MNI Global Morning Briefing

     LONDON (MNI) - Independence day in the States combined with little data in

Europe means a very subdued Wednesday with the services and composite PMIs the

only real piece of data to report on.

     Starting at 0715GMT, Spain's PMI will be released. Previously, the services

PMI had a reading of 56.4 and the composite was 55.9 in May. Half an hour later

is Italy, with a May services PMI reading of 53.1 and a composite reading of

52.9.

     Five minutes on at 0750GMT is France with a May services reading of 56.4

and a June flash composite PMI of 55.6. Don't go anywhere just yet as five

minutes on is Germany's turn. May's prior services reading was 53.9 and the

flash composite for June stood at 54.2. Looking at the flash estimates for both

France and Germany in the MNI 5 Things analysis on Euro Area Composite PMI, both

showed lethargic manufacturing numbers but resilient services readings.

     Ending the European data is at 0800GMT with the Euro Area services and

composite PMI. The services PMI in May was 55.0 and the composite PMI flash

estimate in June was 54.8, indicative of 0.3-0.4% GDP growth in Q2.

     The UK's services PMI kicks off at 0830GMT. A previous May reading of 54.0

is expected to drop slightly to 53.9.

     Moving straight to the early morning, at 0305GMT is RBA Head of Economic

Analysis Alexandra Heath speaking in Wollongong, Australia.

     Closing a boring calendar out at 0530GMT is BOJ board member Masai news

conference.

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com