European morning wrap: Markets on hold ahead of EU summit

IIF chief Dallara: EU summit "perhaps most important" since its founding, EU's future at stake - Die Zeit Spain's Rajoy: Key issue for SPain today is to finance itself on international markets Greece's Venizelos: Greek recession is deepening EU's Barnier: Growth is needed as well as rigor Merkel's Dep Parliamentary leader Meister:  Shared control must come before shared liability Spanish May retail sales fall -4.9% y/y, better than the -10% in April and better than median forecast of  -8.2% Italian June business confidence 88.9, up from 86.6 in May and better than median forecast of 85.4 UK mortgage approvals for home purchase 30,238 in May, down from 32,103 in April and lowest since April 2011. Net mortgage lending -£73 mln in May versus +£516 mln in April, the lowest on record UK CBI retail sales balance up to +42 in June from +21 in May, much better than Reuter's median forecast of +10. Highest read since December 2010. Boosted by Queen's Diamond Jubilee Greece's recession to exceed 9% in Q3 - ekathimerini Spain mulls VAT hike in austerity push - Telegraph Doesn't get much quieter than this.  Markets on hold ahead of tomorrows EU summit.  A fair amount of rhetoric from various EU officials, but nothing of note to wake traders from their slumber. EUR/USD sits at 1.2495,  5 pips easier from what greeted me first thing. USD/JPY sits at 79.50, 5 pips firmer from what greeted me first thing Cable sits at 1.5630,  5 pips easier from what greeted my firest thing Y'all getting the picture now..........