MORNING BID EUROPE-Whither the euro zone now that summer is done

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

LONDON, Sept 23 (Reuters) - So how is the euro zone economy faring since governments and businesses quitted the summer beaches of St Rafael and Paros and got back to work? Flash purchasing manager indexes for France, Germany and the euro zone as a whole should give us a flavour today, testing the mood of September so far.

France's - just out - are quite strong. But overall the reports are likely to suggest some growth across the bloc, but nothing to impress your mother.

This in itself would be ok - until you remember just how much money the European Central Bank has been hurling at the problem. More than one trillion euros and counting - or more than Russia's total annual GDP.

The reports will underline the need for more help, but the ECB is at the end of its tether and a combination of politics and practicalities means Japan-style targeting - another desperate move - is unlikely.

Countries will be under pressure to loosen the purse strings. But there has been precious little of that so far, with much of the euro zone leadership still addicted, at least verbally, to budgetary rigour.

In the meantime, the EU is tangled up in trade. France wants to suspend the EU-US free trade talks. Ministers will chat about it today. They will also look at China - but if they can't agree on Washington, what chance Beijing....

BREXIT WATCH: British Foreign Secretary Boris Johnson has been slapped down again by the prime minister's office for saying that Article 50 will be triggered early next year and that negotiations are going to be relatively quick and easy. It all continues to point to an administration at odds and a feeling that nothing is actually agreed.

GLOBAL MARKETS (as at 0653 GMT)

1. Markets are still digesting the ramifications of this week's Fed and Bank of Japan policy meetings. The Fed maintained its easy policy but suggested rates might rise before the end of the year. Stocks rose on Wall Street and Asian shares hit 14-month highs, but European markets look likely to open flat or a bit lower. A similar nervousness is evident in euro zone bond markets. Yields fell sharply on Thursday but are up a shade on Friday. In FX markets, the dollar is marginally stronger against its currency basket and up 0.1 percent versus the yen but, after the Fed, heading for a 1 percent loss on the week. There are plenty of Fed speakers on the stump next week who may elucidate the Fed debate.

1. European shares are expected to open flat to slightly lower this morning after touching two-week highs in the previous session after the Fed decision to push back its next rate increase. Futures prices on the EuroSTOXX 50, DAX, CAC and FTSE were trading between flat and a fall of 0.3 percent, as investors doubt the Fed bounce could last longer.

1. RWE (LSE: 0FUZ.L - news) could get a lift after the German energy company set the price range for Innogy, valuing its green unit at up to 5 billion euros with BlackRock (Sao Paolo: BLAK34.SA - news) committed to buy 940 million euros worth of stock. Novartis (LSE: 0QLR.L - news) may benefit from news that its cancer drug Zykadia showed positive results in a Phase III clinical trial in treating patients with a form of lung cancer. Italian notebook maker Moleskine (LSE: 0QD4.L - news) is likely to soar after Belgian luxury car importer D'Ieteren agreed to make a takeover bit at a 12 percent premium to yesterday's closing price, while share placements might hurt Scout24 (LSE: 0RB8.L - news) , owner of German property website ImmobilienScout24.de, (its shares indicated down 4.1 percent in premarket), and Italian skiwear Moncler.

1. Among other stock movers: Sports Direct names controlling shareholder Mike Ashley as CEO; PSA says it's "responding" to partnership approach from Proton; Anglo American names Stephen Pearce as finance director; UK insurer Novae says finance head to step down.

1. The big data of the day will be the global flash PMIs. Japan's bettered last month's.

1. Japanese shares dropped 0.3 percent as investors took profits on financials, which had reacted positively to the BOJ's attempts to steepen bond yield curves. Chinese stocks are lower, with traders apparently already eyeing a holiday the week after next.

1. Oil prices are slipping before next week's meeting of OPEC ministers. Brent was last down about 40 cents at $47.25. Gold (Other OTC: GDCWF - news) is down a shade.

1. EM stocks edged off two-week highs, snapping a four day winning streak, even though the index was headed for the biggest weekly gain since mid-July while emerging currencies were mostly higher, with the rand and the rouble at five-week highs against the dollar.

1. EM dollar bond yield spreads at tightest levels in two weeks, having contracted 16 bps over the week. Russia's $1.25 billion bond will start trading; it got orders of $7 billion for the issue. EM bond funds enjoyed inflows of +$1.5 billion while EM equity funds saw small redemptions of -$125 million, flows data says Upcoming data/events/themes for market reports on Friday:

* Global Sept flash PMIs

* France Q2 GDP

* Canada Aug CPI/July retail sales

* U.S. Sept flash manufacturing PMI

* Singapore Aug CPI

* Fitch reviews Lithuania, Slovenia ratings; Moody's reviews Britain, Kuwait; S&P reviews Kyrgyzstan (Editing by Larry King)