LIVE MARKETS-Opening snapshot: European shares struggle for direction

* European shares open mixed

* Tech pull back after SAP (Amsterdam: AP6.AS - news) results

* Focus on earnings

July 19 - 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

OPENING SNAPSHOT: EUROPEAN SHARES STRUGGLE FOR DIRECTION (0733 GMT)

European shares are off to a rather directionless start today with country indexes moving

between a fall of 0.3 percent for Germany's DAX and a rise of 0.3 percent for Italy's FTSE MIB.

At the sector level, it's worth noting the pull-back in tech stocks on the back of a fall in

German software maker SAP following its earnings update.

Here's your snapshot:

(Danilo Masoni)

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WHAT'S ON THE RADAR FOR THE EUROPEAN OPEN (0647 GMT)

European stocks are set to falter at the open as investors lock in profits after a rally

took benchmarks to one-month highs yesterday.

Earnings season is in full swing with several heavyweights in consumer goods and industrials

reporting.

Disappointment from consumer giant Unilever (NYSE: UL - news) could weigh on the sector. The Anglo-Dutch maker

of ice cream to soap blamed a Brazilian transport strike and weak pricing for its lower than

expected second-quarter sales growth. Weak pricing was one of investors’ main concerns for the

consumer staples stocks last quarter, too, causing some sharp stock falls.

Industrials reported strong results overall, with Swiss engineering company ABB (LSE: 0NX2.L - news) beating

profit forecasts though its sales were weaker and it warned about rising geopolitical

uncertainties. Truckmaker Volvo’s profit also topped forecasts, perhaps providing a sentiment

boost to the autos sector hit by tariff fears. France’s Alstom (LSE: 0J2R.L - news) and Sweden’s SKF (LSE: 0NWW.L - news) also reported

strong results.

And tech stocks, which led gains on Thursday, could extend their rally after Europe’s

biggest tech company, SAP, raised its outlook on forecast-beating results thanks to growth in

its cloud business.

Nordea, the Nordic region’s biggest bank is indicated up 1 percent after its second quarter

profit topped forecasts, though it said revenues were unlikely to reach last year’s level in

2018.

And UK engineer Babcock lowered its full-year revenue outlook; its shares are

seen down 5 to 10 percent at the open.

(Helen Reid)

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FUTURES POINT TO LACKLUSTRE OPEN (0613 GMT)

European benchmark futures are trading down 0.1 to 0.2 percent across the board, indicating

the recent rally will peter out today as investors take profits.

It's a heavy day for earnings meaning results will likely drive more movement underneath

index levels.

Adding to the list of earnings out so far, consumer goods giant Unilever has just reported

lower than expected second-quarter sales, hurt by a Brazilian transport strike and weak pricing.

The latest headlines:

Unilever second-quarter sales disappoint

Sweden's SKF Q2 profit beats forecast, sees higher demand in Q3

French group Alstom posts higher Q1 sales

Roche Tecentriq cocktail cut lung cancer risk, survival data still to come

(Helen Reid)

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EARLY MORNING EARNINGS ROUND-UP (0539 GMT)

Trade war risks and currency risks are the main issues flagged by companies reporting today

thus far. Swiss industrials giant ABB warns geopolitical risks are rising, while unlisted Volvo

Cars said it was on track for another sales record despite trade tensions - perhaps a positive

sign for the autos sector.

Here's your results round-up:

Publicis (Paris: FR0000130577 - news) stumbles on health unit underperformance in 2nd quarter

ABB warns on rising geopolitical risks after Q2 profits beat forecasts

SAP raises outlook as cloud growth "unleashed"

Volvo Cars targets sales record, facing down trade worries

Innogy agrees with E.ON and RWE (IOB: 0FUZ.IL - news) on planned transaction

Nordea Q2 profit narrowly tops forecast

Givaudan (LSE: 0QPS.L - news) profit falls as currency losses in Argentina bite

Essity Q2 core profit slides as higher pulp prices weigh

(Helen Reid)

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MORNING CALL: EUROPEAN RALLY TO STALL (0531 GMT)

European shares are set to take a breather this morning after earnings optimism took

regional benchmarks to a one-month high on Wednesday.

Asian shares extended early gains overnight as upbeat Wall Street earnings buoyed global

investor sentiment, although trade war jitters pushed China's yuan to fresh one-year lows in

both the onshore and offshore markets.

On the radar today are updates from ABB, Alstom, Anglo American (LSE: AAL.L - news) , Kone (LSE: 0II2.L - news) , Kuehne & Nagel,

Publicis, Unilever, Volvo, among other big European companies.

Spreadbetters CMC Markets expect the FTSE 100 to open unchanged at 7,676 points, the DAX to

open 17 points lower at 12,748 and the CAC 40 10 points lower at 5,437.

(Helen Reid)

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