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LIVE MARKETS-Europe's VIX not quite there yet

* U.S. futures fall

* European shares turn lower as Wall St boost fizzles out

* Eyes on Vinci (LSE: 0NQM.L - news) after move for Gatwick, Italian banks

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

EUROPE'S VIX NOT QUITE THERE YET (1033 GMT)

Europe's fear index, is up over 20 percent today but it's still not indicating the kind of

market stress close to that of the U.S. VIX.

As you can seen below on the left, the VSTOXX is just below the levels of volatility

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reached during red October but still comfortably below the highs of the February correction.

The VIX on the other hand is clearly at its highest since February.

(Julien Ponthus)

*****

NO REBOUND FOR YOU (0923 GMT)

Hope you enjoyed it while it was there because it didn't last long.

European shares are back in negative territory and investors hoping for a performance worthy

of yesterday' 1,000 points surge on the Dow Jones might rightly be a tad disappointed.

Apart for Paris' CAC trading in the black, most indexes are turning red and it seems there

very well might no be any rebound on the old continent with U.S. futures currently down over 1

percent.

(Julien Ponthus)

*****

WHAT WE'RE WATCHING BEFORE THE OPEN (0736 GMT)

The Dow's record bounce of more than 1,000 points is set to lift European shares farther

away from the two-year lows hit before the two-day Christmas break with futures on the DAX, FTSE

100 and CAC indexes last up 0.4-1.4 percent.

That however won't change the picture for the whole 2018 which sees the pan European STOXX

600 benchmark firmly set for its worst year in a decade, down nearly 14 percent so far.

On the corporate from there is M&A news in the airports sector with France's Vinci Airports

saying it would buy a majority stake in London Gatwick for $3.7 bln, while Italian

banks could also be in focus as the fate of troubled lender Carige was put back into question

after its top family shareholder blocked a vital cash call.

Other stock movers:

S.Korea to file complaint against BMW (EUREX: BMWE.EX - news) for "delayed" response to engine fires

Big discounts fail to draw UK shoppers to post-Christmas sales

Rusal (HKSE: 0486-OL.HK - news) board chairman quits as part of U.S. sanctions waiver deal

Sanofi (LSE: 0O59.L - news) 's paediatric hexavalent vaccine approved by U.S. FDA

Visa (Xetra: A0NC7B - news) to buy Earthport (Frankfurt: EAPA.F - news) for 198 mln stg

(Danilo Masoni)

*****

MORNING CALL: DOW'S 1,000-POINTS SURGE SET TO LIFT SPIRITS IN EUROPE (0640 GMT)

European shares are expected to open higher today following the Christmas break with

yesterday's more than 1,000 points surge on the Dow Jones set to calm those worries over an

economic slowdown and political instability that had sent major regional benchmarks to their

lowest levels in two years or more.

"Thankfully for investors, the relentless selling on the back of risk-off sentiment which

prevailed leading up to Xmas has mercifully halted as US stock markets recorded significant

gains with the Dow surging over 1000 points while adding the most significant points gain in

history," says Stephen Innes, Head of Trading APAC at OANDA.

Over in Asia, the Wall Street rally, upbeat U.S. data and the Trump administration's effort

to shore up investor confidence sent shares rising with MSCI (Frankfurt: 3HM.F - news) 's broadest index of Asia-Pacific

shares outside Japan last up 0.6 percent.

Early indications from FTSE and DAX stock index futures are pointing to gains of 0.6-0.7

percent.

(Danilo Masoni)

*****