MORNING BID EUROPE-Fed fall-out; Greek vote goes down to the wire

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

LONDON, Sept 18 (Reuters) - So in the end the Fed stood still. The decision to keep rates at zero was, marginally, seen as the most likely scenario, but speculation about a hike will continue. The best bet now is December. "The outlook abroad appears to have become less certain," Fed Chair Janet Yellen noted, explaining the decision. Observers took that to mean China. Regardless, maintaining the cost of money at zero in an economy exhibiting increasingly rude health triggers broader questions about the role of central bankers and exactly what their influence over the economy is, the more so given that in Europe the ECB is struggling to kick-start inflation in the euro zone despite massive bond-buying.

Hungary began building a "fast-solution" fence on its border with Croatia overnight as migrants sought to by-pass controls on its border with Serbia. Meanwhile in Brussels, fast solutions of any kind remain elusive: EU interior ministers will have another go next Tuesday at agreeing quotas for re-locating asylum-seekers and a day later their leaders meet for a summit on the matter that risks putting their divisions on full display.

The election campaign in Greece ends today and opinion polls suggest it could be a dead heat -- and certainly a long way from the comfortable victory Alexis Tsipras may have been expecting when he called the vote. Whoever wins has the unenviable task of putting in place the painful economic reforms required to release an 86-billion-euro bailout, the recapitalisation of the country's banks and the unwinding of capital controls. Tsipras will hold a big rally this evening.

The latest victim of Romania's anti-graft crackdown is .. Prime Minister Victor Ponta, indicted on Thursday on charges of forgery, money-laundering and being an accessory to tax evasion. The question now is whether Ponta, who denies wrongdoing, can stay in place. His future will be discussed at a meeting of his leftist party on Monday. The other angle is what it means for negotiations on Romania's IMF/EU aid deal.

In Italy, Matteo Renzi's cabinet meets later to approve new economic and public finance targets for the next few years and the basis of next year's budget. Watch out for a hike in GDP growth targets for this year and 2016 but also a rise in the 2016 deficit-GDP target, currently set to fall to 1.8 percent.

Finally, Finnish unions have called a mass demonstration and strike for Friday to protest against government plans for deep cuts. The Nordic country has long been used to a comfortable level of welfare provision but a perfect storm of Nokia (Milan: 23568.MI - news) 's decline, the embargo on Russia and its ageing population is forcing it to rein in.

MARKETS

Glass half-full? The Fed's decision to keep rates on hold has certainly cheered some in markets -- Asian shares are mostly up -- but the fact the FOMC cited concerns about global growth has dampened spirits elsewhere. Either way, the uncertainty, which markets do not like, about when the Fed finally hikes, remains. Futures markets put the chance of a rise in December at 47 percent. Wall St fell after a choppy session, European shares are tending to the less sanguine view, with futures down 0.3 to 0.5 percent, and are expected to open lower. Tokyo's Nikkei lost 2 percent. Chinese shares are down but, by local standards, not by much.

Euro zone bond yields fell sharply, in both the core and periphery, after big overnight falls in U.S (Other OTC: UBGXF - news) . Treasury yields. U.S. 2-year yields saw their biggest one-day fall in 6-½ years. U.S. 10-year yields dropped 10 basis points to 2.2 percent and have fallen further, to 2.18 percent, since.

The dollar hit three-week lows against the euro and a basket of major currencies after the Fed decision and is struggling to make up much of the lost ground. The euro rose as high as $1.1441 and is now at $1.1403, down 0.3 percent. The yen is about 0.2 percent higher at 119.78 per dollar and the dollar index is just about flat.

Oil fell, partly on the Fed's growth concerns and after Kuwait indicated OPEC would remain more focused on market share than prices. Brent is down 22 cents at $48.87 a barrel. Uncertainty over the timing of the Fed's expected hike is keeping gold under pressure. Last trading at $1,127 an ounce.

In European stocks, a stronger euro could impact European exporters such as carmakers and luxury good stocks which typically benefit when the euro is weaker. Also, mining and oil stocks could be under pressure from a drop in oil and metals prices. Greek shares could also be in focus as the voting campaign draws to a close on Friday before another election on Sunday, with polls pointing to no clear winner.

Emerging stocks are up 0.6 percent and emerging currencies strengthened almost across the board on relief that the Fed held off, though gains were somewhat capped over concerns about the health of China. South African rand up 0.6 pct, Turkish lira 0.3 pct stronger after spiking to multi-week/one-week highs, but Russian rouble one of the few exceptions, 0.7 pct weaker, and suffering from lower oil prices. OTHER EVENTS

HELSINKI - Fitch Ratings to review Finland's credit ratings BRUSSELS - Policy Briefing with EU's Valdis Dombroivskis on EMU governance BUDAPEST - Hungary July gross wages AMSTERDAM - Netherlands-Consumer spending BRUSSELS - Euro zone current account data (Editing by Sonya Hepinstall)