US Markit service PMI expected to tick up - BBH

Research Team at BBH, suggests that the US reports dueling surveys, with the Markit service PMI expected to tick up from the 50.9 flash reading to 51.0. 

Key Quotes

“In June it was 51.4 and averaged 51.8 in Q2 and 51.4 in Q1.  The ISM non-manufacturing survey is expected to slip to 55.9 from 56.5.  It averaged 55.0 in Q2 and 53.8 in Q1.  The market reaction may be minimal provided the ADP employment estimate does not come in much below the 172k in June.  The DOE energy report will draw interest after the 1.3 mln barrel drawdown in the API estimate, which may be helping prices stabilize today.”