LIVE MARKETS-London leads Europe lower

Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your thoughts on market moves: josephine.mason.thomsonreuters.com@reuters.net

LONDON LEADS EUROPE LOWER (0725 GMT)

Europe's stocks futures are all well in the red, falling between 0.3 and 0.7 percent with London's FTSE leading the charge lower after the pound rallied amid hopes the PM May will delay the Brexit deadline. The FTSE 100 is often pressured by a stronger pound as some 70 percent of the London blue chip index's income come from abroad.

The optimism around the U.S-China trade talks that sent stocks to October highs appears to have been snuffed out as investor focus turns to Fed chairman Jerome Powell who will be testifying to U.S. Congress later today.

Here's your snapshot:

(Josephine Mason)

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BASF, THALES, PHARMA IN CORPORATE NEWS MIX (0655 GMT)

Plenty going on in corporate earnings from the French and German industrial heartland and financial services today.

BASF reported a plunge in Q4 profits due to a sharp decline at a unit making basic petrochemicals for products such as heat insulation. Shares in the German chemicals group are under pressure in pre-market trading, coming hot on the heels of Covestro's poor results yesterday.

Standard Chartered has announced plans to cut $700 million in costs and exit smaller businesses as part of a three-year strategy overhaul aimed at boosting growth and possibly doubling dividend payments. The shares in Hong Kong have risen 2.5 percent in overnight trading.

Some positive news from France where defence electronics group Thales forecast higher sales and profits for 2019 as it posted a rise in its full-year earnings, while carmaker PSA Group has raised its medium-term profit guidance after reporting record FY results, buoyed by the success of its Peugeot 3008 and 5008 SUV models.

Legal news will keep pharma in focus today. Executives from seven of the world's largest pharmaceutical companies, including AstraZeneca and Sanofi, are set to testify about high U.S. prescription drug prices at a U.S. Senate hearing later today amid increased scrutiny of the industry's practices by both political parties.

Elsewhere, a blow to Sanofi and Regeneron after a U.S. court rejected their challenge over the validity of Amgen's patents on its cholesterol drug Repatha.

Here are your headlines:

StanChart to cut costs, divest businesses in fresh growth strategy

BASF Q4 profit dragged lower by slump in basic petrochemicals

French group Thales sees more profit growth in 2019 as earnings rise

Sanofi, Regeneron lose U.S. patent challenge to Amgen cholesterol drug

U.S. trial tests claims Roundup weed killer caused cancer

Panalpina investor bashes voting plan in takeover fight

Nestle hires Rothschild to run Herta sale - sources

Carmaker PSA lifts profit outlook after record 2018 earnings

Seadrill sees brighter rig market as Q4 boosted by lower cost, one-offs

Credit Suisse names new risk officer in executive board reshuffle

(Josephine Mason)

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EUROPE TAKING A BREATHER (0618 GMT)

European shares are expected to take a breather today after the STOXX 600 closed at its highest since Oct. 9 last night while investors await more news on talks between Washington and Beijing to end their protracted trade dispute.

The markets will likely take their cue from Asian equities overnight as the enthusiasm over the postive signals over the trade talks cools off.

In the UK, the export-heavy FTSE 100, which lagged the trade-relief rally across the euro zone yesterday, is seen coming under pressure after the pound jumped to four-week highs following a report that PM May is considering delaying the March 29 Brexit deadline.

While that has been long expected, the report helped quell fears among investors that Britain would crash out of the bloc without a deal in place.

Spreadbetters at IG expect London's FTSE to open 45 points lower at 7,139, Frankfurt's DAX to open 62 points lower at 11,444 and Paris' CAC to open 27 points lower at 5,205.

(Josephine Mason)

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