LIVE MARKETS-What you need to know before the bell

* European shares seen rebounding

* Euro zone stocks set for 6 week of gains

* Results in focus: HSBC, BNP (Paris: FR0000131104 - news) , Swiss Re (LSE: 0QL6.L - news) , BASF

* In Asia, stocks retreat, dollar sees profit taking

May 4 (Reuters) - 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

WHAT YOU NEED TO KNOW BEFORE THE BELL (0650 GMT)

European shares are set to bounce back today following losses in the previous session as

earnings continue to roll in, while the recent strength in the dollar has put the euro zone

STOXX index on track for its sixth straight week of gains - its longest winning streak since

September 2017. Stock index futures on main country indexes were up 0.3-0.6 percent.

It's a heavy day of results for financials with HSBC reporting an unexpected 4 percent drop

in first-quarter pre-tax profit due to a surge in investments, sending the stock down 2 percent

in premarket although the pill may be sweetened by a new share buyback plan of up to $2 billion.

French bank BNP Paribas (LSE: 0HB5.L - news) (down 1-2 percent premarket) posted a 17 percent fall in quarterly

net profit on revenues falling short of expectations, weighed down by a weaker dollar and

sluggish fixed income trading. Shares (Berlin: DI6.BE - news) in Societe Generale (Swiss: 519928.SW - news) could also fall with one trader saying

its quarterly profit was below consensus and its capital ratio slightly light.

Numbers from insurance heavyweights Swiss Re and Generali (EUREX: 566030.EX - news) showed better than expected

profits, while a stronger euro impacted the value of sales at France's biggest insurer AXA (Paris: FR0000120628 - news) .

Elsewhere, forex headwinds were also blamed by German luxury carmaker BMW (EUREX: BMWE.EX - news) for its 3 percent

drop in quarterly operating profit.

Eyes also on Telecom Italia (Amsterdam: TI6.AS - news) on the day when its top two investors - Vivendi (LSE: 0IIF.L - news) and activist

fund Elliott - will face off for the first time as they put their battle over board seats at the

Italian phone group to a shareholder vote.

News that Bayer (IOB: 0P6S.IL - news) sold a further Covestro (IOB: 0RBE.IL - news) stake for 2.2 bln euros may also be welcome as it

could reduce the cash call the company will need to fund its takeover of Monsanto (Hamburg: 1132157.HM - news) .

(Danilo Masoni)

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FUTURES POINT UP AS BUSY EARNINGS WEEK DRAWS TO A CLOSE (0630 GMT)

Futures have opened higher, indicating gains for the main European benchmarks on a busy

earnings day at the end of the second heaviest week of results. Futures are trading up 0.2 to

0.5 percent.

All eyes today are on non-farm payrolls, which Goldman Sachs (NYSE: GS-PB - news) expects to come in at a 180k

increase for April, a little below consensus estimates for a gain of 190k.

Some more headlines to watch as UK results start coming in. British Airways owner IAG is

keeping quiet on its potential takeover of Norwegian Air, and publisher Pearson (Xetra: 858266 - news) could see relief

after results suggested it's on track with its turnaround.

Pearson on track after first quarter revenue rises 1 pct

Hotelier IHG posts 3.5 pct rise in first-qtr global room revenue

National Grid CFO Bonfield steps down

British Airways-owner IAG profit jumps, silent on Norwegian

Smurfit Kappa Q1 earnings up 22 pct, FY seen materially better

(Helen Reid)

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EARLY MORNING HEADLINE ROUNDUP (0549 GMT)

HSBC Q1 profit misses estimate, unveils $2 bln new share buyback

BNP Paribas Q1 profit falls on back of trading weakness in Europe

Swiss Re Q1 net profit down 30 pct on year but beats expectations

Generali gets non-life lift in Q1 to top forecasts

Insurer AXA's Q1 revenues dip 2.7 pct

Air France-KLM (LSE: 0LN7.L - news) reins in profit and growth expectations amidst strikes

Bayer sells further Covestro stake for 2.2 bln euros

BASF Q1 operating profit gains slightly on basic chemicals, oil

Lanxess (IOB: 0H7I.IL - news) hikes guidance as specialty chemicals demand boosts Q1

Boardroom showdown could alter Telecom Italia's future

Norway oil firms, workers agree 2.8 pct wage rise

Ex-Volkswagen CEO Winterkorn charged in U.S. over diesel scandal

Vonovia (Milan: VNA.MI - news) launches capital increase to fund Victoria Park (LSE: 0QIC.L - news) buy

Sweden's Vattenfall boosts its EV charging market with Volvo Cars deal

(Danilo Masoni)

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MORNING CALL: EUROPEAN SHARES SEEN BOUNCING BACK (0527 GMT)

Following losses in the previous session, European shares are seen bouncing as earning

updates continue to flow, while the recent surge in the dollar has put the the euro zone STOXX

benchmark on course for its sixth straight week of gains, the longest winning streak

since September 2017.

"The rise in the US dollar is starting to exert some downward pressure on US stock markets,

while European markets, despite a negative session yesterday look set for their sixth

consecutive positive weekly finish," says Michael Hewson, analyst at CMC Markets (LSE: CMCX.L - news) .

Financial spreadbetters expect London's FTSE to open 29 points higher at 7,532, Frankfurt's

DAX to open 53 points higher at 12, 744 and Paris' CAC to open 19 points higher at 5,521.

Over in Asia, shares stepped back while the dollar ran into some profit-taking after a

strong week of gains as financial markets turned their attention to looming U.S. payrolls data

for fresh catalysts.

(Danilo Masoni)

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