Snippet (Repeats for system reasons, no change to text) Feb 5 (Reuters) - 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: email@example.com "WE'RE NOT AT THE ALARM BELLS PHASE YET" (1051 GMT) Evidently volatility and equity market moves lower are at the forefront of investors' minds, but Melissa Brown, managing director of applied research at Axioma, believes we're not at the alarm bells phase yet. "For all of 2017 we saw markets going up and volatility coming down, so you have this very slow ratcheting up of stock prices, and that will tend to lead to lower volatility, but that's actually reversed this year," says Brown. "What we've seen in the past is when you get volatility rising sharply while markets are staying strong, that usually ends badly," she adds. Brown points to new money flowing into the market at the beginning of the year as driving some of the 'melt-up' as people didn't want to miss out on the rally. "If you put money in today, and the market goes down by a fair amount tomorrow, particularly if you haven't been in the market, I think that's very disconcerting," Brown says. (Kit Rees) ***** EARNINGS SEASON SO FAR: EPS MISS BUT SALES BEAT (1016 GMT) Though Europe's earnings season is still in its early days, Morgan Stanley strategists pick out some interesting trends. Of the 62 companies whose results they've tracked so far, 8 percent more have missed earnings consensus than beat. If this trend continues it would be the first quarter in three years where Europe has seen more misses than beats. Price reaction to results has also been clearly negatively skewed - indicating investors are in a punishing mood. Sales so far have however been much better than earnings, a turnaround from the trend seen in third-quarter results, strategists said. And while earnings revisions on average have come down slightly, they flag a sharp divergence between sectors: commodities stocks are seeing very strong EPS upgrades while defensives have suffered further earnings downgrades. (Helen Reid) ***** TECH TAKES A TUMBLE (0849 GMT) Tech stocks feature prominently among the biggest movers today - with the highly-valued chipmakers the worst-performing. Siltronic, AMS, Dialog Semiconductor and BE Semiconductor are falling 2.3 to 4 percent as the 2018 stocks 'melt-up' evaporates. A trader points to continued negative newsflow around Apple's iPhone X weighing on chipmakers, and adds: "on top of that, some of these names have had a stonking run..." AMS shares more than tripled in 2017. (Helen Reid) ***** PUFF GOES THE 2018 RALLY, EXCEPT FOR ITALY (0836 GMT) The strength of the sell-off we're seeing has wiped off 2018 gains for all major indexes in Europe. An exception is Italy's FTSE MIB, which remains up nearly 5 percent, while UK midcaps have fared the worst year-to-date. (Tom Pfeiffer) ***** EUROPE FLASHING RED (0813 GMT) All main country benchmarks in Europe are losing ground in early deals today and it's hard to find any positive signs around. 588 stocks out of the 600 that are listed on the pan-
egional STOXX are falling and no sub-sector is moving in positive territory. Here's your snapshot: (Danilo Masoni) ***** IT'S A "HEALTHY CORRECTION", CS RECKONS (0756 GMT) Europe is most likely set to join the sharp equity sell-off today but the global investment committee of Credit Suisse keeps a cool mind and sees opportunities. "The continuing rise in bond yields seems to have put the brakes on stock gains. Our global Investment Committee takes the solid economic and earnings growth into consideration and sees the latest development as a healthy correction that offers good buying opportunities in equities," the Swiss bank says in its investment daily. (Danilo Masoni) ***** WHAT'S ON THE RADAR FOR THE EUROPEAN OPEN (0751 GMT) A sharp sell-off in Asian trading is set to spread to Europe on Monday with stock futures down 0.7 to 1 percent as rising bond yields continue to take their toll on stock markets near record highs. Euro area PMIs at 0900 GMT will give a read on whether the region is keeping up its blistering pace of growth, but SocGen analysts warned a strong reading could spell further turbulence for stocks if it drives yields higher. On a slightly calmer day for earnings, notable companies reporting include budget airline Ryanair, engineering group Sandvik and miner Randgold Resources. Ryanair shares are indicated down 2 to 3 percent in pre-market after the company struck a cautious tone on fares, while Sandvik is seen gaining 2 percent at the open after fourthquarter profit topped forecasts. Fiat Chrysler shares are also seen down 3 to 5 percent after sources said the U.S. Justice Department is seeking 'substantial' fines in the emissions case. Fiat's U.S. shares ended down 7.2 percent on Friday. (Helen Reid) ***** EARLY MORNING EUROPEAN HEADLINE ROUND-UP (0740 GMT) There are some earnings updates to focus on today including from Ryanair, Sandvik and Randgold. Below a summary of the headlines we're looking at: Lloyds Bank to ban credit card owners from buying cryptocurrencies Ryanair CEO warns of strikes, says some pilot demands 'laughable' Lufthansa aims to replace top management at Brussels Airlines Merck's consumer health sale at risk as Nestle bows out - sources Infineon CEO sees no spin-offs, IPOs for units -Euro am Sonntag Italian shipbuilder Fincantieri takes control of STX France Activist investor Elliott sheds most of Dufry stake MEDIA-iPhone X owners report problems with incoming calls- FT Heathrow terminals should be opened up to competition says IAG Broadcom to raise Qualcomm bid in push for talks, sources say Daily Mirror owner to clinch takeover of rival titles this week -Sky Engie board puts four candidates forward for chairman role -report Daimler, Bosch to test self-driving cars soon - Automobilwoche Schaeffler has e-mobility orders worth $1.25 bln -Automobilwoche MEDIA-SAP sees good chance for 30 pct margin in 2019 -Euro am Sonntag Fitch: Unilever's Strong 2017 Results Do Not Rule Out Downgrade Tesco says Booker's Wilson to be UK and Ireland boss after takeover Engineering group Sandvik Q4 operating profit tops forecast VW seeks delay in U.S. trial after lawyer references monkey testing, EXCLUSIVE-Merck's consumer health sale at risk as Nestle bows out - sources Randgold 2017 profit up 14 pct, doubles dividend BRIEF-lastminute.com Expects For 2017 Net Loss Of EUR 8-9 Mln German coalition negotiators may drop proposal to abolish air transport tax ANALYSIS-Deutsche Bank gambles German goodwill with bonus bonanza (Tom Pfeiffer and Danilo Masoni) ***** FUTURES POINT TO SHARP SELL-OFF IN EUROPEAN STOCKS AS YIELDS RISE (0721 GMT) Futures have opened sharply lower across the main benchmarks, with drops of 0.7 to 1.1 percent. Meanwhile Germany's 10-year government bond yield has risen to its highest level since September 2015 - so the yield pressure looks like it's here to stay today as well.