C onflicting SIGNALS are reaching the new American administration from Rome. And some carry a whiff of incense. While Italy’s prime minister, Giorgia Meloni, was preparing to fly to Washington to schmooze President Donald Trump and his chums, a leader on the other side of the Tiber was communicating stark disapproval of their plans.

The Italian leader has the potential to serve as a key European ally in the quest for peace in Europe and the Middle East.

In contrast, Ms Meloni is the leader of a nationalist party with protectionist instincts. ■ For more expert analysis of the biggest stories in economics, finance and markets, sign up to Money Talks, our weekly subscriber-only newsletter.

Donald Trump is set to be sworn in as the 47th President of the United States at noon. We'll be posting live updates.

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