MORNING BID EUROPE-Decision day for Europe on migrants?

* A look at the day ahead from European Economics and Politics Editor Mark John and EMEA Markets Editor Mike Dolan. The views expressed are their own.

LONDON, Sept 22 (Reuters) - Today is a crucial day in efforts by the European Union to get a grip on the migrant crisis and more widely for the badly battered credibility of the EU as a whole. Interior ministers meeting in Brussels are under pressure to agree how to take in 120,000 asylum-seekers currently in Italy, Greece and Hungary and redistribute them elsewhere according to a quota system. The onus on them is get a deal before EU leaders meet for an emergency summit tomorrow afternoon. As Luxembourg's foreign minister said after talks with eastern European officials yesterday: "We still have some issues to solve."

In Athens we'll see whether Alexis Tsipras convenes his first cabinet meeting after his election win at the weekend. All eyes will be on the naming of his finance minister -- a source has told us that Euclid Tsakalotos is likely to be offered his old job, barring any internal political mishap. If not, the betting is still on someone the EU will be able to do business with, such as George Chouliarakis, the respected negotiator.

Despite official denials from Downing Street, local media and rivals alike have had a field day with the "Pig-gate" allegations of David Cameron's youthful participation in a tasteless initiation ritual. He will be meeting France's Francois Hollande, who also knows a thing or two about putting embarrassing allegations behind him, on migrants and Syria today.

Turkey's central bank is widely expected to keep rates on hold at its monthly policy-setting meeting after the U.S (Other OTC: UBGXF - news) . Federal Reserve held fire and ahead of a Nov 1 snap election where the ultimate outcome is far from certain. However, the tumbling lira and rising inflation mean the bank can't keep rates on hold forever. Eventually it will have to relent and hike to put a floor under one of the world's worst-performing emerging market currencies.

MARKETS

Even (Taiwan OTC: 6436.TWO - news) with an underperforming DAX hit by the outsize plunge in VW stock, Europe managed a positive day on Monday and that modest uptick pretty much continued through Wall St, Shanghai and much of Asia this morning. Japan remains closed through Wednesday. The drama of VW aside, there's no dominant driver so far today. China's relative market stability is notable, but that's only while we await the release of the flash September PMI business surveys from there and around the world tomorrow. A slight uptick is forecast for the still-contractionary China reading, so perhaps that's helping the mood a bit. Euro/dollar pushes lower to mid $1.11s as attention turns to pretty pointed ECB signals on further easing in the euro zone and as Draghi testifies to the European Parliament on Wednesday. On the other side of the coin, Fed speakers overnight continue to hold out the chance for a rate rise there by year-end despite Monday's weak readings from the housing sector. Barclays (LSE: BARC.L - news) now don't see a Fed rate rise until March, however. Brent crude holds $48 in early trade after rising slightly overnight. Treasury yields are off slightly. Eurostock futures are marked about 0.2 percent higher, Wall St futures steady to lower.

Other stock movers: A report says French nuclear group Areva and power utility EDF (Paris: FR0010242511 - news) have asked Japan's Mitsubishi Heavy Industries to invest in Areva (Paris: FR0011027143 - news) 's reactor subsidiary; Total (Swiss: FP.SW - news) is expected to announce a new exploration strategy, more cost savings, asset sales and growth targets; Chilean bank BCI says it has been cleared by the Fed to acquire a unit of Spain's Bankia (Amsterdam: QU8.AS - news) in Florida; Ingenico says it has abandoned discussions to take over British rival Worldpay; a labour union at STMicroelectronics (Xetra: SGMR.DE - news) says the chipmaker is considering a restructuring plan that could involve laying off around 1,000 of its 1,100 French-based staff or a sale of the DPG division they work in.

Emerging stocks rose half a percent, tracking world stocks higher on expectations of further euro zone money printing though dollar-based currencies have taken a knock from the firmer greenback. The Polish zloty and Hungarian forint are near one-month highs against the euro, however, while their bond yields have slipped to multi-week lows on hopes of fresh ECB stimulus.

Other EM movers: Several central bank meetings - Hungary, Kenya, Nigeria (1330 GMT) and Turkey (1200 GMT). Nigeria is likely to hold rates but could cut banks' cash reserve ratios to ease the liquidity crunch amid a squeeze in the interbank market. Investors are waiting to see if Turkey will signal any policy tightening in future to deal with inflation. Kenya's central bank has also relied on tightening liquidity to support the shilling and markets are waiting to see if there could be any change in stance. Brazilian real is a whisker off record lows and inflation data is due later in the day.

EVENTS

BRUSSELS - EU interior ministerss meet on migrants

ZURICH - Swiss trade

HELSINKI - Finland jobless

COPENHAGEN - Danish consumer confidence, retail

LONDON - UK PSNB, CBI trends, orders

LJUBLJUANA - Interview with Slovene Prime Minister Miro Cerar regarding government economic and privatisation plans

BUDAPEST - Hungarian central bank to hold monthly rate-setting meeting. Interest rate decision at 1400 CET.

BRUSSELS - Euro Zone - consumer confidence

ANKARA - Turkish central bank rates meeting (Editing by Sonya Hepinstall)