MORNING BID EUROPE-EU's Juncker pushes for migrant deal; markets rally

* 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 9 (Reuters) - Possibly too little, too late, but signs of a tentative EU consensus on migrants could be emerging. In his speech to European Parliament from 0700 GMT, Commission President Jean-Claude Juncker will stress the need to control the bloc's external borders better as part of a move to draw in eastern EU members who have baulked at the idea of mandatory quotas for taking in asylum-seekers; moreover the "key" to calculating these quotas means that Hungary for example would have to take in fewer because of the inflows it has already seen. And those states that don't want to take in any will be offered the chance to contribute funding instead. Enough to overcome the divisions and produce an accord? We'll see. After this week's parliamentary defeat for Britain's David Cameron on the logistics of the British referendum on EU membership, anything Juncker has to say on Britain's European reform demands will be scrutinised.

In Berlin, Germany's Angela Merkel speaks before the Bundestag as part of the budgetary debate. Hard to say what new might emerge but she is likely to stress that the government will balance the budget regardless of the large sums being set aside to take care of refugees.

Greek party leaders square off in the first pre-election debate with all eyes on PM Alexis Tsipras and how he fares against conservative rival Vangelis Meimarakis on questions ranging from the bailout to migrants and how to lead Greece out of its crisis. The debate starts at 9 pm local (1800 GMT).

Britain has industrial output and trade data out at 0830 GMT, coming after figures this morning showed British shop prices actually fell in August amid intense competition between retailers and lower commodities prices. This all comes before the Bank of England's rates-setting meeting this week.

MARKETS

In many ways, this feels like a back-to-school rally. There's really very little to spark it other than the world didn't end in August and perhaps because Chinese authorities have at least been able to stun the local market into stasis if not turn it around. But the whoosh is powerful nonetheless. Tokyo's stonking near 8 percent surge overnight was the biggest one-day rise in 7 years - partly on government nods toward lower corporate taxes, part reversal of peculiar Monday underperformance, part seasonal flows and partly just the slipstream of a 2.5 percent post-holiday jump on Wall St last afternoon. Apple (NasdaqGS: AAPL - news) 's new iPhone offering is expected later on Wednesday. If nothing else, it shows us just how volatile things still are. The reduced anxiety saw Asia bourses catch a decent bid across the board, with EM indices up more than 2 percent. Yet, for all the focus on China, Shanghai itself barely squeeked into the black at up 1 percent. And it also leaves next week's Fed decider firmly on the horizon, where the calmer environment will only encourage the interest rate hawks. Ten-year Treasury yields are back above 2.2 percent ahead of today's auction - which will be fascinating if only to gauge emerging market central bank involvement after the recent FX reserves rundown. And at almost 75 basis points, 2-year Treasury yields are at their highest in a month. Bund yields are also pushing higher ahead of the auction of 4 billion euros of 10-year bunds there too. The dollar is higher broadly and euro/dollar back below $1.12. Brent oil is firmer too, but has failed to regain $50 yet at least.

- JP Morgan will remove Nigeria from its Government Bond Index (GBI-EM) by the end of October, the bank said on Tuesday, after warning the government of Africa's biggest economy that currency controls were making transactions too complicated. The removal will force funds to sell Nigerian bonds, triggering potentially significant capital outflows and raising borrowing costs for the government. The JP Morgan index tracks around $210 billion in assets under management.

- Other emerging market movers: Nigeria reaction after JP Morgan (Other OTC: MGHL - news) news. Ukraine reaction after bond holders of shorter dated make noises about agreed deal. South Africa's rand and Russia's rouble strengthened around one percent with Turkish lira not far behind, all at their strongest since end of last week.

- FTSEurofirst 300 looks set to rise out of a tight 60 point range which has prevailed since Aug. 27, while the rally today is set to take the Euro STOXX 50 10 percent above its August lows.

- Germany's K+S (Other OTC: UBGXF - news) rocketed in late trade on Tuesday, closing up over 7 percent, and is indicated to open a further 3.3 percent higher today. Handelsblatt reported that Potash Corp is prepared to launch a hostile offer for the German rival, though with the regional government playing down the report, the rally could swiftly reverse.

- Other stock movers: Ryanair has hiked annual profit forecast by 25 percent, which is likely to be extremely well-received; Conversely, monitoring IAG for any negative fall-out from a BA plane fire in Las Vegas overnight; Lufthansa pilots can go ahead with a strike planned for Wednesday, a court ruled; GlaxoSmithKline (Other OTC: GLAXF - news) said an inhaled medicine trial failed to prolong the life of patients; General Electric has won approval for its acquisition of Alstom (Paris: FR0010220475 - news) 's power business.

EVENTS/THEMES

PRAGUE - NATO secretary general in the Czech Republic

PRAGUE - Czech Inflation 08/15

AMSTERDAM - Dutch Manufacturing output

LONDON - UK Industrial output, trade

LISBON - Portuguese trade balance

US and German 10-year govt bond auctions

Greece Aug inflation, July industry output

Mexico Aug inflation

NZ rate decision

Europe corp events: Scor investor day, Barratt developments (LSE: BDEV.L - news) earnings (Editing by Louise Ireland)