MORNING BID EUROPE-Brexit soundings; IMF's Lagarde hears from the courts

* A look at the day ahead from EMEA chief desk editor Jeremy Gaunt and EMEA markets editor Mike Dolan. The views expressed are their own.

LONDON, July 22 (Reuters) - Wait and see. Neither the European Central Bank nor the Bank of England took any action at their policy meetings, preferring to see if the predicted economic Brexit blizzard blows (though the BoE (Shenzhen: 200725.SZ - news) is pretty certain it is coming).

A flurry may come today when Markit (NasdaqGS: MRKT - news) releases special preliminary manufacturing and services PMIs for Britain. The firm does not usually do a UK flash, but this will capture the mood since the June 23 vote.

There will also be preliminary readings for Germany and the euro zone. France is already out and shows an improvement, with services crawling back into growth. All deterioration will doubtlessly be put down to Brexit worries putting off purchasing managers, but it is worth remembering that none of the indices were particularly robust in the first place.

On a slightly different economic tack, a French court is due to rule whether IMF chief Christine Lagarde should face trial for her role as finance minister in a fraud case centred on businessman Bernard Tapie. MARKETS AT 0645 GMT

No prizes for guessing the big economic data release of the day. At 0930 London time Markit release a one-off flash survey of UK business sentiment for July to capture the post-Brexit mood. This will be the first comprehensive poll of UK firms since the referendum vote and may be pivotal in gauging the immediate economic fallout as well the policy reaction from the Bank of England and Treasury.

Markets, which have been watching all week surprisingly robust economic numbers and signals from June and early July from the US, UK and elsewhere, have scaled back expectations of further policy easing everywhere as a result but still crave a clearer picture of the post-vote world. Both the UK and Europe flash surveys will be critical as a result.

ECB chief Draghi offered no indications of more easing on Thursday, BoJ chief Kuroda has been keen to play down wilder talk of 'helicopter money' from the Bank of Japan next week, some BoE policymakers are urging caution on the extent of further easing before knowing the full scale of the economic fallout, and markets have brought the possibility of a Fed rate hike this year back onto the radar, even if not at next week's FOMC.

The G20 finance chiefs meet in Chengdu, China over the weekend and will share as much intelligence amongst each other as possible. US Treasury Secretary Jack Lew has already thrown cold water over any speculation of a 2009-style coordinated fiscal stimulus. Overnight, buoyant equity markets slipped into a holding pattern, with the S&P500 off slightly from recent records as the latest Q2s from Intel (Euronext: INCO.NX - news) and others disappointed. That mood permeated through Asia bourses earlier, with the Nikkei225 underperforming after the yen surge on Kuroda's dismissal of government debt monetization via helicopters.

Euro/dollar holds just above $1.10, dollar yen just below 106 and sterling/dollar is firm above $1.32. With the dollar on the rise again this week, crude oil is under pressure and Brent is testing $46 yet again and eyeing its lowest levels since May. For the same reason, emerging markets are coming under renewed pressure too - not least Turkey, where DBRS was the latest rating agency to cut the country's sovereign credit rating to junk last night amid concern about the 'rule of law' in the post-coup crackdown and the damage to foreign investment.

Upcoming events/data/ themes for market reports on Friday:

G20 finance ministers and central bankers meeting in Chengdu, Fri/Sat

* Global July flash PMIs, including one-off flash UK survey conducted to cover post-Brexit referendum

* Europe corp events: BB Biotech (LSE: 0JYO.L - news) , Thales (LSE: 0IW5.L - news) , Vodafone trading statement, Bankia (Amsterdam: QU8.AS - news) ,

* Italy May industrial orders/sales, retail sales, June trade

* Meeting of EU Economic and Financial Affairs Council on EU Budget

* US Q2 earnings: GE, Honeywell, Whirlpool (NYSE: WHR - news) , American Airlines, Moody's, SunTrust etc

* Canada June sales, May retail sales

* S&P to review sovereign credit ratings of Greece, Czech Republic; Moody's to review Denmark, Estonia, Moldova, Uganda; Fitch to review Armenia

(editing by John Stonestreet)