MORNING BID EUROPE-Putin in Crimea as tensions rise

(Updates headline)

* A look at the day ahead from European Economics and Politics Desk Chief Jeremy Gaunt and Nigel Stephenson, chief correspondent, EMEA markets. The views expressed are their own.

LONDON, Aug 19 (Reuters) - Russian President Vladimir Putin visits annexed Crimea for the first time since Russia accused Ukraine of planning terrorist acts there. If he remains true to form, he is likely to offer some tough language that may worry Ukrainians who are convinced he plans some mischief with them.

The renewed Russian focus on the region comes amid concerns the a ceasefire agreed in Minsk in February last year could unravel. There have been a high number of violations this week, the OSCE says, including artillery firing.

Ukraine reckons Putin is planning an invasion; others reckon he is just upping the ante on the West to shake off sanctions.

Germany, in the meantime, reckons its economy is in pretty good shape, according to its finance ministry. A report says there are risks out there - such as Brexit - but strong domestic demand should see it through.

There may be some interesting Brexit tea leaves to read in UK budget data for July. This is usually a "good" month because companies pay a tranche of their taxes. But this is based on earnings expectations - so if those have been trimmed by Brexit worries...

GLOBAL MARKETS (at 0650 GMT)

Brent crude just hit an eight-week high above $51 a barrel, up 23 percent this month. Higher oil prices helped push U.S (Other OTC: UBGXF - news) . shares higher on Thursday. The dollar is up slightly but still close to the eight-week lows hit after Wednesday's Fed minutes. The market seems to have decided the split among policymakers revealed in the minutes means the Fed will be in no hurry to raise rates. U.S. treasury yields fell on Thursday on this view. The big focus for next week will be Fed Chair Janet Yellen's speech at a meeting of central bankers in Jackson Hole.

The euro was last down 0.1 pct at $1.1337 and the yen down 0.3 percent at 100.16. That helped lift Japanese shares 0.4 percent, although Asian shares generally were down 0.4 percent as investors took profits. Chinese shares are down 0.3 percent.

European stocks futures are pointing to a flat open for equity markets, with the Stoxx 600 poised to post its biggest weekly loss in over a month, having pulled back from a 7-week high hit on Monday. There might be some support from oil stocks given the price of Brent Crude.

Other stock movers: Bookmakers Rank Group, 888 drop pursuit of rival William Hill (Other OTC: WIMHF - news) ; U.S. CFTC says Deutsche Bank (LSE: 0H7D.L - news) to appoint swaps monitor after April outage; China's Alipay deepens push into Europe with Ingenico (Paris: FR0000125346 - news) partnership; Vopak reports H1 profit in line, occupancy at 94 pct; Monte dei Paschi CEO, former chairman under investigation (Reuters exclusive); U.S. researcher uncovers stores of Sage Group (LSE: SGE.L - news) 's customers' corporate data exposed online; Volkswagen (LSE: 0P6N.L - news) to cut hours at four plants amid supply row.

German government bonds yields are essentially flat but the focus is likely to be on Portugal, whose yields have risen this week on nerves about whether it will keep the investment grade credit rating it needs to qualify for the ECB's QE programme. Fitch, which rates Portugal junk, announces the results of its review later on Friday.

Copper down slightly but aluminium hits 13-month high on Chinese demand and tight supply.

Emerging market stocks slipped 0.4 percent after comments from U.S. Fed officials. The market is still on course to end the week in the black. Chinese mainland stocks and Korea shares edged up but other Asian markets were fallers. The Bank of Indonesia will conclude its two day meeting today - there is potential for a 25 bps rate cut although a slim majority of analysts see it holding rates. Indonesia's new finance minister said she sees 5.2 pct growth as achievable this year, but a little tough. A stronger dollar created headwinds for EM currencies with the rand and lira down 0.2-0.4 percent. Fitch has a ratings review on Turkey later today. Fitch is the only agency that still has Turkey on a stable outlook, rating it only one notch above junk at BBB-. Given the deterioration in the economy and increased political risk since the failed July 15 coup, analysts expect a change to negative. One more downgrade by Moody's or Fitch would likely lead to some forced selling.

Moody's also has reviews on Egypt and Romania.

Upcoming data/events/themes on Friday:

* German July producer prices +0.2 pcy m/m -2.0 pct y/y

* UK July public-sector net borrowing

* Thailand FX reserves

* Russia July budget fulfilment

* India weekly FX reserves

* Canada July inflation (Editing by London desk)