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* European stocks rise * ECB meeting in focus LONDON, April 26 (Reuters) - Welcome to the home for real-time coverage of European equitymarkets brought to you by Reuters stocks reporters and anchored today by Helen Reid. Reach heron Messenger to share your thoughts on market moves: helen.reid.thomsonreuters.com@reuters.net WHEN GOOD AIN'T GOOD ENOUGH: SHELL MISSES OUT ON OIL GAINS (1112 GMT) Royal Dutch Shell has reported its best quarterly profits in over three years this morningbut that's just not good enough for investors. A cash flow forecast fell short of investors' strong expectations and sent the shares of theBritish major over 2 percent down, a hefty drag for the FTSE given Shell's heavyweight statureon the blue chip index. The setback means that Shell is missing out on oil prices rising (the Brent crude oilfutures are up 57 cents at $74.57 a barrel) while its French rival Total seemsto be smoothly riding that wave. The French energy company's shares are up 0.9 percent after reporting record high quarterlyoil and gas output and beating profit forecasts. Here's a chart showing how Shell is missing out in comparison to Total: (Julien Ponthus and Ron Bousso) ***** UK EQUITIES FANS, PLEASE FORM AN ORDERLY QUEUE (1020 GMT) The trend is going mainstream: more and more brokers - today it's Credit Suisse, Monday itwas Deutsche Bank - are advising their clients to return to the British stock market. "The UK ranks as the second cheapest major region after Japan", the Swiss bank said in anequity strategy note this morning, citing a positive macro outlook and its belief that "theBrexit discount should fall". Credit Suisse argues that an early general election is unlikely but that there is, however,a risk that the pound will rise and weigh on British shares. The broker believes that banks, retail, big cap oils and mining, tobacco and spirits offerattractive opportunities. Like it was said at the beginning of the month, the euro zone versus UK trade is becomingsooo 2017! Here's Monday's story: Deutsche Bank joins growing swell of optimism for UK stocks (Julien Ponthus) ***** WHAT TO WATCH BEFORE THE EUROPEAN OPEN (0652 GMT) A timid bounce is in store for European stocks on Thursday as investors’ focus turns back toearnings, dissipating anxiety over rising U.S. bond yields which had sent the benchmark STOXX600 to its lowest in a week. In a crowded field for results, oil majors Total and Royal Dutch Shell stand out with profits soaring on stronger crude prices and record output. Deutsche Bank shares are seen falling 2.8 percent at the open after the bankannounced cutbacks to its bond and equities trading in a major overhaul of its troubledinvestment bank, after reporting a 79 percent drop in net profit in the first quarter. "Despite guidance that it expected to be flat to down in 1Q18 depending on the businessarea, results are weaker than expected with revenues and costs both missing," writes a trader."Key will be the conference call where market will look to question new CEO on his vision forthe bank and how the cuts to the CIB will impact both revenues and costs." A negative market reaction is also in store for mobile equipment maker Nokia,which reported a sharp fall in quarterly profit as telecom operators held off spending. Itsshares are seen down 4 to 7 percent. Bollore Group could suffer further share price losses after French tycoon VincentBollore was placed under formal investigation Wednesday evening in a probe over allegations ofcorruption in his West Africa logistics empire. The stock is down 8 percent since Tuesday’sopen, the day news broke that police were questioning Bollore, who is also chairman of Vivendi. French advertising group Havas, which Vivendi acquired last year, said early on Thursday itwas cooperating with authorities and noted one of its members of staff had been placed underformal investigation. (Helen Reid) ***** FUTURES UP AS HEAVY EARNINGS DAY KICKS OFF (0614 GMT) Futures for the main European benchmarks have opened flat to slightly higher as investors'focus turns to earnings. Looks like the move at the open won't be sufficient to recoup most ofyesterday's losses, however, which took the STOXX 600 to its lowest in a week. Oil majors are a main focus today: Total just reported a consensus-beating rise in netprofit in the first quarter, helped by record output and high oil prices. Shell profits jumped42 percent in Q1, the highest in over three years. Here are some further earnings headlines to watch, including Barclays and Orange: French oil major Total's Q1 profits lifted by record production Sandro owner SMCP's Q1 turnover lifted by thriving China, U.S. fashion sales Telecoms group Orange's Q1 core operating profit grows 3.8 pct on higher sales Shell profits soar on stronger oil prices Philips Lighting 1Q core earnings miss expectations Swiss National Bank swings to Q1 loss of 6.8 bln Sfr Barclays reports better than expected first quarter pretax profit of $2.4 bln ECB MEETING: NO CHANGES EXPECTED BUT SLOWER GROWTH, TRADE WAR IN FOCUS (0557 GMT) Analysts broadly expect no big news from today's ECB meeting in terms of changes to policyor communication, but the Euro zone's weaker economic data, and the impact of a potential globaltrade war, will be hot topics Draghi will surely be asked to comment on. "ECB speakers have put on a brave face recently despite the weaker incoming data," writeSociete Generale analysts. The slower data makes it unlikely the ECB's June inflation forecastswill be much improved from March. But the main issue remains "how to anchor interest rate expectations," they add. A wildcardoption would be to express a view on the long-term equilibrium interest rate, but this wouldcome with communication risks. On trade wars, the ECB should normally look through a tariff-induced rise in inflation, butSocGen points out "in a scenario of limited resources and resilient economic activity, possiblywith rising oil prices on the back of geopolitical risks, the ECB would be concerned about theimpact on inflation expectations." SocGen expects a decision in June/July to extend the asset purchase programme until Decemberat 15 billion euros per month, and rate hikes in June and September 2019, ending the negativedeposit rate. (Helen Reid) ***** RESULTS TO WATCH TODAY (0547 GMT) Earnings will drive the day in European trading. Roche, the world's biggest cancerdrugs maker, lifted its outlook after first-quarter sales topped analyst estimates. In less optimistic results, Deutsche Bank announced cuts to bond and equitiestrading, overhauling its troubled investment bank after reporting a 79 percent drop in netprofit in Q1. German forklift maker Kion blamed slower growth for a lower-than-expected orderintake, while network equipment maker Nokia reported a sharp fall in profit astelecom operators held off spending. In other news, a judge placed French tycoon Vincent Bollore under formal investigationyesterday evening over his port network in West Africa. He is suspected of corrupting foreignpublic officials and complicity in corruption, his lawyer has said. Shares in his company Groupe Bollore have fallen 8 percent since the open onTuesday, the day police began to question him. And at 0600 GMT we'll have UK results coming in, with notably oil major Royal Dutch Shell reporting. After such a run-up in oil stocks recently with crude surging higher, it'llbe interesting to see whether these results deliver, and how the shares react. Here are some of today's main headlines: Deutsche Bank announces major overhaul of investment bank Roche lifts 2018 revenue outlook as new drug sales accelerate Philips Lighting 1Q core earnings miss expectations Kion Q1 order intake hit by slower growth, profit rises Deutsche Boerse lays out growth plans under new boss Nokia posts falling first quarter profits Schindler's Q1 profit rises on strong Asia-Pacific growth Safran says higher Q1 revenue bolsters full-year targets France's AccorHotels in talks to buy Movenpick -Le Figaro Spain's Sabadell Q1 net profit rises 33 pct on lower provisions Covestro Q1 earnings up on higher prices for foam chemicals French tycoon Bollore placed under formal investigation in Africa graft probe (Helen Reid) ***** MORNING CALL: EUROPEAN STOCKS TO RECOVER ON EARNINGS BOOST (0527 GMT) Good morning and welcome to Live Markets. The main European benchmarks are called to openhigher today after a pretty hefty fall yesterday, as anxiety over bond yields dissipatessomewhat to be replaced by a focus on earnings. Wall Street's robust earnings helped quell concerns over the U.S 10-year yield breaching 3percent overnight, boosting the Dow and S&P 500 as well as Asian stocks, which bounced back fromthree-week lows plumbed in the previous session. Spreadbetters call the DAX 60 points higher at 12,482, the CAC 40 up 23 points at 5,436, andthe FTSE 100 9 points higher at 7,389. (Helen Reid) ***** (Reporting by Danilo Masoni, Helen Reid, Kit Rees and Julien Ponthus)