London index proves a handy proxy for worldwide expectations

Much rests on containing disruption from such countries as Turkey and Argentina

Iran sanctions, Italian budget and rising crude greet traders returning from hols

Further rate tightening looms after Powell speaks at Jackson Hole

Percolating contagion hits major miners and eurozone financials

Citi’s economic surprise index now more negative for US than single market

Annual gathering of central bankers in Jackson Hole will also be in focus

Investors will also be watching the pound and whether a cap to its woes lies ahead

Attention will focus on Federal Reserve chair Jay Powell when he testifies this week

Thin summer trading conditions risk amplifying the pressure facing risk assets

Global value of corporate bonds outstanding has risen 2.7 times since 2007 to $11.7tn

US Federal Reserve policy tightening picking up the pace versus Eurozone