LIVE MARKETS-Opening snapshot: Airlines take off, Burberry shines, Bayer relief

* STOXX 600 flat, FTSE outperforms on airlines, Burberry * Yara rises 5% after better-than-expected results * Some relief for Bayer in U.S. trial award; shares up 2.3% Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Reach him on Messenger to share your thoughts on market moves: thyagaraju.adinarayan.thomsonreuters.com@reuters.net Opening snapshot: Airlines take off, Burberry shines, Bayer relief (0745 GMT) European stocks are directionless, but investors seem to be rewarding handy earnings beats as we can see with luxury brand Burberry and fertiliser producer Yara. Burberry shares (+8%) are on track for their best day since October 2012 and also top the pan-European STOXX 600 and FTSE 100 indices; Yara is up 5%. Bayer shares are getting some relief, rising 2%, after a U.S. judge slashed a damages award Bayer owes a California man who blamed its Roundup weed killer for his cancer. Delays in bringing back the Boeing 737 MAXs until next summer seems to be helping airline stocks as it is expected to remove overcapacity from the saturated European airline market. Blaming the delays, Ryanair is the latest airline to be disrupted by the MAX grounding as it cut its forecast for growth in traveller numbers next summer to 3% from a previous 7%. Lufthansa, British Airways-owner IAG, Air France, easyJet and Ryanair are rising 2%-3%. No other major sectoral moves as focus seems to be on earnings-related news. (Thyagaraju Adinarayan) ***** ON OUR RADAR: LUXURY, AIRLINES, BAYER, AMS & OSRAM (0653 GMT) European stock futures point to weak open for all major indices as markets begin to digest the first set of earnings from U.S. and European corporates. Shares in Burberry are seen 2%-4% higher after Q1 sales at the British luxury brand topped expectations and one trader said it was a "big beat". Luxury names in Europe could get a boost after Burberry said it saw mid-teen percentage growth in mainland China. Chipmaker AMS approached Osram with a takeover offer only to later pull back from it, saying it saw no "sufficient basis" for continuing its discussions. Traders expect Osram shares to open slightly lower as AMS walked away and Osram shareholders prepare to vote on a bid from private equity firms Bain Capital and Carlyle. Ryanair shares are seen 1-2% lower after it cut its forecast for growth in traveller numbers next summer to 3% from a previous 7% as Europe's largest budget carrier continues to grappple with further delays in deliveries of Boeing's 737 MAX planes. In continuing auto sector woes, we have a profit warning from Schmolz & Bickenbach, which makes high strength steel used in construction and cars. Bayer shares are making decent gains (+2.5%) pre-market after a U.S. federal judge slashed a jury award in a Roundup weed killer trial. Traders see Yara shares rising 2%-5% after solid Q2 beat. More headlines: Ryanair cuts summer 2020 growth rate on Boeing MAX doubts Irn-Bru maker A.G. Barr says profits to fall 20% Experian's quarterly revenue rises 4% on N. America boost Recruiter Hays reports flat net fees for fourth quarter Italy's state railway picks Atlantia for Alitalia rescue (Thyagaraju Adinarayan) ***** STOCK FUTURES DIP; BAYER, OSRAM, AMS IN FOCUS (0634 GMT) European stock futures point to a subdued open for all major indices, but Bayer shares are making solid gains (+4.2%) pre-market after a U.S. federal judge slashed a jury award in a Roundup weed killer trial. News that Germany's auto sensors and lighting company Osram received a takeover bid from chipmaker AMS's may stir dealmaking hopes in the auto and tech sector. The Austrian company said overnight it did not see "sufficient basis" for continuing discussions. AMS' offer of 38.50 euros per share trumped the Bain/Carlyle previous bid of 35 euros and is a 15% premium to last night's close. One dealer sees Osram shares down 5%. Initial reactions from analysts seem to suggest, it isn't a good idea for AMS to buy Osram: "This could be the dumbest deal of the decade," says Mirabaud Securities tech analyst Neil Campling. In earnings, British luxury brand Burberry stuck to its fiscal 2020 outlook after its first-quarter sales topped expectations. After a 10% sell-off yesterday, Sports Direct shares could see some more action after an activist hedge fund revealed a stake in the company. Coltrane Asset Management has built a 3.3%stake in Mike Ashley's Sports Direct, according to The Times. Sports Direct delayed publication of its annual results. A profit warning from Schmolz & Bickenbach, which makes high strength steel used in construction major carmakers, will reinforce worries about the earnings season. Key headlines: AMS does not see 'sufficient basis' for continuing takeover talks with Osram U.S. judge slashes Roundup jury award to $25.3 million GAM completes sales of absolute bond funds linked to sacked director LVMH pairs with Stella McCartney, igniting fashion rivalries Rio Tinto hits cost blowout at Mongolia copper expansion (Thyagaraju Adinarayan) ***** FLAT AS PANCAKE (0545 GMT) European shares are seen flat to slightly higher as investors are sitting on the sidelines awaiting more corporate earnings. Financial spreadbetters IG expect London's FTSE to open 1 point higher at 7,533, Frankfurt's DAX to open 17 points higher at 12,404, and Paris' CAC to open 1 point lower at 5,578. Bayer AG shares in focus after a U.S. federal judge slashed a damages award the company owed a California man who blamed Roundup weed killer for his cancer, to $25.27 million from $80.27 million, while rejecting the company's bid for a new trial. Some M&A action could boost German tech stocks after Osram made public AMS's M&A approach, but AMS later said it did not see "sufficient basis" for continuing its discussions with Osram. (Thyagaraju Adinarayan) ***** (Reporting by Danilo Masoni, Josephine Mason and Thyagaraju Adinarayan)