Tuesday was the start of formal proceedings at Davos, kicking off this year with a much trailed address from President Xi Jinping. To no one’s surprise, Xi extolled the virtues of globalisation, although the Chinese model of free trade is perhaps not quite as we might know it in the West.

As if one major speech from a head of government was not enough, the Europeans among us were keeping one eye on events in London as Prime Minister Theresa May gave what was billed as a landmark speech on Brexit. While there was little in the way of detail and her plans had been so widely telegraphed beforehand that there were few surprises, sterling still rallied.