Initial Guidance | 7 July 2015

● ISM: US services sector posts slightly stronger growth in June…
● But PMI reports “slowest rise in service sector activity for five months”…
● The Fed’s Labor Market Conditions Index still points to weak expansion in June…
● As the Conference Board’s Employment Trends Index accelerated last month…
● Meanwhile, global growth slowed to a 5-month low via PMI data…
● And the debacle in Greece rolls on as the Eurozone awaits a new proposal from the government in Athens