MORNING BID EUROPE-Will spending data show Britain's post-Brexit mood?

* A look at the day ahead from European Economics and Politics Desk Chief Jeremy Gaunt and Nigel Stephenson, chief correspondent, EMEA markets. The views expressed are their own.

LONDON, Aug 18 (Reuters) - Some of the first hard economic data to be released since Britain's vote to leave the European Union (KSE: 000910.KS - news) is due today - the problem is that too much may be made of it.

The said data is for retail sales in July - in other words, what the Brits spent in the immediate aftermath of what for slightly more than half of them was an unexpected triumph, and for nearly half of them an unmitigated disaster.

Polls suggest a bit of a boost from the gloomy numbers of June.

Would this mean that the economic fears of Brexit are unwarranted? Nope. The figures will be boosted by tourism, reasonably good weather and by a base effect from the previous month. Also, why would the 52 percent who voted to leave the EU be glum?

Positive data may fairly be taken to suggest that some of the worst case scenarios of the Remain camp's "Project Fear" have not come to pass. But that does not mean the whole thing is much ado about nothing.

Surveys continue to show deep worry among businesses and consumers about the impact of Brexit. Such worries eventually stop people spending, hurting the economy and becoming something of a self-fulfilling prophecy. Such things take time.

GLOBAL MARKETS (as at 0652 GMT)

The main driver in markets on Thursday is the split among Fed policymakers, revealed in minutes on Wednesday, on when to raise U.S (Other OTC: UBGXF - news) . interest rates. Some had been scaring the horses over a potential September hike. Some still think that should happen, the minutes show, while others wanted to leave their options open. All this hit the dollar, which is down broadly against other major currencies. U.S. Treasury yields fell and German Bund yields have opened with a hefty fall. Copper and gold are up with the dollar weaker.

European equity futures are up 0.6-0.7 pct, ending the losing run seen so far this week. Signs of "risk-on" back in markets, with Wall Street closing slightly higher and Asian markets up on Thursday morning after the Fed minutes.

Stock movers/Company News: Monsanto (Hamburg: 1132157.HM - news) gives Bayer (LSE: 0P6S.L - news) limited access to its books, according to sources, Bayer indicated 0.6 percent higher; Nestle (VTX: NESN.VX - news) expects better H2 after weak China hits results, Nestle shares indicated down 0.4 percent. HeidelbergCement (LSE: 0MG2.L - news) sells U.S. assets for $660 million, HeidelbergCement shares indicated 0.6 percent higher. Swisscom raises 2016 guidance, Swisscom (LSE: 0QKI.L - news) seen opening up 1.9 percent. Britain's Kingfisher (Frankfurt: 812861 - news) cautious on short-term outlook; Raiffeisen Q2 net profit falls short of expectations. China's Alipay deepens push into Europe with Ingenico (Paris: FR0000125346 - news) partnership.

MSCI (Frankfurt: 3HM.F - news) 's main Asia-Pacific exJapan index rose 0.7 percent, though a rise in the yen against the dollar pushed Tokyo stocks down 1.6 percent to their lowest in almost three weeks. Chinese house prices rose more than expected but the main stock indexes are down.

The dollar index is down 0.3 percent, the yen up 0.4 percent at 99.82 per dollar. Japan's top currency diplomat has warned investors against pushing the yen up too fast. The euro is up 0.2 percent at $1.1313 while sterling is also 0.2 percent higher at about $1.3060.

Oil is down, with traders blaming profit-taking on recent gains and expectations of increased output from Saudi Arabia. Brent last down 3 cents at $49.80.

Emerging market equities rose 0.7 percent, recovering from Wednesday's dip, after the Fed minutes. Asian shares were on track for their biggest single-day rise in nearly two weeks, with Hong Kong stocks up 1.1 percent, whilst Indonesia led the pack, up 1.4 percent. Indonesia's central begins a two-day meeting today, with a slim majority of analysts polled by Reuters expecting it to hold rates as it adopts a new benchmark, although the rest expect a 25 basis points cut after disappointing July trade data. EM currencies were helped by dollar weakness, with high yielders such as the South African rand firming 0.65 pct, whilst others such as the Turkish lira and the Russian rouble made more modest gains of around 0.15 pct.

The Polish zloty was steady against the euro ahead of a raft of data, including July industrial output, PPI, and retail sales.

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

* Euro zone June current account

* UK July retail sales

* Euro zone final inflation

* U.S. August Philly Fed business index

* European corporate events: Nestle

* Indonesia rate decision

* Turkey end-year inflation forecast

* Sweden sells inflation-linked bonds (Editing by London desk)