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LIVE MARKETS-Futures flat after German GDP data, some more earnings to digest

* European shares seen flat to slightly higher

* German economy contracts as export engine stutters

* In Asia shares rise on tariff relief

* Italy Senate slows government crisis

* Earnings in focus: Schindler, RWE 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



FUTURES FLAT AFTER GERMAN GDP DATA, SOME MORE EARNINGS TO DIGEST (0623 GMT)

European stock futures have slightly reduced gains after preliminary data showed that the German economy shrank in Q2, dragged down by a slump in exports, as manufacturers in Europe's largest economy are hit by weaker foreign demand and trade disputes.

Gross domestic product (GDP) fell 0.1% from Q1, in line with a Reuters poll of analysts.

Futures on the DAX and the Euro STOXX 50 are both trading just a touch below parity while CAC and FTSE futures are both up around 0.1%.

Meanwhile in Italy, it looks that far-right League party leader Salvini's push for new elections has been slowed after the Italian Senate late yesterday postponed till next week further debate on an ongoing government crisis. That may help ease immediate worries over Italian political risk.

Turning to the corporate front, there are some mixed earnings to digest, even though the overall picture emerging from the Q2 season isn't great. The latest data from Refinitiv I/B/E/S has shown that Europe Inc is suffering a recession with market consensus forecasting a drop in earnings in Q2 and Q3.

Back to this morning's corporate news, elevator and escalator manufacturer Schindler said Q2 net profit dived 22.4% from the previous year, dented by wage inflation, higher material costs, foreign exchange, and planned increase in expenditure on projects.

In more good-looking updates, power producer RWE said core profit rose by a fifth in H1, boosted by a stronger-than-expected performance at its trading unit, while dental implant maker Straumann raised its FY revenue target after reporting a better-than-expected Q2, citing the launch of its BLX implant in Europe, and double-digit growth in all regions.


Here's your headlines roundup:

RWE posts 20% core profit rise on energy trading boost

Schindler Q2 profit dives 22% on wage inflation, higher material costs

Dental supplier Straumann ups revenue targets after Q2 beat

Glencore loses bid to stop Australian tax office using 'Paradise Papers'

Allianz Australia slapped with tougher capital requirement

Norwegian to stop flying from Ireland to U.S. and Canada

BRIEF-Ascom Holding Says Will Not Achieve 2019 Targets

BRIEF-Bell Food Group Says HY Gross Profit Dropped By CHF 3.4 Mln To CHF 768.2 Mln

BRIEF-Cancom SE Q2 EBITDA Rose 29 Percent To 28.5 Million EUR

(Danilo Masoni)

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EUROPE SEEN OPENING HIGHER, EYES ON GERMAN GDP (0530 GMT)

European shares are expected to open slightly higher in a second day of gains in relief to Washington's decision to delay tariffs on some Chinese imports, with the release of the Q2 GDP flash data for Germany, which is expected to fall 0.1% from Q1, squarely in focus.

Spreadbetters at IG expect London's FTSE to open 21 points higher at 7,272, Frankfurt's DAX to open 20 points higher at 11,770, and Paris' CAC to open 14 points higher at 5,377

Over in Asia, stocks joined a global equities surge as the tariff relief offset a raft of disappointing China data for July.

(Danilo Masoni)

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