LIVE MARKETS-DIA rescue deal, Daimler cost-cutting drive, Telecom Italia results

May 21 - Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Helen Reid. Reach her on Messenger to share your thoughts on market moves: helen.reid.thomsonreuters.com@reuters.net

DIA RESCUE DEAL, DAIMLER COST-CUTTING DRIVE, TELECOM ITALIA RESULTS (0558 GMT)

With results slowing to a trickle, Telecom Italia, Sonova, and Ceconomy are the main earnings focus, while DIA and Daimler have also made headlines.

Spanish retailer DIA avoided insolvency proceedings at the last minute, agreeing a deal with Santander after the close yesterday to secure financing.

German carmaker Daimler is on an austerity push, planning to cut administration costs by 20%, in order to reach profit margin targets threatened by global trade woes, according to a Handelsblatt report.

And Italy's biggest phone group was hit by stronger competition in the first quarter, sending its domestic revenues and core earnings down.

Here are your early headlines:

Spanish retailer DIA strikes rescue deal with banks

Daimler plans to cut administration costs by 20% - Handelsblatt

Telecom Italia core earnings fall 2.1% in Q1, meet expectations

HSBC plans more China tech jobs in push for market share

Sonova full year sales rise 4.4% to 2.8 bln Sfr

Ceconomy Confirms FY 2018/2019 Outlook

(Helen Reid)

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RESPITE FOR EUROPEAN STOCKS? (0521 GMT)

European stocks are again expected to rise at the open, but how long that will last is debatable after yesterday's hopeful start yielded to heavy losses by the end of the day - its worst in a week.

Asian shares won some respite on Tuesday after Washington temporarily eased trade restrictions imposed last week on China's Huawei, although fears of a further escalation in tensions kept investors on edge.

The U.S. government has temporarily eased trade restrictions imposed last week on China's Huawei, a move aimed at minimizing disruption for its customers but dismissed by its founder who said the tech firm had prepared for U.S. action.

Financial spreadbetters expect London's FTSE to open 21 points higher at 7,332, Frankfurt's DAX to open 58 points higher at 12,100, and Paris' CAC to open 12 points higher at 5,371.

(Helen Reid)

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(Reporting by Helen Reid, Danilo Masoni, Josephine Mason and Thyagaraju Adinarayan)