LIVE MARKETS-Opening snapshot: taking a break

* European shares fall from 21-month high * STOXX 600 down 0.4%, DAX down 0.2%, FTSE down 0.5% * S&P 500 closed at record high * Earnings in focus: Stora Enso, Fresenius, BP 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: rm://danilo.masoni.thomsonreuters.com@reuters.net OPENING SNAPSHOT: TAKING A BREAK (0831 GMT) After progressing to 21 month highs, helped by easing trade and Brexit worries and ahead of an expected Fed rate cut this week, it looks that European shares are taking a break - perhaps all the positive news has been priced in for now. The pan-regional STOXX 600 index is down slightly in early deals and all main country benchmarks are also a tad in the red. Across all sectors, there no move worth a mention while earnings updates are fuelling some big swings among individual stocks: Stora Enso is down 9% to the bottom of the STOXX after the Finnish paper firm's Q3 sales and operating profit missed expectations. Other paper stocks are down in sympathy. Fresenius and its Fresenius Medical Care dialysis unit are rising 4.1% and 5.5% respectively after a solid trading update. Among the heavyweights, BP is now down nearly 1% following a positive start on the back of a smaller than expected drop in Q3 profit. BP is the biggest weight to the STOXX among single stocks. Here's your opening snapshot. (Danilo Masoni) ***** FUTURES OFF HIGHS, FOCUS ON EARNINGS (0752 GMT) European shares are set to open little changed after hitting 21-month highs yesterday on optimism over Sino-U.S. trade talks, a soft Brexit and ahead of an expected rate cut in the United States this week. Futures on the Euro STOXX 50, DAX and FTSE 100 are trading flat to down 0.1%. In corporate news, quarterly updates will be the main focus and so far Europe Inc has managed to deliver a modest beat, although the bar had been lowered significantly with the latest Refinitiv IBES indications pointing to a 5.3% drop in Q3 profit, prolonging an earnings recession. Results this morning look mixed. Shares in Stora Enso are seen falling 7-10% after the Finnish paper said geopolitical uncertainties would dampen demand in Q4 following a sharp drop in profit in the three months to September. But shares in Fresenius are up 4% in premarket trade after the German healthcare group slightly exceeded Q3 revenue forecasts, citing strong performance of its infusion drugs unit in emerging markets and growth in home treatment at its separately-listed dialysis business. German dialysis specialist Fresenius Medical Care also beat expectations, sending its shares up 3% in premarket trade. BP's Q3 profit dropped sharply, but still beat expectations, hurt by weaker oil prices, lower production and one-off charges linked to large divestments. Its shares are seen rising around 1-2% at the open. Meanwhile, Beiersdorf is seen opening down 2-3% after the consumer goods firm reported slower sales growth in Q3, citing a "challenging and very competitive market environment", with its adhesives unit dented by a fall in sales to the auto industry. Deutsche Boerse posted a 10% rise in Q3 net profit thanks to increased trading in derivatives markets as well as power and gas markets and the company confirmed its targets for the full year. Traders see the shares falling at the open as core profit missed expectations. Other stock movers: Fashion group SMCP maintains annual outlook as Q3 sales rise; Orange's Q3 sales up 0.8% on strong demand in Africa, Middle-East; MTG eyes U.S. listing, plans strategic review for gaming business; Plus500 quarterly revenue jumps on customer additions; Retail business, acquisitions lift Austrian lender BAWAG's profit; Dental supplier Straumann again raises 2019 outlook after strong Q3; Morphosys ends development of dermatitis treatment, shares fall (Danilo Masoni) **** EUROPE SEEN STAYING ON A HIGH (0641 GMT) After the S&P 500 climbed to a new lifetime high yesterday and Asia shares rose overnight to three-month peaks, Europe too is expected to stay near its recent highs - as hopes of progress in Sino-U.S. trade talks and a soft Brexit keep the mood supported ahead of an expected Fed rate cut later this week. Spreadbetters at IG expect London's FTSE to open 4 points higher at 7,335, Frankfurt's DAX to open 12 points higher at 12,954 and Paris' CAC to open 1 point higher at 5,732. Earnings news is also expected to dominate. In the U.S. there was mixed price moves in the tech sector with shares in Google parent Alphabet's falling after Q3 profit missed analyst estimates as costs continue to rise , while Microsoft shares rose after the company won the Pentagon's $10 bln cloud computing contract. Of course a there are already lots of Q3 updates coming out of Europe this morning that are going to keep investors busy. Among them Fresenius, Straumann and Deutsche Boerse. (Danilo Masoni) ***** (Reporting by Danilo Masoni, Joice Alves, Julien Ponthus and Thyagaraju Adinarayan)