MORNING BID EUROPE-GE shows there's many a slip

* A look at the day ahead from EMEA markets editor Mike Dolan. The views expressed are his own.

LONDON, Oct (Shenzhen: 000069.SZ - news) 24 (Reuters) - Wall St’s GE-related stumble on Monday shows how just a small a slip in stock indices jars in world of such low market volatility. In a week likely to be dominated by Q3 corporate earnings, doubts about General Electric’s dividend led to a spate of broker downgrades that knocked the blue chip by more than 6 percent, its biggest one-day loss in more than 6 years. The move was enough to pull US stock indices back from their latest all time highs, with the S&P500 losing 0.4 percent. Yet that slight pullback was enough to jolt the Vix volatility index into its biggest gain in almost 7 weeks to above 11 percent. Thin margins undoubtedly, but it shows how compressed and perhaps vulnerable the overall market structure has become.

GE aside, there was little new information to change the bigger fundamental picture. With (Other OTC: WWTH - news) 20 percent of the S&P500 now having reported, actual bottom-line growth for Q3 is running just above 9 percent so far. Caterpillar (LSE: 0Q18.L - news) , GM (NYSE: GM - news) and Lockheed Martin (Swiss: LMT.SW - news) are among the big names reporting later on Tuesday, with a heavy European slate too including Novartis (IOB: 0QLR.IL - news) , Renault (LSE: 0NQF.L - news) , Fiat Chrysler and Caixabank (Amsterdam: CB6.AS - news) . The big macro focus on Monday surrounded U.S. President Trump’s comment that he will announce his pick for Federal Reserve chair “very shortly”. The dollar index was lower overnight. But the European Central Bank’s Thursday meeting may be of more immediate concern, with a taper of its bond buying but extension of the programme now widely expected. Euro/dollar continues to mark time around $1.1750 in advance of the decision.

The global market mood remained upbeat across Asia overnight, with the Nikkei225 extending its extraordinary unbroken run to 16 straight daily gains – adding 0.5 percent to a new 21-year high in the slipstream of PM Abe’s resounding election win at the weekend. China’s blue chip CSI300 index was also buoyant on the last day of the ruling Communist Party’s twice-a-decade congress there, gaining 0.5 percent to its highest in more than two years. Roughly 100 Shanghai-listed companies have disclosed third-quarter earnings so far and the combined net profit has jumped 47 percent from a year earlier. South Korea’s Kospi index eked out an all-time high close. European stock futures took their cue more from Wall St and are marked slightly lower. Flash Oct manufacturing surveys from around the world are the big economic data focus of the day. New (KOSDAQ: 160550.KQ - news) Zealand’s dollar slipped to its lowest since May as the incoming Labour government laid out it agenda. Brent crude is steady just under $57.50. Ten-year U.S. Treasury yields are slightly higher. * Flash Oct manufacturing surveys from around the world

* Europe corp events: Caixabank, Fiat Chrysler, Renault, Novartis, Atos (Paris: FR0000051732 - news) , BASF, Covestro (IOB: 0RBE.IL - news) , Swedbank (LSE: 0H6T.L - news) , Saipem (LSE: 0NWY.L - news) , Essilor, UPM (Taiwan OTC: 4752.TWO - news) -Kymmene, Sandvik (LSE: 0HC0.L - news) , Ranstad, Puma; Anglo-American production stats

* UK auctions 2042 gilt

* Hungary central bank policy decision

* Belgium Oct leading indicator

* US Q3 earnings: Caterpillar, GM, Lockheed Martin, Texas Instruments, AT&T (Sao Paolo: ATTB34.SA - news) , Equity Residential (NYSE: EQR - news) , Ameriprise, Eli Lilly, Pentair (NYSE: PNR - news) , Biogen (NasdaqGS: BIIB - news) , Universal Health, Corning (Swiss: GLW-USD.SW - news) , MacDonalds,

* US Treasury auctions 2-year note (editing by John Stonestreet)