LIVE MARKETS-Morning snapshot: it's mixed as big central bank week gets underway

June 13 - Welcome to the home for real-time coverage of European equity markets brought to

you by Reuters stocks reporters and anchored today by Helen Reid. Reach her on Messenger to

share your thoughts on market moves: helen.reid.thomsonreuters.com@reuters.net

MORNING SNAPSHOT: IT'S MIXED AS BIG CENTRAL BANK WEEK GETS UNDERWAY (0808 GMT)

European shares are struggling for direction today as investors stay on the sidelines in a

big week for central banks' policymaking. Today we have the Federal Reserve, tomorrow the

European Central Bank and on Friday there's the Bank of Japan.

Here's your snapshot and below your must-reads ahead of these three key events:

WRAPUP 2-With (Other OTC: WWTH - news) rate hike in the bag, focus turns to Fed's policy language

GRAPHIC-Time (Frankfurt: A11312 - news) to kiss easy money goodbye? Five questions for the ECB

PREVIEW-BOJ to debate factors behind disappointingly weak prices, policy on hold

(Danilo Masoni)

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WHAT'S ON THE RADAR FOR THE EUROPEAN OPEN (0652 GMT)

Futures are pointing to modest gains at the open for European shares, while the FTSE 100 is

set to slip as Britain’s parliament entered the second day of debates over a key EU withdrawal

bill.

Trading is likely to be muted as investors anxiously await a Fed meeting widely expected to

result in a rate rise, with an eye to Thursday’s ECB meeting which could shake up euro zone

markets.

On the corporate news front, investors are likely to be relieved by first-quarter results

from Zara owner Inditex (Amsterdam: IT6.AS - news) , which showed improved profitability despite a stronger euro – proof

that the currency headwind for euro zone exporters can be overcome. Its shares are indicated up

3 to 4 percent in pre-market.

Miner Glencore is also seen rising 1 to 2 percent at the open after its subsidiary Katanga

Mining reached a deal with the DRC (Shenzhen: 000530.SZ - news) state miner Gécamines to cease legal action.

WPP (Frankfurt: A1J2BZ - news) is in focus ahead of a fraught investors’ meeting likely to be dominated by anger over

the circumstances of CEO Martin Sorrell’s departure. As the market contemplates what could be

next for the advertising conglomerate, Goldman Sachs (NYSE: GS-PB - news) analysts said a full break-up of WPP (Swiss: OXWPP.SW - news) – a

difficult task given its size – could deliver up to 49 percent upside to WPP’s current share

price.

Also in the spotlight is Dixons Carphone (Frankfurt: CWB.F - news) , set for a 3 percent fall at the open, after it

announced a data security breach with 1.2 million records of non-financial personal data

accessed. UK small-cap logistics company Connect Group (LSE: CNCT.L - news) could sink as much as 30 to 50 percent

after a massive profit warning and its CEO stepping down.

(Helen Reid)

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CORPORATE NEWS IN FOCUS: INDITEX, WPP, GLENCORE (Amsterdam: GX8.AS - news) (0616 GMT)

Futures have opened modestly higher apart from the FTSE 100 whose futures are down 0.2

percent. It's a relatively busy day on the corporate front with results from Zara owner Inditex,

a fraught WPP shareholder meeting ahead and Glencore (Frankfurt: 8GC.F - news) 's subsidiary Katanga Mining resolving a

dispute with the DRC state miner Gecamines.

Here's what to keep an eye on:

Inditex Q1 gross margin improves despite strong euro

Sorrell's downfall set to dominate WPP investor meeting

Credit Suisse (IOB: 0QP5.IL - news) to get $385 mln in Lehman bankruptcy claim

Societe Generale (Swiss: 519928.SW - news) puts Polish unit up for sale -sources

Glencore unit Katanga settles DRC Congo dispute, shares surge

British lawmakers to question Sainsbury (Amsterdam: SJ6.AS - news) 's and Asda CEOs over deal

WTO chief warns of global downturn if trade dispute escalates

France's Suez (LSE: 0NRV.L - news) launches hazardous waste treatment plant JV in China

Renault (LSE: 0NQF.L - news) -Nissan-Mitsubishi (LSE: 7035.L - news) alliance says on track for cost savings goal

(Helen Reid)

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CENTRAL BANKS, INFLATION FIGURES AND POLITICS IN FOCUS (0554 GMT)

The Fed's rate rise should cause little volatility in markets as it's been widely flagged,

but investors could be more moved by euro area industrial production figures, CPI data due from

the UK, and Brexit developments.

"In the UK, inflation data, where we see scope for a fourth successive downside surprise,

and politics will be the drivers," Societe Generale analysts write.

The British parliament enters its second day of debate and voting on amendments to the EU

withdrawal bill today, with investors hoping for more clarity on which amendments the House of

Commons will accept.

"With the amendments typically tying the UK closer to the EU the more that are adopted, then

the softer Brexit could look," write SocGen (Paris: FR0000130809 - news) analysts.

Here's our look ahead at what's at stake in the debate:

And our summary of yesterday's action: UPDATE 8-Britain's May defuses revolt in parliament

over Brexit plans

(Helen Reid)

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EUROPEAN STOCKS TO STALL AS INVESTORS HOLD BREATH AHEAD OF FED, ECB (0535 GMT)

Europe's major benchmarks are set for a mixed open with investors likely to hold off trading

ahead of an FOMC meeting and the European Central Bank's meeting tomorrow.

The Fed is widely expected to raise rates for the second time this year, so what's really

going to be the focus is the outlook for future monetary tightening.

Asian shares slipped back overnight as investors looked to the Federal Reserve policy

decision later in the day and any clues it might give on future rate hikes, shifting focus away

from the historic U.S.-North Korea summit in Singapore.

Spreadbetters call the DAX 13 points higher at 12,856, the CAC 40 down 1 point at 5,453, and

the FTSE 100 1 point higher at 7,705.

(Helen Reid)

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(Reporting by Danilo Masoni, Helen Reid, Kit Rees and Julien Ponthus)