LIVE MARKETS-1-year score: global markets in negative territory

* European shares recover some lost ground; STOXX 600 up 0.6% * FTSE back in positive, but lags broader market on weaker energy stocks * Vivendi rallies on talks to sell UMG stake * Czech investor won't raise Metro offer, shares down * Rotork, Gea, Meggitt, Deutsche Post rise after results 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: rm://danilo.masoni.thomsonreuters.com@reuters.net 1-YEAR SCORE: GLOBAL MARKETS IN NEGATIVE TERRITORY (0956 GMT) We've been talking about a stellar rally (+11%) for global equities so far this year, but when you look at how stocks have performed over the last 12 months, it's a completely different picture. MSCI global equities index are down 3%, dragged lower by emerging markets and Europe (-9%), while not getting enough support from the U.S. (+0.2%), thanks to trade shocks, faltering earnings growth and disappointment after central banks failed to meet investors' high expectations. (Thyagaraju Adinarayan) ***** CHARTS BEHIND THE BOUNCE IN EUROPE (0928 GMT) European stocks were ripe a bit of a technical bounce this morning after sinking to levels considered oversold by chartists and piercing long-term support levels during yesterday's major rout. The pan-European STOXX 600 and euro-zone benchmarks closed yesterday with a relative strength index (RSI) reading below 30 for the first time in nearly three months and fell below the 200- and 30-day moving averages (MA) during the torrid sell-off. An RSI reading of 30 or below would be considered oversold territory on a technical basis. The S&P 500 is in an even weaker position on RSI charts, ending the day at 28, its lowest since mid-December last year at the height of the Q4 sell-off that punished global stock markets. It fell through its 100-day MA but managed to hold above its 200- and 300-day MAs. (Josephine Mason) ***** BUYING THE DIP ALREADY? (0834 GMT) The picture at the start of European trading is somewhat reassuring as the number of stocks in the red has fallen to 54% on the STOXX 600 from 96% at the close yesterday with most of the major country benchmarks in positive territory. The attempt to find a floor may be fragile but "buy the dip" has already surfaced in market commentary and after a long losing streak for the S&P 500, maybe it's time for a break, especially if you bet on a benign central bank backdrop. "The S&P has fallen more than 5% in six straight session of losses (the Nasdaq is down over 7%). This raises the question whether pessimism is getting close to extreme levels, which would trigger a sort of rebound," says Giuseppe Sersale, fund manager at Anthilia. Beyond company specific catalysts, price action this morning shows that buy orders into some high-growth companies like LVMH have returned following heavy losses driven by the broader growth scare triggered by the sudden escalation in Sino-U.S. trade tensions. Among those who keep an upbeat view is Mislav Matejka, strategist at JPMorgan, who already yesterday said investors should "Look to buy the dip". "Fresh tariffs don't help, but are the easing Fed, robust labour market and the better-than-feared Q2 earnings really such a bad combination?," he added. Meanwhile, Goldman's chief economist Jan Hatzius said he no longer expects a trade deal before next year's U.S. Presidential election, but in turn he raised the number of Fed rate cuts this year to 3 from 2. (Danilo Masoni) ***** OPENING SNAPSHOT: EUROPE SEEKS A FLOOR (0736 GMT) It looks like the selling pressure in stocks is somewhat easing in Europe after a two day sell-off, with the trade-sensitive and industrials-heavy DAX tentatively rising, while the broader pan-regional STOXX 600 is down slightly, and a bounce in sterling and a drop in oil stocks is keeping the FTSE 100 in red. In corporate news, deal-making and earnings updates are taking centre stage. Metro is down 6.8% to lead fallers on the STOXX as Czech businessman Daniel Kretinsky's investment vehicle said it would not raise its 5.8 billion euro bid for the group, after failing to convince two of the German retailer's top shareholders of the deal. Vivendi meanwhile is up 5.8% on news that it is in talks to sell a 10% stake in Universal Music Group to Chinese tech group Tencent. Top movers on the STOXX include British industrial group Rotork, up 6.2% after results which one trader says are looking mixed with slightly better margins. Gea Group is also well bid, up 4.7%, after the German provider of technology for food processing industry confirmed its 2019 outlook. Here's your opening snapshot: (Danilo Masoni) ***** WHAT WE'RE WATCHING AT THE OPEN (0655 GMT) European shares are set to steady as signals from the Chinese central that it won't embark on an aggressive yuan depreciation and better-than-expected Germany industrial orders provide some relief after a two-day rout that sent the STOXX 600 benchmark to its lowest in two months. Futures on the trade sensitive DAX are up 0.2% while those on commodity heavy FTSE 100 are down 0.2% at their lowest since early February. On the corporate front, there are some more earnings updates to digest, especially from corporate Germany, with the overall picture looking mixed. Fresh dealmaking activity will also keep investors busy. Shares in Deutsche Post are up 2% in early trade after the group said it sees a further improvement in earnings in H2 due to restructuring measures and a rise in German postage prices despite a tough economic environment. Shares in Beiersdorf are down 2.6% in early trade after the German consumer goods firm reported slowing sales growth for its Nivea skin care brand in Q2, although it confirmed its outlook for 2019. Encouraging comments on the start of the quarter are pushing Heidelberger Druck up more than 5% in early trade, while shares in Gea, Norma and Pfeiffer Vacuum were all seen falling after results. In the aero defence sector, shares in both engineering firm Meggitt and engine maker Rolls Royce are seen opening 2% higher after results. In M&A news, Metro shares are down 7.4% in early trade after Czech businessman Daniel Kretinsky's investment vehicle said it would not raise its 5.8 billion euro bid for the German retailer. Vivendi shares are instead seen rising 5-10% at the open after the French media conglomerate said it had started talks with Tencent Holdings to sell an initial 10% stake in its Universal Music Group division. UK headlines: UK retailers suffer weakest July sales growth on record - BRC Rolls-Royce on track, forecasts cash improvement Meggitt HY Underlying PBT 145 Mln Stg Vs. 136 Mln Stg Intercontinental Hotels Group HY Total Revenue $2,280 Mln Vs. $2,113 Mln last year Boohoo offers to buy online businesses of Karen Millen, Coast Domino's half-year profit falls, says CEO to retire TP ICAP hurt by investment bank trading woes (Danilo Masoni) ***** HEADLINES ROUNDUP: SOME MORE EARNINGS (0558 GMT) Turning to the corporate front there are some earnings updates to digest this morning with the overall picture looking mixed. Deutsche Post said it sees a further improvement in earnings in H2 due to restructuring measures and a rise in German postage prices despite a tough economic environment, while Swiss industrial group Oerlikon cut its 2019 guidance, citing market weakness as a result of global economic slowdown and uncertainties. German consumer goods firm Beiersdorf confirmed its outlook for 2019, although sales growth slowed somewhat in the second quarter. In M&A, bad news for Metro after Czech businessman Daniel Kretinsky's investment vehicle said it would not raise its 5.8 billion euro bid for the German retailer. Here's your headlines roundup: Deutsche Post sees improved earnings in H2, 2019 Oerlikon lowers 2019 guidance due to weaker economy Beiersdorf confirms guidance for 2019 Czech investor Kretinsky won't raise offer for Germany's Metro EU regulators approve Sanofi, Regeneron's Dupixent for adolescent cases Unlisted automotive supplier Bosch sees sales stagnating in 2019 -CEO in Sueddeutsche Zeitung Heidelberger Druck Q1 Net Loss After Taxes Widens To 31 Million Euros U.S. metals firms urge Washington to drop copper items from EU tariff list Italy's Fineco sees no M&A deal on the horizon after UniCredit sale Italy court accepts Astaldi request for creditor protection after Salini offer Sports Direct buys fashion retailer Jack Wills for 12.75 mln stg Shell considers solar panels to power Singapore refinery site (Danilo Masoni) ***** EUROPE LOOKS SET TO STEADY AFTER TWO-DAY ROUT (0537 GMT) After positing their biggest two-day drop since Brexit more than 3 years ago, European shares look set to steady near nine-week lows, even though sentiment remains hostage of worries over escalating trade tensions between China and the United States. Financial spreadbetters at IG expect London's FTSE to open 17 points lower at 7,206, although Frankfurt's DAX is expected to open 14 points higher at 11,673, and Paris' CAC to open 2 points higher at 5,243. Over in Asia, the MSCI's broadest index of Asia-Pacific shares outside Japan was last down 0.6%, having lost as much as 1.8% earlier in the session. "Who doesn't love a good old Turnaround Tuesday story in the markets, but before I get too far ahead of ourselves, we have the Pboc to thank for tweaking the fix just enough to convince the markets mainland authorities are not embarking on a wave of aggressive Yuan depreciation," says Stephen Innes, managing partner at VM Markets Pte. After breaching 7-per-dollar yesterday, the yuan's retreat slowed as the Chinese central bank's mid-point fixing today of 6.9683 was firmer than market expectations. (Danilo Masoni) ***** (Reporting by Danilo Masoni, Josephine Mason and Thyagaraju Adinarayan)