Climate change could the thorniest issue at this week's G20 summit, while global markets will hope that last week's jitters over new signs of hawkishness will dissipate. David Pollard reports.
The port city of Hamburg. Venue for the coming G20 summit. With protests planned, it's not all likely to be plain sailing. There might even be waves in the conference halls too. (SOUNDBITE) (French) FRENCH PRESIDENT, EMMANUEL MACRON, SAYING: "The international risks have hardly been greater than they are now. And yet the United States decided to withdraw from the Paris climate agreement ...." For markets, the tension is over central banks. The euro and sterling leapt last week on hints of tightening from the ECB and the BoE. European equities ended June on a loss. Traders hoping this week, they won't repeat it. SOUNDBITE (English) IG, MARKET ANALYST, CHRIS BEAUCHAMP SAYING: "We are in that summer period where they don't tend to go anywhere really, at least on average. They might struggle to make sustained gains until September, October. But I would not be surprised to see dips firming bought throughout the rest of this year and into 2018, with the continued secular bull market pushing into its fifth year." But with a packed data diary, some volatility is likely. Industrial output numbers from Germany, France and Britain, plus PMIs from across the globe. And then at the end of the week, the big one ... US non-farm payrolls. SOUNDBITE (English) IG, MARKET ANALYST, CHRIS BEAUCHAMP SAYING: "The focus will be there again not on the jobs number itself, but the wage figures. Is there an increase in wages, does it justify the Fed's optimism about the U.S. economy, does it justify the move in June?" And for Britain a similar question .... Will a host of retail trading statements from the likes of Ocado and Sainsburys provide more sustenance for the hawks at the Bank of England... Or confirm UK consumers are steadily losing their appetite for buying?