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LIVE MARKETS-What you need to know at the open

* European shares seen little changed

* German economy contracts as export engine stutters

* In Asia shares rise on tariff relief

* Italy Senate slows government crisis

* Earnings in focus: Schindler, RWE, Nordex 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 AT THE OPEN (0650 GMT)

European shares are expected to open little changed after preliminary data showed that the German economy shrank in Q2 in what could heat up the discussion about fiscal stimulus in the continent's largest economy, as the ECB runs out of ammunition and corporate Europe suffers from an earnings recession.

Futures on the DAX pared some gains after the release to trade flat on the day, suggesting investors don't believe the reading will convince Chancellor Angela Merkel, who only yesterday said she saw no need for fiscal stimulus, to boost spending.

Futures on other European benchmarks are trading between a rise of 0.1% and a fall of 0.3% as the relief over Washington's decision to delay tariff hikes on some Chinese goods runs out looks to be running out of stem. We have euro-zone GDP at 0900 GMT.

Turning to the corporate front, there are some more earnings to digest, although the outlook for growth is dimming. 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.

Shares in Schindler are seen opening down 2.5% after the elevator and escalator manufacturer 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. Its results illustrate a broader trend of margin pressure in Europe.

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 (RWE shares seen opening up 1.5%), while Nordex kept its margin target even though profits more than halved in the first six months, saying it expects business to pick up considerably in the remainder of the year.

Its shares are up 5% in early trade.

Among smaller companies, Evotec and Cancom were up sharply in early trade after results. Both lifted their guidance.

In the UK, eyes are on Standard Chartered after a senior executive said the bank is targeting growing its private banking assets by 50% to about $100 billion in three to five years and hire dozens of bankers in Hong Kong and Singapore towards that goal, although BAML has removed the stock from its Europe 1 list. Its Hong Kong-listed shares are up 0.8%.

Other stock movers: Axel Springer revenue, profits fall in Q2 as weaker economy weighs; Germany's Stada 'very selective' on acquisitions - CEO Goldschmidt; Balfour Beatty reports higher first-half profit, raises cash forecast


UK headlines:

StanChart eyes $100 bln private bank assets in growth push, to hire bankers

Car dealership Lookers sees higher costs to fix issues related to sales practices

Balfour Beatty reports higher first-half profit, raises cash forecast

Insurer Admiral posts 4% rise in H1 operating profit

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

Ryanair's Irish pilots agree to talks as strike looms


(Danilo Masoni)

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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)