LIVE MARKETS-ECB meeting: no changes expected but slower growth, trade war in focus

April 26 - Welcome to the home for real-time coverage of European equity markets brought toyou by Reuters stocks reporters and anchored today by Helen Reid. Reach her on Messenger toshare your thoughts on market moves: helen.reid.thomsonreuters.com@reuters.net 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)