LIVE MARKETS-Opening snapshot: A sea of red

* European shares open down sharply after Asia dips

* Fed keeps rates steady

* Deutsche Bank posts larger-than-expected loss

* Big earnings day in Europe

* Eyes on BoE meeting: rate cut hangs in balance
Welcome to the home for real-time coverage of European equity markets brought to you by Reuters
stocks reporters and anchored today by Danilo Masoni. Reach him on Messenger to share your
thoughts on market moves: danilo.masoni.thomsonreuters.com@reuters.net

OPENING SNAPSHOT: A SEA OF RED (0821 GMT)

There's little to say about today's open except that it's a sea of red!

Coronavirus fears are back to haut investors and Q4 results are failing to provide any
meaningful support, quite the opposite!

All indexes and sub-sectors are trading in negative territory with the pan-regional STOXX
600 benchmark falling nearly 1%. 91% of the index's constituents are lower.

Here's your opening snapshot

Among the few winners are fashion retailer Stockholm-listed H&M and Volvo
following strong updates, while in Helsinki Nokian is in demand on reports
of activist investor Elliot building a stake in the tyremaker.

Shell, Swatch and Roche are all down after their updates.

(Danilo Masoni)

*****

ON OUR RADAR: DEUTSCHE BANK, TECH, WATCHMAKERS AND AUTOS (0754 GMT)

There was no Fed change overnight to counter concerns over damage from the spreading new
China virus and after a two-day bounce European shares are set to resume their slide from record
levels. Futures were around -1%.

More Q4 earnings will also be on the radar and Deutsche Bank posting a
larger-than-expected annual loss, its fifth in a row as Germany's top bank undergoes a costly
overhaul, isn't exactly a good start to the day.

Its shares were down more than 4% in early trade. That further dampens hopes the battered
rate-sensitive sector could stage a recovery this year as its cheap valuation offsets continued
pressure from negative rates.

A mixed earnings showing from the seemingly unstoppable Wall Street winners overnight isn't
going to help the mood. Facebook shares fell 7% in extended trading as quarterly revenue
growth slowed to 25%, its slowest rate ever, in what could weigh on European tech, but Tesla
rose 13% after the electric carmaker posted another quarterly profit and brokers
scrambled to make big target increases. Also Microsoft beat expectations.

Back to Europe, Swatch results are going to be a big dampener for the luxury sector,
whose big exposure to China has made it particularly vulnerable the coronavirus scare and the
Hong Kong unrest.

The world's No.1 watchmaker said expects sales to fall further in Hong Kong. Its shares were
seen opening down 4-5% and drag lower rival Richemont.

Supportive news instead for the automotive sector -- the worst performer year to date amid
worries over slowing growth and higher U.S. tariffs. Volvo delivered strong results
and payout plan and reports said activist investor Elliot has built a stake in tyremaker Nokian
. Their shares are both seen rising more than 3% at the open.

Eyes also on Unilever after a slightly better-than-expected rise in quarterly
sales, and Royal Dutch Shell's following a bigger-than-expected 50% drop in Q4 profit.

Other stock movers: Roche 2019 net profit rises by a third, forecasts 2020 growth;
Diageo reports marginal rise in first-half profit; BT misses third quarter
forecast; H&M delivers first annual profit rise since 2015; Siemens Gamesa
cuts profitability target for second time in 3 months

(Danilo Masoni)

*****

MORNING CALL: DOWN WE GO AGAIN (0636 GMT)

There was no Fed surprise overnight to counter worries over the spreading
coronavirus outbreak and with a rising death toll and new cases outside China, equities in
Europe look set to track Asian shares lower today, snapping a two-day bounce.

Spreadbetters at IG expect London's FTSE to open 41 points lower at 7,483, Frankfurt's DAX
to open 103 points further down at 13,345 and Paris' CAC to open 44 points lower at 5,954.

More Q4 earnings will also be under the spotlight and Deutsche Bank posting a
larger-than-expected loss isn't exactly the best way to start the day with.

A knife-edge BoE decision could also have an impact later on with investors split over the
chance that the central bank will cut rates for the first time in more than 3 years, just on the
day before the UK leaves the EU.

(Danilo Masoni)

*****

(Reporting by Danilo Masoni, Joice Alves, Julien Ponthus and Thyagaraju Adinarayan)