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MORNING BID EUROPE-Decision day for Greek aid

LONDON, May 24 (Reuters) - Is it all over? History would suggest otherwise, but the Eurogroup of euro zone finance ministers is expected to approve payout of the first disbursements of aid to Greece following parliamentary approval of the latest reforms. Greek Prime Minister Alexis Tsipras still faces tons of pressure from Greeks who reckon he let them down on fighting austerity. The IMF and EU remain divided over when to give Greece debt relief. Now (NYSE: DNOW - news) , says the IMF; later, says the EU.

The "In" camp appears to be pulling away in Britain's referendum campaign, but it is still early days and who knows how good the polling is. An interesting new survey today shows older voters turning away from Brexit. Event of the Day: Testimony to parliament from BoE governor Mark Carney and other policymakers. Hard to imagine what more Carney can say about the dangers of "Out". But he is likely to get some grief from Brexiters for - as they see it - stepping out of line.

As Fed chiefs rattle their sabres abaout the next rate hike, it's set to be a nervy time in emerging markets once again. The brief period of calm since February papered over many of the cracks, but it may well be a bumpy summer as tricky interest rate and FX decisions on Tuesday in Turkey and Nigeria show. With (Other OTC: WWTH - news) a new Prime Minister and Erdogan loyalist at the helm of Turkey's government, the central bank there is already back under intense political pressure to cut interest rates and the lira has weakened back to 3.0 per dollar level last seen in January and close to its record lows. Nigeria, meantime, reported on Friday the first contraction of its economy in more than 20 years in Q1 and is trying to avoid a maxi-devaluation of the official naira rate to match parallel, black market rates some 40 percent weaker. Delay in doing so is merely damaging foreign investment and exaggerating the oil-fueled economic malaise. Although the dollar index has not extended gains despite the hawkish noises from the Fed, the mood elsewhere in emerging markets is darkening. Shanghai shares closed down almost 1 pct and HK was in the red too. The 'risk off' trade, exaggerated by news of a rising Japanese trade surplus, that took dollar/yen down to almost 109 on Monday has pushed the Nikkei225 down further. An aide to PM Abe has also indicated the government will push ahead with a sales tax hike. Brent crude has slipped back below $48 pb meantime. European stocks are set to drop about 0.5 pct, in sympathy with Wall St late on Monday and Fed fears start to work their way into investor thinking again.

Upcoming events/data/ themes for market reports on Tuesday

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- Switzerland April trade

- France May business climate

- German May ZEW, Q1 GDP breakdown

- UK May CBI distributive trades survey

- Eurogroup meeting in Brussels, focused on Greek bailout

- Turkey rate decision

- Hungary rate decision

- Nigeria rate decision

- IIF annual meeting in Madrid, to Weds, with ECB chief economist Praet, ECB supervision chief Nouy and others

- Bank of Spain chief Linde (Amsterdam: LE6.AS - news) speaks in Madrid

- Sweden April jobless

- Riksbank chief Ingves speaks in Stockholm

- Brazil April current account, FDI

- US Q1 earnings: BestBuy, Hewlett Packard (NYSE: HPQ - news) , Intuit (NasdaqGS: INTU - news)

- US, April new home sales

- Argentina April trade

- US Treasury auctions 2 year notes (Editing by Andrew Heavens)