LIVE MARKETS-Opening snapshot: steady

Welcome to the home for real-time coverage of European equity markets brought to you by Reuters
stocks reporters. You can share your thoughts with Thyagaraju Adinarayan
(thyagaraju.adinarayan@tr.com), Joice Alves (joice.alves@tr.com), Julien Ponthus
(julien.ponthus@tr.com) in London and Danilo Masoni (danilo.masoni@tr.com) in Milan.

OPENING SNAPSHOT: STEADY (0827 GMT)
Not bad, markets are still clinging on to gains and sectors that got hammered yesterday are
bouncing back, but only slightly. For instance, the STOXX 600 travel & leisure index is
up just 0.8% versus the 6% drop yesterday.
Among single stocks, Meggitt's shares are down 4.6% after the British engineering
company's warning on impact from Boeing's 737 MAX production halt and the disruption caused by
coronavirus.
After being hit hard initially on weak dividend, Hammerson shares have turned
positive. A London-based trader says most of the negatives are already priced in.
Not many big fallers, but on a sector level, autos and banks are the underperformers.

(Thyagaraju Adinarayan)
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ON OUR RADAR: AIRLINES BOUNCE BACK, MEGGITT, PRUDENTIAL (0758 GMT)
Futures indicate 0.6% to 0.8% gain for European bourses at open as stocks attempt to bounce
back from the massive drop on Monday that took the pan-European STOXX 600 into negative
territory for 2020 and wiped almost half-a-trillion dollars.
Airlines are seen rising 2% after a brutal sell-off last session, especially in low-cost
carriers such as Ryanair and easyJet.
While coronavirus fears are keeping investors away from risky assets, bankers are curbing
trips to Italy after the outbreak over the weekend. Citi, Nomura and Credit Suisse among first
to ask staffs to postpone their trips, sources tell us.
In corporate news, it's mostly headlines from UK companies.
Meggitt shares in focus after the British engineering company warned that Boeing's
737 MAX aircraft production halt and the disruption caused by coronavirus is likely to dent 2020
growth.
Tesco sells its 20% stake in a China JV for 275 million pounds, marking the British
retailer's exit from the country. Banknote printer De La Rue, which flagged going
concern doubts in November, unveiled cost-cutting plans and reaffirmed its profit outlook.
Prudential shares are seen rising 3% after activist investor Third Point amassed
stake and called the British insurer to split into two companies.
British cybersecurity company Avast is seen falling 3% after its U.S. peer Palo
Alto Networks forecast lower revenues for 2020.
A couple of interesting moves outside the UK: Novartis is seen opening lower after
reports of negative side effects from its new eye drug Beovu; Leoni under pressure
premarket after full-year revenues miss estimates.


Headlines to digest:
Judge delays Arkema criminal trial, citing withheld evidence
Renault says reserves the right to seek damages depending on Ghosn probe
Citi, Credit Suisse among banks curbing Italy trips on coronavirus fears
Group of UBI investors says Intesa Sanpaolo's offer undervalues stock

(Thyagaraju Adinarayan)
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TENTATIVE GAINS AFTER YESTERDAY'S ROUT (0652 GMT)
European stocks point to a small bounce back after yesterday's rout that wiped roughly
half-a-trillion dollars off the pan European STOXX 600 index as the deadly coronavirus
spread beyond China.
The damage to global stock markets stood at a whopping $1.5 trillion -— one of the biggest
one-day market value losses ever.
"Losing all 2020's gains in one session was a dramatic way to do it but yesterday's
resetting of equity valuations was overdue. They now more accurately reflect the downside threat
to corporate earnings from the coronavirus," says Ian Williams, economics & strategy research
analyst at Peel Hunt.

(Thyagaraju Adinarayan)
*****



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