LIVE MARKETS-And the winner is...

* European shares open lower

* STOXX 600 down 0.5%

* HK chaos hits sentiment

* Greggs lifts guidance, shares up 14% Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. Reach him on Messenger to share your thoughts on market moves: julien.ponthus.thomsonreuters.com@reuters.net

AND THE WINNER IS... (1203 GMT)

Renewables.

Over the next 30 years $3-10 trillion of EBIT is up for grabs in the industry, according to an analyses by Morgan Stanley.

The race to zero emissions is likely to be led by more offshore wind energy installations, electric vehicles and renewable fuels.

These industries are expected to see "material earnings growth" with more than $50 trillion capital injected, the bank says.

ECB President Christine Lagarde recently argued that it should be a priority for central banks and supervisors to look at how they can contribute to mitigating climate change.

"If governments are serious about halting climate change, some form of stimulus will be needed," MS says.

"Whichever trajectory we end up following, it seems clear that climate will be a key driver of asset prices in the months and years ahead."

(Thyagaraju Adinarayan)

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ARE YOU STILL UNDERWEIGHT EUROPE? (1130 GMT)

It looks like the tide is finally starting to turn for Old Europe after long being relegated to a corner in asset allocation choices.

Copley Fund Research, which monitors funds managing a total $1.2 trillion of assets, had detected signs that global equity fund managers are starting to bet on a "European resurgence".

According to Copley, a record 80.5% of funds are now overweight Europe ex-UK equities, the highest proportion since they started gathering data in 2011.

Funds increased allocations to 20.7% for developed European countries, from 20% in late 2018, they add. Their weighting is 6.45% above the benchmark MSCI All Country World Index.

"Expansionary policy from the European Central Bank and some improved economic indicators are signposting investors towards expectations of growth in Europe," says Steven Holden, CEO of Copley Fund Research, in a note.

"Against a backdrop of the long-running high performance for US equities, cheaper European stocks are suddenly winning attention again", he adds.

(Danilo Masoni)

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OPENING SNAPSHOT: DOWN WE GO (0836 GMT)

The escalating protests in Hong Kong and another inconclusive general election in Spain have resulted in a weaker open for Europe this morning with major benchmarks all trading in the red.

The STOXX 600 is falling for a second session in a row, down 0.2% on the day.

The FTSE is down 0.6% and the DAX is falling 0.3% and the IBEX is down 0.4%, while Switzerland's defensive SMI is up 0.2%.

Luxury stocks are weighed down by the HK chaos: LVMH, Kering and Richemont just to name a few, are down between 0.1 and 2.2%. Richemont is getting an extra drag after a couple of brokers slashed their price targets.

Baker and takeaway food group Greggs upgraded its profit guidance for 2019, lifting its stock 11% to the top of the STOXX.

There's also some M&A action with tools and work wear supplier Swedol up 38% after Momentum Group launched an offer.

(Danilo Masoni)

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ON OUR RADAR: VEGAN SAUSAGE ROLLS AND LUXURY STOCKS (0757 GMT)

European markets are expected to open in the red. The HK chaos which has hit Chinese markets and Asia more broadly is doing little for sentiment here, particularly in the absence of fresh news on the trade war front.

In any event, European luxury stocks, which are always very sensitive to HK news, would be expected to have a tough start.

Spain's IBEX isn't expected to shine as the general election proved inconclusive amid a surge for the far-right.

All eyes will be on the UK GDP after Moody's cutting its outlook last Friday.

It's not all grim in Britain however with Greggs and its now (in)famous vegan sausage roll, upgrading its outlook and showing that the UK high street isn’t going down without a fight.

It's an otherwise slow Q3 day and so not much action is coming on the front of corporate earnings. A few publications could however catch the eye of investors such as German software group Teamviewer which announced core profits up 95% in its first results since its IPO.

French insurer AXA said it expected to book net proceeds of $3.1 billion from the sale of a 29% stake in AXA Equitable Holdings as it exits its U.S. life insurance business.

More M&A with Aspen Pharmacare Holdings selling its Japanese operations to Novartis ' Sandoz in a 400 million euros deal. German payment group Wirecard also announced a strategic partnership with Here Moblity. Another possible mover is embattled Swiss steelmaker Schmolz & Bickenbach which will ask shareholders for permission to raise up to $616.16 million in new capital.

Also to note a report in Sueddeutsche Zeitung saying Daimler will cut 1,100 managing positions worldwide.

(Julien Ponthus)

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GRIM MOOD IN EUROPE AFTER HONG KONG CHAOS HITS ASIA (0639 GMT)

European bourses are expected to open in negative territory this morning after unrest in Hong Kong triggered a sell-off in Chinese bourses and hit Asian markets bourses.

There isn't much visibility on the trade war from and it's likely investors would want to get a fresh update on U.S./China negotiations before taking strong directional bets.

In Europe the UK will be under the spotlight as a big batch of indicators, including GDP, is about to be published in the wake of Moody's cutting its outlook for British debt on Friday.

Spain's Sunday election seems to have been quite inconclusive so no reason really for the IBEx to shine, particularly with far-right Vox party more than doubling its number of MPs.

The Q3 earnings season isn't over but it's a slow day, more action to come for Europe Inc later this week.

Financial spreadbetters expect London's FTSE to open 3 points lower, Frankfurt's DAX to lose 15 points and Paris' CAC to shed 8 points.

(Julien Ponthus)

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(Reporting by Danilo Masoni, Joice Alves, Julien Ponthus and Thyagaraju Adinarayan)