LIVE MARKETS-Morning snapshot: CAC left behind as Europe edges up

* European shares slightly up

* FTSE closed for bank holiday

* Nestle (Swiss: NESN.VX - news) gains after Starbucks (Hanover: SRB.HA - news) tie-up

* Air France (Paris: FR0000031122 - news) hammered by wage turmoil

May 7 (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

MORNING SNAPSHOT: CAC LEFT BEHIND AS EUROPE EDGES UP (0846 GMT)

European shares are holding on to opening gains with main country benchmarks showing slight

gains except the French CAC benchmark, which is being weighed down by declines in banks, notably

Societe Generale (Swiss: 519928.SW - news) and BNP Paribas (LSE: 0HB5.L - news) after their disappointing updates on Friday.

A heavy drop in Air France shares isn't doing much to stir up sentiment either.

Here's your snapshot:

(Danilo Masoni)

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WHAT WE'RE WATCHING BEFORE THE OPEN (0645 GMT)

European shares are expected to open slightly higher with stock index futures up 0.1-02.2

percent, although the closure of London markets for a bank holiday and a lack of any big data

point today will likely reduce activity.

"Today's data calendar is a desolate wasteland of nothingness," says Paul Donovan, Chief (Taiwan OTC: 3345.TWO - news)

Economist, UBS Global Wealth Management, in a morning note.

A weaker euro, which helped the STOXX 600 end last week near its highest level since early

February, could further buoy euro zone equities, while on the corporate front earnings updates

will continue to drive share price moves.

In M&A, Nestle shares are up 0.3 percent in premarket trade after news it will pay Starbucks (Swiss: SBUX-USD.SW - news)

$7.15 billion as part of a global coffee alliance in which the Swiss-based food giant is getting

the rights to market the U.S. coffee company's products around the world outside Starbucks'

coffee shops.

And here is a recap of possible stock moving headlines:

Air France-KLM CEO to quit after staff reject pay deal;

Hannover Re reports rise in Q1 profit, raises gross premiums guidance;

Aker BP Q1 operating profit rose more than expected;

FDA approves Novartis (IOB: 0QLR.IL - news) combo therapy for aggressive type of thyroid cancer;

Spain's Caixabank (Amsterdam: CB6.AS - news) aims to de-list Portugal's BPI

(Danilo Masoni)

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EUROPEAN STOCK FUTURES EDGE UP, FTSE CLOSED (0618 GMT)

European stock index futures have opened slightly higher, up 0.2 percent, while the FTSE

will be closed today for a bank holiday, likely reducing activity.

The session may see a falling euro providing support to euro zone equities and on the

corporate front, Nestle will be in the focus after the Swiss group agreed a tie-up Starbucks. In

pre-market Nestle were up 0.3 percent. Nestle will pay $7.15 billion as part of a global coffee

alliance in which the Swiss-based food giant is getting the rights to market Starbucks products

around the world outside the U.S. coffee company's coffee shops.

(Danilo Masoni)

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EARLY MORNING HEADLINE ROUNDUP (0551 GMT)

Nestle to pay $7.15 bln to Starbucks in coffee tie-up

Hannover Re reports rise in Q1 profit, raises gross premiums guidance

Aker BP Q1 operating profit rose more than expected

French government urges Air France to pursue reforms as strikes bite

Air France-KLM CEO to quit after staff reject pay deal

Deutsche Bank (IOB: 0H7D.IL - news) to move NY headquarters from Wall Street

Statoil (LSE: 0M2Z.L - news) targets deeper emission cuts to avoid stranded assets

FDA approves Novartis combo therapy for aggressive type of thyroid cancer

Spain's Caixabank aims to de-list Portugal's BPI

Price range set for Springer Nature's Frankfurt IPO

(Danilo Masoni)

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MORNING CALL: EUROPEAN SHARES SET FOR POSITIVE START OF WEEK (0527 GMT)

European shares are set for a positive start of the week, building on gains seen last week

when a strengthening dollar helped the STOXX 600 regional benchmark end near its

highest level since early February. The FTSE will remain closed for a bank holiday.

Financial spreadbetters expect Frankfurt's DAX to open 54 points higher at 12,873 and Paris'

CAC to open 21 points higher at 5,537.

Over in Asia, shares crept higher after a tame reading on U.S. wages lowered the risk of

faster rate hikes by the Federal Reserve, although Sino (Dusseldorf: 1205802.DU - news) -U.S. trade tensions and a looming

deadline for the Iranian nuclear deal argued for caution.

(Danilo Masoni)

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