David cameron holds Good Progress on reform talks but theres still more work to be done. Really Good Progress has been made but it is going to be tough because we are attempting something really difficult. That is to renegotiate our position at a time of our cho e choosing. The worlds richest footballer investors 40 million into the Boutique Hotel space. Ronaldo telling us in an interview why hes taking a stake in the hotel empire makes sense to him. Football is not for the whole life. I want other things. For me its fantastic. As i said before its number one and im number one in football. So you have everything. Good morning. Its friday. Quick look at the markets. The stocks europe 600 is down by 0. 4 . Were at 363 here. Yesterdays trading session we were up by 1. 3 . So that post federally fizzled out a little bit. Maybe a little bit of profit taking after that but also casino in france suffering from the negative research note. Well get to that in just a little bit. Lets get back to the big story that kept a lot of investors confused overnight. The bank of japan includes new Exchange Rate of funds and longer duration bonds. The etf buying program will begin in the month of april. However the governor said the move does not amount to additional easing. Quick look at how the nikkei performed in all of this. Initially it jumped 2 because initially investors did believe it would amount to additional easing but then very soon the market got a reality check and figured out, you know what, its really just a tweaking of the Current Program and the nikkei quite disappointed, ending down by 1. 9 . How did the yen fair . Very similar to what the nikkei did as well. Initial knee jerk reaction and then we say we heard this before. They were going to buy etfs and their expansive Monetary Policy program and then we had strengthening back and 121 versus the u. S. Dollar and thats lower by the way stronger than the levels after the fed finally hiked Interest Rates for first time in ten years but we should point out that yes we have longer Data Maturity being bought on jgbs so actually on a gross level we have 120 billion yen possibly being rotated through in the entire Stimulus Program in 2016. Going to copenhagen now. People thought is this new expansion as they expected for a long time . Then they thought well we heard this before. The market was expecting nothing at all coming into this meeting so to get something seemed to be a surprise and the yen sold off but i think we might call this if i may coin a phrase the tinker tantrum. Either doing nothing at all or coming with an impressive new move and really tweaking of its Asset Purchase Program youre just seeing the idea that the bank of japan is finished. Its infished with the bold moves and this is an echo of the ecb disappointment from early december and has the market snapping up japanese yen on this. Lets talk through this. Theyre taking in longer data maturities. You dont think this gross net effect of 120 trillion yen in stimulus is going to have an impact . Markets are all about expectations. We had this program in place and we know that the asset purchase is in place and on going so were looking for any alteration and that leads the market somewhere down the road. The idea that there is a tapering. Far too early to talk about this but the delta is now, maybe the bottom is established on where the bank of japan goes. This move suggests theyre not interested in bold measures. But the timing does seem curious. Mr. Kuroda said it was not related to the fed move this week. You cant ignore the fact that its a few days after. Do you not want to read too much into it . Do you think its just coincidental . I dont understand why the bank of japan bothered to do something so marginal and we have another interesting timing here and thats the announcement from china of the new rnb index. And if you look at the currency over the last few years record high versus record low in relationship effective terms and the way the japanese yen maybe we have a play at the market buying the japanese yen versus the chinese currency. There could be an amount of this as well involved in what is going on. As well as risk off so dollar yen 12125 after all of that confusion. What is your target for next year for 2016. I have been pairing my im looking for a strong dollar in 2016 but i have been pairing my expected highs back from 130 toward 125 and i do think we possibly go on to look at 125 again when it does return in the new year. So thats it and i think near term here we could be in for consolidation. We never really consolidated some of those gains since the enormous move from 2012 and again this rnb index thing could be a theme as well. All right, john, thank you so much for that insight. Have a fantastic weekend. John hardy, head of fx strategist. Quick look at different asset classes. Lets kick things off with the oil markets. Were a little bit mixed when it comes to oil prices this morning. Brent crude up by 37. 17. And just glancing at crude. 34 unchanged on the dayment both contracts are on track to post a third week of losses. Moving on, gold seeing the biggest one day fall in nine months yesterday off 2. 5 . Its recovering off by. 3 . It is on track to test the 1,000 level for the first time in six years though. Euro dollar is looking like this after yesterdays big surge in the dollar. The biggest monthly move for the dollar index to the upside in about a month or so. 10822 unchanged on the day. I want to show you what the dow did in yesterdays trading session. We were down by 1. 4 . U. S. Stock funds posted 13. 2 billion of outflows for the week. U. S. High yield bonds, they saw 3. 8 billion in outflows. That is the biggest since august 2014. This comes off third avenue of course but also Investment Grade bond funds are also seeing outflows as well. Maybe this isnt that much more yield and costly returns when it comes to credit. When we take a look i was actually surprised when we saw outflows compared to more than junk bond funds over the week. Its actually quite surprising but maybe this was just ageneral sell off as investors are positioning their portfolio. Its hard to say if this was third avenue, junk bond related. I dont know. So i guess theres a lot of factors, isnt it . Right. But i would have to say one fund of course, one type of bond fund that is attracting inflows right now, tips, inflation protection in the u. S. And given that we finally got a hike in Interest Rates and yellen and co finally talking about we have this stagnant inflation picture may be turning the corner. At least thats what theyre expecting. Lets get some tips on the table. Another sector or asset class that did see inflows, european stock funds despite the fact that ecb easing did disappoint the week prior and also worth noting, Energy Stocks in terms of etf, that actually saw inflows and there might be conflicting flows as well. You know how we were talking about the boj and confusion in terms of Monetary Policy . We saw outflows in terms of japanese bond funds and etfs as well. In fact, the most in a years time. So i dont know, maybe that says something about confidence in japan. It might. Okay. Lets turn to sports and aban da has a lot of money. Real madrid super star, he has announced a 40 Million Investment in hotels being developed by a portuguese Leisure Company and its the First Investment outside of fashion and sports for the worlds richest footballer. Jeff is standing by. Jeff, you know, we know that sports stars, they make a lot of money during their brief careers but its about sustaining and still being rich and have the dollars afterwards. We have a clear indication that ronaldo doesnt see his footballing career evolving into a coaching job or managing role within the sport. More perhaps hes looking to build cr7 into a global brand and he is already involved in fashion. He has a line of football boots but this step into hotels is very interesting. It is sort of aligned with part of his career as well because there will be two hotels in portugal, one in lisbin and one in madrid and the intriguing one is new york. Does that signal perhaps he will finish his days in the American League . So far he is suggesting that is not the case but it is interesting that he feels that he is willing to put, what, 40 million into this Hotel Investment so lets listen to why he thinks this is the right investment for ronaldo. It was a dream. And this was coming in a normal conversation when i met the group and it was fun of course the guy that took care of myself and of course with this man here next to me, in my opinion its the best guy in the business in portugal and it was great. I feel very grateful to be part of this. What do you think you bring to the Branded Hotels . What is the spirit of ronaldo that will make these hotels stand out from other hotels in the world . This is where we say in press conference, its own experience in different areas and as you know, my name, my lifestyle, as you know, the guy who has more followers, its me. And its between 10 until 40. So well be in this base for these people. And the people will like me and the people will follow me every time. So i think we have all ingreed gents to do it. So is this like millennials that like to party . Like to have a good time . But they also like Good Technology in that hotel . Is that economics . Its about lifestyle. Its not just a party part because as you know, to be a professional, to be in a top level in many, many years is not easy. You should be like that, serious in your work. So its completely different in some way. You have to be smart. You have to be serious of course. And of course, as i said before, going to help with experience to make this business even better. Im sure that is going to be different than the other ones because of my name. The way i live my life. My ambition. His ambition too. And we have everything. So there you have it. Ronaldo talking about these investments into four Boutique Hotels which will be constructed and rolled out over the next two years. I also talked to him a little bit about football. He was pretty tight lipped and didnt want to say anything on that subject. Thinks portugal might climb out of its group and do okay. But i also wanted to find out what he thought about a return to the premiere league, maybe manchester united. Again, difficult getting him to say anything. But he did have a word for english supporters. They are very polite. And it was the people that love me. That was ronaldo. But i want to take this conversation in a slightly different direction. The economy likely to show positive growth this year. This is an economy gradually turning around. Part of the reason for that is tourism. Represents about 12 of gdp. Very pleased to have with me the man that runs the Tourist Authority here. The national Tourist Authority. Good to see you, sir. Thanks for coming. So for the benefit of our audience around the world, what is the state of the Tourism Industry like in portugal today . Its fair to say that portugal is living in one of the best periods in recent history. We have grown by 30 over the last three years in terms of number of tourists. So this not only shows that its buoyant and solid growth but were growing faster in terms of revenue than number of people. Which means that the gradual upgrade is occurring and thats been good news for us. So as far as the recovery from the financial crisis is concerned, portugal is back. Its like 20072008. Are we back to those levels or have we passed them now . We passed them in most of the variables and also being able to grow in the regions. For instance were talking about many of our british viewers discovering parts of portugal which are traditional destination for british tourists and also our friends from france and germany are increasing very much in those regions of the country which were less known. Were very pleased to register a sharp increase in the u. S. Meaning that the markets outside of europe not emerging market per say but very important future. Theres two issues that i think anybody in tourism has to worry about at the moment. One is obviously terrorism after the paris attacks and the other one is where fresh investment is going to come from. Banks are still reluctant to unleash fresh money to put to work into the economy. So i wonder if you can address those for us. To what extent are those going to hold back growth next year here. I dont think it has been a problem. Tourism has proven such an attractive business. Being at a start up level where were very active and like to come back to that later. Being at a more Mature CompanyLevel Financing is available because projects can prove to be very profitable. The security issue is a much more structural concern for us. Portugal is also very active in the international organization. The oecd and all of these bodies, it makes these differences less marked and proximity between people visiting and that will also help the tensions being lower than it is today and its crucial for tourism worldwide to keep growing and portugal sharing that growth to keep growing as well. The safety aspect is maintained. So what can we do . What we can do is not to take the situation at the moment as an excuse to limit travel between countries excessively because border controls, visa controls are not the answer to avoid a lot of the threats in the past, in the recent past unfortunately and we can be much more clever in the way we control those type of threats. As a whole, the industry depends on having safety throughout the world. We do have safety in portugal. Thank god for that. Its been a major aspect in our growth but we need to have it worldwide because without a worldwide growing industry we wont have a successful industry in portugal. Very nice to speak to you. Thank you for coming to see us here. Let me send it back to you in london. This is a a subject that is very important for the portuguese economy. Clearly within an excessive 10 of tourism. Its the latest deal with ronaldo and the group is only going to be a positive for the portuguese tourism story. Let me send it back to you in london. Thank you for that. Lets stick with soccer. The special one sacked again at Stanford Bridge for the second time in his career. Jose mourinho is leaving chelsea. A firing part of the contract would have seen him get a pay out but they say he broke those terms with a fight at the start of the season. Theyre expected to name his replacement tonight. It tweeted its best wishes for who is hitting in the role but subsequently related. Do you think theyll be making 18 Million Euros like Jose Mourinho was . I dont know but they do get paid well. Maybe the normal one. No hes in liverpool. How much does he make . I dont know. Im curious. Still to come on the program, here at worldwide exchange, black swans and big calls. We run through citys wildcard predictions for the Media Industry in 2016. That comes your way next. [sfx bell] [burke] its easy to buy insurance and forget about it. But the more you learn about your coverage, the more gaps you may find. [burke] like how you thought you were covered for this. [man] its a profound statement. [burke] but youre not even covered for this. [man] its a profound statement. [burke] or how you may be covered for this. [burke] but not for Something Like this. [burke] talk to farmers and see what gaps could be hiding in your coverage. [sfx yeti noise] we are farmers bum pa dum, bum bum bum bum a move into live music and broken up. These are some of the wildcard events that could disrupt the industry in 2016. Joining us is the author of the report. Thomas, let me kick things off with pearson. Stock down 37 . They have a new chairman coming in but what investors want to see is no longer a firm that tries to be everything for everyone at education. Why do you think there is an outside chance they could be broken up. The key issue with pearson is a real tension between where earnings are going which is best sideways and the value of the assets and key townsing this is the fact that pearson isnt a homogenous company. Its actually little bits and they have different dynamics and gearing profiles. As i say the next couple of months and quarters will continue to be tough but theres potentially real value there and it is something that could be exploited by a third party. All right. Just to tell our viewers, there seems to be a fire alarm in the studio here. This is Live Television so little we can do about it but well just its such a hot interview. Thats right. You just brought the heat. That must be it. Lets continue regardless. Now you have ten surprises, ten predictions. Obviously not all of them are very likely. What is the most likely one, though . I think the one thats going to be most relevant as you look at the first half of next year is on sky. We look in particular at the potential to make a very aggressive move in mobile and we expect the launch in the first half of next year and the key thing we look at is the potential to come out with a very, very low price point because thats been the real key to success in terms of getting it quickly. It disrupts in the other play players. Its something that sky likes to do. We have been talking all morning long about ronaldo. Epsn makes a lot of money off the sports rights but sky might be losing it. Yeah. And it raises the prospect of significant inflation. We try to factor that into the numbers but the risk as always is the number comes in higher. So as influential as he is he cant retain the rights . It goes to the highest bidder. Its very much seen in a free tv market and as more content gets sucked into the system in many ways it isnt sky. Its looking at the players. Are you bearish on sky . No, its something you have to be aware of. If you have a big renewal theres potential about size inflation. Its something we factor in but something you have to consider as a risk. Lets talk about t