MORNING BID EUROPE-Small EU step on migrants, more needed

* 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 24 (Reuters) - The EU's emergency summit on the migrant crisis was less publicly acrimonious than some feared but no one is kidding themselves that a long-term solution has been found. The deal on relocating 120,000 asylum-seekers brokered the day before by interior ministers is just the tip of the iceberg of the total influx and is due to be challenged in court by at least one EU state; there is still a lack of clarity about how the EU-staffed "hotspots" due to act as registration and redistribution centres will work; and the political aftermath includes an east-west divide among EU states, a trade row between Serbia and Croatia, and tensions between Angela Merkel's conservative party and their Bavarian allies.

It (Other OTC: ITGL - news) was all looking unusually dull in Greek politics after Alexis Tsipras' weekend election victory but within hours of the swearing-in of his new cabinet, a row broke out over allegedly racist tweets by a junior minister, Dimitris Kammenos, who has now resigned pending an inquiry. This raises questions yet again about Tsipras' judgment and how he can effectively govern with coalition partner the Independent Greeks (IG (LSE: IGG.L - news) ), the small right-wing party to which Kammenos belongs.

After yesterday's PMI data showed euro zone business growth slowing as Asian demand weakened, business confidence read-outs from Germany, France and the Netherlands will give further snapshots of the mood, with a raft of data from Italy and French jobless to complete the picture.

In Oslo, the Norwegian central bank's board is set to decide whether or not to cut rates to boost the sagging economy. The governor has said the probability of a September cut is as high as 70 percent, but the current weak crown currency and above-forecast inflation may yet lead the bank to postpone. Swedish central bank officials are questioned in parliament as the latest consumer confidence survey comes out.

MARKETS (AT 0645 GMT)

Pretty dour mood across world equity markets persists, despite relative calm earlier as many regional Asian markets were closed for the Eid holiday. Japan's return from its 3-day break captured the week's direction in one go, with the Nikkei reopening with losses of almost 3 percent. Shanghai clings to the black, but Hong Kong is down about 0.7 percent. Wall St also struggled to rally overnight and ended down 0.2 percent. Emerging markets remain under the cosh, with MSCI (NYSE: MSCI - news) 's main EM index on course for its second-worst week of what's been a pretty horrible year all round. Even (Taiwan OTC: 6436.TWO - news) within that gloomy picture, the spiraling lower of Brazil's real is alarming even in the face of central bank intervention and government budget reforms. Deep recession and political uncertainty are proving a toxic combination. With few likely fresh stimuli on today's diary, the next direction in oil and commodities could well be a decider. The CRB index lost over 1 percent again last pm and is now back down to its lowest since Aug 28. Brent has repeatedly failed to retake $50 this week and the anxiety emanating from global business surveys as well as equivocal supply updates this week look to point lower. Metals, especially platinum, have the additional pressure of the VW/auto sector hit from this week, a saga that may also start to affect Germany confidence. The September Ifo is due out later. Reflecting all this, Treasury yields nudge lower, helping push the dollar back too and euro/dollar clawed back above $1.12. The latter was helped by ECB chief Draghi's non-committal stance on further easing in his Euro parliament testimony on Wednesday. Weighed down by auto woes, a firmer euro and the lack of cheer from Draghi, Eurostocks futures are marked about 0.3 percent lower. Wall St futures are already in the red too.

BERLIN - Germany-GfK (Swiss: GFK.SW - news) consumer confidence

PARIS - France-Business confidence

STOCKHOLM - Sweden-Consumer confidence

AMSTERDAM - Netherlands-Business confidence

OSLO - Norway-Cenbank rate decision

HELSINKI - ECB council member Erkki Liikanen will speak about monetary policy at a Bank of Finland news conference.

BERLIN - Germany-Ifo

PARIS - August French jobless

ZURICH - Swiss National Bank conference on monetary policy lessons from the financial crisis. Speakers (Milan: BEC.MI - news) include SNB Deputy President Fritz Zurbruegg and ECB Chief Economist Peter Praet

FRANKFURT - ECB announces LTRO allotment

LONDON - UK Aug BBA mortgage approvals

BRUSSELS - Belgium Sept leading indicator (Editing by Sonya Hepinstall)