LIVE MARKETS-Opening snapshot: Falling back again

* European stocks give up early gains; STOXX and DAX -0.2%

* Trump called trade war "a little squabble"

* Germany returns to growth

* China data paints grim picture

May 15 - 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: FALLING BACK AGAIN (0726 GMT)

European stocks are rapidly losing early gains and Germany's DAX, which was expected to get

a boost from GDP data, is down 0.2%.

The German data has to be weighed up against very poor figures from China with retail sales

growth falling to a 16-year low. And it seems the market isn't in agreement with Trump that the

U.S.-China trade war is just "a little squabble".

Back to the stocks, what's weighing today? Autos stocks and utilities.

German utility E.ON is bringing up the rear, down 5.7% after a downgrade from Goldman Sachs

and also trading ex-dividend. It's a much bigger move than for its rival RWE which reported

strong results, up 1.7%.

Raiffeisen Bank is down 3.8% after its results missed expectations with net interest income

lagging.

JCDecaux is also an earnings disappointment, down 3.9%, while Eutelsat falls 3.1% after yet

another revenue guidance cut.

A bright spot is UK lender CYBG, top of the STOXX and up 9% after swinging to a first-half

profit.

Renault shares are down 3% after Nissan said it saw sharp falls in profits in FY2019/20,

sending the Japanese carmaker's shares to 6-1/2 year lows.

(Helen Reid)

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WHAT'S ON THE RADAR: EUTELSAT, ABN AMRO DISAPPOINT WHILE LAFARGE, RWE BEAT (0645 GMT)

European stocks are set to rise further on Wednesday after U.S. President Donald Trump

talked down a trade war with China, calling it "a little squabble".

Germany’s DAX was leading the way with futures up 0.5% after German GDP data offered what

the economy minister called a "first ray of hope" that the euro zone’s economic engine was

recovering.

A steady stream of earnings continues to drive stock-level action.

Dutch bank ABN Amro missed expectations with a 20% fall in Q1 net profit, while France’s

Credit Agricole also reported a decline in Q1 net profit as two one-off events offset

profitability increases in all its main business lines. ABN Amro is seen falling 2% and Credit

Agricole is expected to lose 1%.

Building materials firm LafargeHolcim said a strong performance in Europe helped its Q1

profit jump nearly 16%, and its shares are up 2% in pre-market.

Germany's largest electricity producer RWE also beat forecasts, delivering higher than

expected Q1 profits. Its shares climbed 1.6% in pre-market.

Satellite firm Eutelsat issued a warning, cutting its full-year operating revenue forecast,

and sending its shares down 3% in pre-market, while billboard company JCDecaux reported a rise

in Q1 revenue.

Anglo-German tour operator TUI warned it would take another hit on profit if it doesn’t get

clarity over the status of its grounded Boeing 737 MAX planes by the end of May.

Aurubis, Europe’s largest copper producer, confirmed a reduced full-year earnings forecast

due to weak market environments and plant shutdowns, but its shares are seen gaining 1-2% as the

earnings hit had already been announced.

In UK results, home improvement retailer Kingfisher’s shares are seen falling 2% as traders

said like-for-like sales growth missed expectations. Retail investment platform Hargreaves

Lansdown reported market gains and net inflows that drove a 13.9% rise in assets in the first

four months of 2019.

France’s Eiffage confirmed its guidance and also said it had started exclusive talks with

Chinese investment vehicle Casil Europe to acquire a 49.99% stake in Toulouse-Blagnac airport.

A Reuters report that Trump is expected to sign an order paving the way for a U.S. telecoms

ban on Huawei may boost European handset and telecoms equipment makers Nokia and Ericsson.

(Helen Reid)

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EUROPEAN FUTURES RISE, GERMAN GDP DATA "FIRST RAY OF HOPE" (0610 GMT)

European futures are up 0.1 to 0.4 percent, suggesting today's gains may not be as strong as

yesterday's.

On the data front there's reason for positivity: Germany returned to growth in the first

quarter, helped by higher household spending and booming construction, something the economy

minister called a "first ray of hope", adding however that ongoing international trade disputes

are still a concern.

Chinese data, however, offers a grim picture of the world's second biggest economy, though,

and makes clear the hit from a trade war. "Today's China data release missed expectations on

every measure and will no doubt embolden Trump into an increasingly bold and belligerent public

show," writes a trader.

(Helen Reid)

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BANK EARNINGS, EUTELSAT WARNING AND STRONG LAFARGEHOLCIM (0553 GMT)

There's still a steady stream of earnings to drive stock-level action, with banks ABN Amro

and Credit Agricole among the most important results today while LafargeHolcim delivers a

relatively positive reflection of European activity.

The Dutch bank missed expectations with a 20% fall in Q1 net profit, while the French lender

also reported Q1 net profit fell as two one-off events offset profitability increases in all its

main business lines.

Building materials firm LafargeHolcim said a strong performance in Europe helped its Q1

profit jump nearly 16%.

Germany's largest electricity producer RWE also beat forecasts, delivering higher than

expected Q1 profits.

After the close yesterday reports also came out from Eutelsat and JCDecaux in France. The

satellite firm issued a warning, cutting its full-year operating revenue forecast, while

billboard company JCDecaux reported Q1 revenue rose.

"Another strong organic growth quarter of 5.4% for Q1, although inline with consensus which

has caught up - whereas the last two quarters were characterised by upside surprise," writes

Mirabaud Securities' Neil Campling on JC Decaux.

Eiffage confirmed its guidance and also said it had started exclusive talks with Chinese

investment vehicle Casil Europe to acquire a 49.99 stake in Toulouse-Blagnac airport.

Here are your early headlines:

ABN Amro Q1 profit drops 20%, missing expectations

Credit Agricole's Q1 net profit fell 11% to 763 mln euros

Strong Europe helps LafargeHolcim to Q1 earnings beat

Eutelsat cuts full-year operating revenue forecast

JCDecaux Q1 Adjusted Revenue Up At 840.0 Million Euros

RWE beats Q1 forecasts on strong trading performance

Eiffage in exclusive talks to buy a 49.99 percent stake in Toulouse airport

Novartis' cancer treatment Kymriah gets Japan nod at cost of $305,800

Volvo signs EV battery supply deals with LG Chem, CATL

(Helen Reid)

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EUROPEAN STOCKS TO CLIMB FURTHER AS TRUMP DOWNPLAYS TRADE WAR (0522 GMT)

Europe is set to build on its rally today, following in the footsteps of Wall Street and

Asian stocks which gained overnight after U.S. President Donald Trump called the trade war with

China "a little squabble", insisting talks between the word's two biggest economies had not

collapsed.

Asian stocks bounced from a 3-1/2-month low as a slight softening in rhetoric from Trump

helped ease worries about the U.S.-China tariff war and on expectations Beijing could release

more economic stimulus.

Financial spreadbetters expect London's FTSE to open 11 points higher at 7,252, Frankfurt's

DAX to open 123 points higher at 12,000, and Paris' CAC to open 87 points higher at 5,350.

(Helen Reid)

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(Reporting by Helen Reid, Danilo Masoni, Josephine Mason and Thyagaraju Adinarayan)