Summit diplomacy, a sterling rate shock, and the yen at 160

Three stories are pulling in different directions today. In Shenzhen, the world's three most powerful leaders are about to sit in the same room, and Europe is watching nervously. In London, inflation data is hardening the case for another rate rise the economy can barely afford. And in Tokyo, the yen has crossed 160 to the dollar, a level that has triggered intervention warnings before.