By Tom Westbrook
A look at the day ahead in European and global markets from Tom Westbrook
Markets are looking to the first hours of Donald Trump's presidency to set the tone for his second term. U.S. markets are closed for Martin Luther King day, so the immediate focus will fall on foreign exchange markets and stock and bond futures.
Often, market performance through presidential terms reverts to more reliable relationships with economic trends, but Trump tends to inject volatility and has foreshadowed bold policy shifts.
He is the first President since Grover Cleveland in the late 1800s to serve two non-consecutive terms and his return is being met with a bout of late trepidation in markets.