* European stock futures open higher
* Euro zone services PMI to show continued momentum
* Debenhams likely to sink after profit warning
* Asian stocks scaled 10-year peak
* Iran unrest pours extra fuel on oil rally
Jan 4(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: helen.reid.thomsonreuters.comzreuters.net
PRE-OPEN ROUNDUP: WHAT'S ON THE RADAR (0746 GMT)
Futures are pointing to a stronger open for European stocks on Thursday after investors rising risk appetite drove Asian shares to a 10-year peak and oil prices surged further. Germanys exporter-heavy DAX is likely to benefit from the U.S. dollars recovery and continued strength in cyclicals, and services PMIs today which SocGen analysts forecast will confirm the regions sustained growth. One stock to watch will be UK department store Debenhams, indicated down 25 percent after a profit warning in stark contrast to Wednesdays strong update from Next, this will come as a blow to the British retail sector and likely hobble the previous sessions rally.
In other company news and potential stock movers: Novartis' Promacta receives FDA breakthrough designation for new indication;
British retailer Debenhams warns on profit after disappointing trading; Saga restructures travel business after cutting profit forecasts; Aldi UK's December sales up over 15 pct (Helen Reid)
DEBENHAMS TO SPOIL THE XMAS PARTY?
Yesterday the mood around UK retailers was pretty positive after Next reported better-than-expected Christmas sales. But this doesn't seem to have been the case with small cap peer Debenhams, which has issued a profit warning. Traders are calling Debenhams' shares down 25 percent, so it could be payday for those shorts. Debenhams' commentary in its Christmas update isn't exactly encouraging: "The early weeks of the quarter were disappointing as the market remained volatile and competitive." The retailer said that the first week of the post-Christmas sale was "below expectations". Debenhams' shares were down nearly 40 percent in 2017:
FUTURES OPEN HIGHER AS CYCLICAL RALLY SET TO CONTINUE (0709 GMT) Futures have opened higher across the board with the DAX leading the way as a rally in cyclicals is set to continue and the dollar's recovery takes the pressure off European exporting companies. Here's your snapshot:
SERVICES PMI TO CONFIRM EURO AREA ECONOMY'S MOMENTUM (0655 GMT)
SocGen analysts see today's PMI data dump on euro area services growth as likely to confirm the earlier flash estimates, but UK data will continue to weaken slightly, they predict. Overall they're pretty positive on how risk appetite has fared this first week of the year. "Risk is 'on', oil and commodity prices are strong, and the dollar is set to weaken further, albeit not in a straight line," they write.
EUROPEAN SHARES SEEN RISING AFTER ASIAN STOCKS HIT 10-YEAR PEAK (0633 GMT)
Good morning! Financial spreadbetters see European stocks rising on Thursday, taking their cue from Asian markets which hit a 10-year peak overnight as strong economic data from the U.S. drove equities and also helped the dollar recover from its swoon at the start of the week. London's FTSE is seen opening 13 points higher, flirting ever closer with its recent record high, Frankfurt's DAX is to open 65 points higher, and Paris' CAC is predicted to rise 25 points. Likely to support trading once again today is oil as crude prices hit fresh 2 1/2 year highs with tensions in Iran tightening supply. (Helen Reid)
(Reporting by Danilo Masoni, Helen Reid, Kit Rees and Julien Ponthus)