A look at the day ahead in European and global markets from Tom Westbrook A rate hike in Japan added momentum to a tide of dollar selling in the Asia session, as the first week of Donald Trump's presidency has turned out to be less aggressive on the trade policy front than many in the markets had expected.

This year, though, China sent Han Zheng, its vice-president. He will have heard Mr Trump promise to “tariff and tax foreign countries to enrich our citizens”. But China was not singled out. Indeed, Mr Trump mentioned the country only in passing—to claim that it was operating the Panama Canal.