MORNING BID EUROPE-The cost of going solo

* A look at the day ahead from European Economics and Politics Editor Mark John and Nigel Stephenson, specialist editor, EMEA markets. The views expressed are their own.

LONDON, July 8 (Reuters) - Wanted: trade specialists with international experience to help G7 economy conclude new accords with major partners in record time. Start date: immediate. Britain announced overnight it would start talks with India on a bilateral trade deal and is looking for similar discussions with United States, China, Japan and South Korea. Having not had to do trade negotiations during the four decades of EU membership -- that was done at EU level -- Britain now has to race to recruit more officials with expertise in the field. About 200 of them, it seems. Of course no one should expect such trade deals to come quickly -- U.S (Other OTC: UBGXF - news) . President Barack Obama noted before the referendum that Britain would be "at the back of the queue" for a U.S. deal, for example. Yet every day more evidence emerges of fallout from Britain's decision to go solo. This morning a poll showed British consumer morale suffering its biggest drop in more than five years, while surveys of recruitment firms and retailers also signalled a slowdown ahead. Moody's has slightly downgraded its euro zone growth forecasts for this year and next -- the latest sign that Brexit's impact will be felt beyond the shores of the UK after Germany's chamber of commerce warned yesterday of a hit to German exporters. As it turns out, trade data today showed a surprise fall in German exports in May already, helping to narrow its trade surplus from record levels reached earlier. A difficult second half to the year for the euro zone lies ahead.

Obama has taken a column in the FT to state that today's NATO summit in Warsaw "may be the most important moment for our transatlantic alliance since the end of the cold war." His point is that Europe faces a perfect storm of threats, from Brexit right through to the migrant crisis and terrorism, and that the United States will be there for it. One of the litmus tests for this resolve will be a summit deal to deploy four battalions with 3,000 to 4,000 troops in the Baltic states and eastern Poland to counter a perceived growing threat from Russia. Yet some of those eastern states wanted more, fearing the plan will not be enough to deter a future Russian aggression. Cold War rhetoric is definitely back.

MARKETS On top of the Brexit, markets face another source of uncertainty in the latest U.S. jobs data. The forecast is for a gain of 175,000 jobs last month after just 38,000 in May, and markets are likely to trade cautiously before that. Stocks are down in Asia and are seen falling in Europe. U.S. stock futures are slightly lower. Safe-haven assets like U.S. Treasuries and the yen are in demand, though gold is down. Oil is up.

In FX markets, the yen is up 0.3 percent against the dollar, sterling is up 0.2 percent at $1.2934. The dollar index is down 0.2 percent. U.S. Treasury yields are down. The 10-year note yields 1.38 percent, down about a basis point from the U.S, close but well above record lows. Checking for any impact of U.S. shootings.

European shares are on track for their worst week in five months. Stocks index futures are trading 0.3 to 0.4 percent lower. Deutsche Boerse (LSE: 0H3T.L - news) is seen opening 2 percent higher after the London Stock Exchange Group said late on Thursday that U.S. and Russian authorities had approved its $27 billion merger with the German exchange operator, the first set of regulatory clearances needed to create a European exchange (Other OTC: EUEXF - news) giant. Oil prices are up from two-month lows. Brent up 34 cents at $46.75 a barrel. Gold (Other OTC: GDCWF - news) down 0.2 percent at $1360 an ounce.

(Editing by Larry King)