix takes the crown, we'll tell you what's behind that big move coming up. it's tuesday, july 18, 2017, "worldwide exchange" is coming up right now ♪

this is steve sedgwick for "nightly business report" at the world petroleum congress in istanbul. >>> other wildcard for the energy market is u.s. oil production which has been increasing adding to supply and pressuring prices. as jackie de-angeles reports, the trend could very well continue. >> reporter: now that the 4th or the peak of the summer driving season has come and gone, the expectations is oil prices will start to fall. that swelling u.s. are production will increase oil supply. not just moves from big oil but the trump administration that are likely to increase drilling. late last week, the u.s. interior secretary signed an order to halt more lease sales and to speed up permitting for oil and gas exploration on federal lands. it's estimated that there's a backlog, more than 2,000 permit applications submitted under the obama administration. and the trump administration wants to clear the way. the critics are saying trump is basically giving away the nation's public lands to benefit the oil and gas industry. since lease agreements from the government are estimated to be che

let's get back to john abbott an steve sedgwick john, want to get your reaction to the volvo news. is this surprising to you? you also have been stepping in to the battery charging market when it comes to your retail presence is this a move mirrored by many other players in the market? >> it's not a surprise to me in shell we welcome all forms of energy our marketing business is extremely important to us. we delivers $0.9 billion of earnings in the first quarter from the marketing business. what we are finding is a shift as you described people are buying more premium products, premium fuels like v power, premium lubricants. more energy efish sheficient an demanding engines. 1 in 5 liters of fuel we sell are premium fuel that's important also we are seeing a transition to electric vehicles, to hydrogen vehicles, to liquefied natural gas, to biofuels this is a trend we are anticipating >> is this because you can't beat them? as a traditional oil player, this is your enemy the electric car market is your enemy, because you can't beat them you say we'll have to build some charging sta

that's it for today's show i am steve sedgwick. that's it for "street signs. "worldwide exchange" is up next. have a good day. >>> a new week with the dow and s&p 500 with all-time highs. trade day setting up. >>> hitting the pause button on the plan to dismantle obamacare. the latest from washington coming up. >>> watch out blue apron amazon made a big move on the meal kit space "worldwide exchange" begins right now. ♪ welcome to my house ♪

steve sedgwick has the latest. >> reporter: good morning. really interesting comments from mr.as ar saying we may have oversupply at the moment but have to be careful last meeting, i was at this in russia in 2014, prices up over $60 a barrel the industry was fine in 2014. what he is saying is we lost $1 trillion of investment, regardless what happened with shell growth and capacity. a trillion dollars of investment in the last three years. whilest we are awash with oil at the moment, difficult to see we have a shortage of oil saying if you don't get boost to investment, won't get barrels we need daily capacity is around 95 million barrels a day now. if you don't get investment, we have a problem that comes in the wake of the fact of opec allies and nonopec allies, wti around $44 a barrel. lot of people question whether opec and nonopec allies, 24 oil producers in total, whether they need to have their meeting which is in st. petersburg in russia july 24, and tweak terms of this at the moment as i am sure viewers are aware, they agreed to take 1.8 million barrels off the table.

i'm steve sedgwick, these are your headlines >>> a mixed picture for european equities as 80 stoxx 600 companies report results beverage makers post some of the most notable gains, as the ceo of diageo tells us he is confident on the outlook >> cash flow really strong we were 2.7 billion pounds, over a half billion more than last year and this is what gives us the confidence in raising our guidance in margin expansion and in initiating a stock buyback this year of 1.5 billion pounds. >>> astrazeneca shares are set for their worst one-day loss, after a key lung cancer study fails, wiping 13 billion off the drugmaker's market cap >>> deutsche bank shares fall on a 10% drop in revenue, as the german financial giant suffers the same fate as itself u.s. peers with a slump in fixed income trading we'll speak to the ceo, john cryan, at 11:00 cet. >>> downstream powers shell to a beat, as the oil giant more than triples its profits in the second quarter ceo ben van beurden tells us the energy market is regaining stability. bhafrnlg bhafrnlgts. >> what we are seeing is a market cents essentiall

i'm steve sedgwick a tepid start for stocks at the european open as investors watch to see what the fed has to say about shrinking its balance sheet. elsewhere, unicredit safers a data hack affecting around 400,000 italian customers sending shares lower european automats are in top ge with shares much tof the french carmaker topping and senate votes to reignite debate on ending obamacare as senator john mccain dramatically reappears following brain surgery. >> we've been spinning our wheels on too many important issues because we keep trying to find a way to win without help from across the aisle. we're getting nothing done, my friends, we're getting nothing done can we doff our cap to mr. mccain brain surgery and whatever you think of the politics republicans versus democrats, my goodness me returning to capitol hill yesterday absolutely dramatic what a man five years ago today, mario draghi said the ecb was, quote, ready to do whatever it takes to preserve the euro. let's take a look. so june 2014, european central bank actually cut interest rates below zero to stimulate the economy a

i'm steve sedgwick, these are your headlines >>> banks credit suisse and barclays outperform their peers, amid a mixed picture for european banks as several report results. credit suisse ceo tidjane thiam tells cnbc the bank's restructuring plans have started to bear fruit. >> often people say, well, we focussed on the costs, not yet the revenues revenue is 9%, costs are 6%. that drives the operating leverage that you see in the numbers. and that will continue >>> barclays sees its first earnings hit by the divestment of its africa business, but the shares move higher as ceo jes staley tells cnbc the bank has turned a corner. >> we're now a clean bank and restructuring is over. we feel good about how the bank is positioned. we are free of all the legacy issues >>> adidas shares hit a record high after the german sportswear maker raises its full-year sales guidance ahead of next week's numbers. >>> shares of renault drive lower despite a 17% rise i first half revenue, as analysts raise concerns about the french automaker's levels of leverage >>> absolutely huge set of numbers out from the

a new report from the iea finds oil investments around the world fell 12% last year steve sedgwick isng us from istanbul now with the latest steve, good morning. >> reporter: good morning to you. yeah, we got that report broken on "squawk box" this morning, so it's interesting 191-page report, which i expect you to read by the end of business today, will, but there are some big headlines in there as well. the fact that electricity has overtaken oil and gas investment for the first time ever on the planet i think is very interesting. total investments in energy fell 12% to $1.7 trillion u.s. last year other big factors in that include the fact that upstream investment in oil and gas fell between 2014 and 2016 by 44% and within there, broader oil and gas, 38% decline there is good news, though actually, shale investment picking up aggressively, up around 53%, but that also means that costs are picking up. costs in the shale industry have fallen by just around half in the last couple of years they are seen up around 16% in 2017 so, that's one big set of headlines we've had out of istanbu

wti crude up the best part of 2% an sticking on the topic of oil, let's get to istanbul where steve sedgwick has just spoken to a very important guest. >> reporter: yes, we just spoke to bob dudley who of course is the boss of one of the largest energy companies on the planet, bp and he will make some very interesting comments at the world patrol dwretroleum congre including the fact that bp is making assumptions across the board based around about $50 a barrel for the next five years but of course the obsession with the u.s. data and obsession with the iea and opec data out later this morning is when we get to balance on world markets, ie when supply equals demand and these inventories come off from their multiyear highs and back down to five year averages i spoke to bob about this and got a his interpretation on what balance means. let's listen in. >> everybody uses the word balance and they forget that it means different things to different people to me, it means balance on on a daily basis production and demand is equal. so on a daily basis, market is in balance just the inventory levels

. >> steve sedgwick nice kwf microsoft paint is set to be decommissioned. about as old as me. it was reportedly set to be phased out in the next windows 10 update. amid an outpouring of support last night, microsoft posted you'll have to go in and you'll have to get it through -- a wisconsin company offering the option of microchips installed in their body, between and. so the move will allow the company's workers to make purchases at the break room' vending machines, log into computers and use the company's copy machine. >> too car coming up next, jared kushner returns to discuss his meeting with air ma, if so democratic senator joe mansion joins the conversation as we continue. wondering, what if? i let go of all those feelings. because i am cured with harvoni. harvoni is a revolutionary treatment for the most common type of chronic hepatitis c. it's been prescribed to more than a quarter million people. and is proven to cure up to 99% of patients who have had no prior treatment with 12 weeks. certain patients can be cured with just 8 weeks of harvoni. be

that, the international energy agency launching its annual world energy investment report our steve sedgwickrld petroleum congress in istanbul joins us with the details. you know, frost is here. wilfred frost. you remember this guy, steve >> all i knew before you got hold of him. he didn't know much. >> certainly didn't, steve >> you taught him everything he knows -- >> only 10% -- >> michelle and joe, caught you now. just taking you on from my little boy i inherited and making you mine. you're doing a fantastic job, will fred. i'm watching you just backing off, defending yourself against joe on a regular basis let me tell you about the report it is interesting, trust me. almost as interesting as will fred's burgeoning career i can assure you the ieo represent the oecd which i'm sure you all know is basically everyone who consumes oil in the world and they've got this huge report out and i'm sure you'll be reading it later, 191 pages long which says and very interestingly, total energy investment around the globe fell 12% in 2016. why do we care about that? because the more the energy invest

to curb the global crude glut but with little effect the world petroleum conference is up and steve sedgwicked when people will start worrying about oversupply and worry about undersupply. here's what he had to say. >> lack of investment is not big so if that continues for the next couple of years it will be an inflection point where what we see today will have an impact on -- on the consumers at the end and supply will be impacted over i would say over many couple of years. what we need to see is more investment from the various sectors to make sure that there is an adequate supply over the long term. >> so how do you play the potential energy moves we're going to a debate now, and look who is joining us for that. it's zock and block. today it's zock versus block joe zock is our bear and we've got michael block from rino trading partners. >> do you think oil is going back to $60 a barrel >> everything is about time and price in this market and every other market the sentiment has gotten beaten up on crude and energy stocks where i live and what it comes down to i think is great opportunity.