LIVE MARKETS-What went wrong for Reckitt?

* European shares dip

* Wall St closed for holiday

* Reckitt leads fallers as update disappoints

Feb 19 (Reuters) - 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: danilo.masoni.thomsonreuters.com@reuters.net

WHAT WENT WRONG FOR RECKITT? (1128 GMT)

Consumer staples have been lagging markets recently because of worries that their

steady dividend flows could lose appeal among investors in a rising rates world, and today's

disappointing update from Reckitt Benckiser (Xetra: A0M1W6 - news) is adding pressure.

What exactly went wrong for the maker of Durex condoms, Lysol disinfectant and Mucinex cold

medicine? Here are a couple of views from the sell-side, both focusing on its uncertain outlook.

UBS (LSE: 0QNR.L - news) : "Management remains vague on its margin expectations for the year. Given the market's

high expectations around the strong cold/flu season, we think these results are unlikely to

convert the sceptics into buyers today" - Neutral

Investec (LSE: INVP.L - news) : "Management did not provide explicit margin guidance, though there will be

headwinds from costs associated with improving the competitiveness of Mead and the creation of

the new RB Health and RB Hygiene Home divisions." - Sell

And Reckitt's chart is not looking good. Its shares are headed for their biggest one-day

drop in nearly seven years, down more than 6 percent at a 12-month low.

(Danilo Masoni)

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IF A CRYPTO FALLS ON RETAIL INVESTORS, DOES IT MAKE A SOUND? (1036 GMT)

Crypto currencies pose no risk yet to financial institutions, S&P writes today in a note

arguing that it is "much ado about nothing" in terms of financial stability.

"A collapse in its market value (of a cryptocurrency) would be just a ripple across the

financial services industry, still too small to disturb stability or affect the creditworthiness

of banks we rate", the rating agency said.

It is, of course a very different stories for individual crypto fans: "If the value of

cryptocurrencies dropped substantially, we expect retail investors would endure most of the

impact, while rated banks wouldn't feel the hit."

Remember this two weeks ago?

Banks in Britain and U.S. ban Bitcoin buying with credit cards

Anyhow, with so many pundits having called the burst of the Bitcoin bubble over the last few

months, a quick look at its comeback these past weeks is somewhat humbling.

(Julien Ponthus)

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OPENING SNAPSHOT: STOXX SET FOR FOURTH DAY OF GAINS (0843 GMT)

A positive open in Europe has put the STOXX 600 benchmark index on course for a fourth

straight session of gains, even though today's holiday closure on Wall Street could reduce

activity. All major indexes in Europe were posting small gains, as banks rose and steel

companies such as Tenaris (Amsterdam: TS6.AS - news) and Outokumpu (LSE: 0FJ8.L - news) rallied after the U.S unveiled plans to impose steep

curbs on steel and aluminium imports from China and other countries.

Here's where we stand on European equity markets:

(Danilo Masoni)

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WHAT WE'RE WATCHING BEFORE EUROPE OPENS (0752 GMT)

European shares are expected to open higher today and put the pan-regional STOXX 600

benchmark index on track for a fourth session of gains, as a strong rebound in global equities

from a tumultuous start of the month continues. Futures were last up 0.2-0.6 percent.

A return of fund inflows and big upwards revisions to earnings expectations last week has

given fuel to the rebound in Europe but the STOXX 600 needs to gain another 6 percent to climb

back to the 2-1/2-year peak hit at the end of January.

Likely signalling intact confidence in equity markets is news this morning that Siemens (Berlin: 29783751.BE - news)

plans to list a "significant" minority stake of its Healthineers division on the

Frankfurt Stock Exchange in the first half of 2018. Still in healthcare, AstraZeneca (Swiss: AZN.SW - news)

could find support after the FDA approved its immunotherapy drug Imfinzi for lung cancer.

In earnings news, Reckitt Benckiser will be in focus after the household goods company

posted a 10 percent increase in fourth-quarter adjusted net income and forecast 13-14 percent

revenue growth this year.

For more headlines look at the post below.

(Danilo Masoni)

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EUROPE'S EARLY MORNING HEADLINES ROUNDUP (0717 GMT)

UK

Reckitt Benckiser Targeting 13-14 Pct Total Revenue Growth For 2018

U.S. FDA approves AstraZeneca (NYSE: AZN - news) 's immunotherapy for lung cancer

Acacia Mining (Frankfurt: 33A.F - news) says valuing Tanzania mines for possible sale

BP plans no Azeri platform shutdowns in 2018, eyes more investment

Britain's financial watchdog refuses to publish report on RBS (LSE: RBS.L - news)

SWITZERLAND

Novartis (IOB: 0QLR.IL - news) readies to auction U.S. generic pills business -sources

SoftBank (Swiss: SOFB.SW - news) seeks Swiss Re (LSE: 0QL6.L - news) board seats as talks advance - FT

GERMANY

Software (IOB: 0NJS.IL - news) may have helped Daimler (IOB: 0NXX.IL - news) pass U.S. emissions tests - report

Siemens (BSE: SIEMENS.BO - news) rival GE exploring industrial gas engine business sale -sources

Airbus sees initial details of Franco-German fighter in 2nd half 2018

German carmakers in a spin ahead of diesel ban ruling

Adler Real Estate (IOB: 0N5H.IL - news) buys stake in Brack Capital

FRANCE

Chanel, Farfetch pair up for digital push at fashion label's stores

France to broaden scope of veto over foreign takeovers - PM

GTT core profit slips, but sees recovery in 2018

Gabon seizes Veolia's SEEG water and power unit

Euronext (Euronext: ENX.LS - news) 's FY core profit rises 4.9 pct

ITALY

Rai Way submits joint bid for Telecom Italia (Amsterdam: TI6.AS - news) unit Persidera

Italy's Safilo to appoint Unilever (NYSE: UL - news) executive to replace Delgado as CEO

OTHERS

Aker ASA (LSE: 0MJX.L - news) raises 2017 dividend to NOK 18/share as net asset value jumps

Global dividends hit record of $1.25 trln in 2017, more to come

DAX LEADS FUTURES HIGHER (0704 GMT)

European stock index futures are up slightly, confirming earlier indications from financial

spreadbetters for a positive start of the week. Today's session may see reduced activity due to

the holiday closure on Wall Street.

DAX futures were leading the advance, up 0.5 percent, as you can see in the snapshot:

(Danilo Masoni)

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MORNING CALL: EUROPE SEEN UP (0619 GMT)

Good morning and welcome to Live Markets.

European shares are seen opening higher today following strong gains on Friday when

continued strength in company updates helped the pan-European STOXX 600 snap a

three-week losing.

Over in Asia, shares gained, joining a global recovery for equity markets as sentiment

improved gradually from a recent shakeout that stemmed from fears of creeping inflation and

higher borrowing costs.

Financial spreadbetters expect London's FTSE to open 12 points higher at 7,306.4,

Frankfurt's DAX to open 95 points higher at 12,545.5 and Paris' CAC to open 23

points higher at 5,305

(Danilo Masoni)

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