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LIVE MARKETS-Futures hold onto gains, flash PMIs in focus

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@thomsonreuters.com), Joice Alves (joice.alves@thomsonreuters.com) and Julien Ponthus (julien.ponthus@thomsonreuters.com) in London.


FUTURES HOLD ONTO GAINS, FLASH PMIS IN FOCUS (0750 GMT)

Stock futures are still pointing to gains after Monday's rout, taking cues from Asia, which rallied as China's Hubei province where the coronavirus pandemic originated planned to lift travel restrictions.

Pointing to the ping-pong action in markets, Deutsche Bank's Jim Reid says "markets are continuing to bounce up on the latest policy announcements and then sliding back down as the economic reality of the situation re-emerges."

One of the economic reality the market faces today is in the form of flash PMIs which will later in the morning show us the first major reading into the economic damage from coronavirus.

In the corporate world, Pernod Ricard sees 20% hit to operating profit due to the slump in business caused by the global coronavirus crisis. Nordex meanwhile is seen rising after the German wind turbine maker forecast higher profits.

In the UK, the country's biggest building materials group Travis Perkins said it will be closing all its businesses as the country goes into a lockdown amid the coronavirus outbreak.

Among coronavirus gainers, France's Biomérieux is in spotlight after the healthcare company won approval from the FDA for its product aimed at testing for coronavirus.


(Thyagaraju Adinarayan)

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MORNING CALL: UP FOR NOW (0643 GMT)

European stocks are seen opening more than 5% higher this morning after yesterday's selloff in a typical bounce back as fresh wave of stimulus and monetary packages from across the world are stemming further losses.

"Everyone is still trying to figure out where equity market positioning is after the collapse in an attempt to formulate some short-term reversion strategy," said Stephen Innes Chief Global Markets Strategist at AxiCorp.

"As anything beyond 48 hours, in the absence of a medical cure, is an eternity in these risk markets, but ultimately, it's a massive challenge to unscramble this egg."

Things to watch out for: flash PMI for the euro-zone and the UK, the data for France will come in at 0815 GMT.


(Thyagaraju Adinarayan)

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