As U.S. markets return from Independence Day, the Federal Reserve's slightly awkward deliberations are laid bare again just as China's markets shrink from more unnerving economic signs. Minutes from the Fed's last policy making meeting - where it paused its brutal rate hike campaign despite signalling two more rises to come - top Wednesday's macro diary after a relatively quiet first two trading days of July for world markets. That early week calm was disturbed somewhat in China earlier today as Shanghai and Hong Kong shares and the yuan skidded lower again on a mix of dour service sector business surveys, geopolitical tensions and banking fears.