PARIS, Jan 27 European stocks were seen broadly flat in early deals on Monday, with some investors seeing value in the market after a steep slide last week, but with any gains capped by nagging concerns over China's growth pace and a spike in volatility in emerging market currencies. With the U.S. Federal Reserve expected to stick to its its planned programme of stimulus reduction this week, investors fear further turbulence in emerging markets, fuelling a bout of profit taking on European stocks with big exposure to those regions. Fed policymakers are seen agreeing on another $10 billion cut to the central bank's monthly bond purchases at the Jan. 28-29 meeting. At 0627 GMT, futures for Euro STOXX 50 for Germany's DAX and for France's CAC were flat to 0.3 percent higher. Futures for up 0.3 UK's FTSE 100 were down 0.5 percent. On Friday, European stocks suffered their biggest one-day slide in seven months and erased what was left of their new-year rally, hurt by jitters about economies and currencies in Latin America. Spanish stocks were among the worst hit, with Madrid's IBEX index dropping 3.6 percent, wiping off about 19 billion euros in market capitalisation of the country's blue chips. Telefonica, BBVA and Banco Santander derive about half of their revenues from Latin America - the biggest exposure to the region among European blue chips, according to data from MSCI. "Emerging markets have strongly benefited from the central banks' liquidity injection, so the tapering won't be a smooth process," a Paris-based equity and exchange-traded funds trader said. Europe indexes in 2014:Biggest exposures to Latin America: ------------------------------------------------------------------------------ MARKET SNAPSHOT AT 0727 GMT: LAST PCT CHG NET CHG S&P 500 1,790.29 -2.09 % -38.17 NIKKEI 15,005.73 -2.51 % -385.83 MSCI ASIA EX-JP 443.15 -1.41 -6.36 EUR/USD 1.3684 0.07 % 0.0009 USD/JPY 102.65 0.36 % 0.3700 10-YR US TSY YLD 2.735 -- 0.00 10-YR BUND YLD 1.668 -- 0.01 SPOT GOLD $1,267.74 -0.07 % -$0.90 US CRUDE $96.80 0.17 % 0.16 > GLOBAL MARKETS-Shares tumble on emerging market high anxiety > Wall St falls as emerging-market concerns rise > Nikkei dives to 2-mth low as yen rises on emerging-market worries > US STOCKS-Wall St falls as emerging-market concerns rise > FOREX -Dollar touches 7-week low vs yen on emerging market concerns > PRECIOUS-Gold rallies to 2-month high on safe-haven bids > METALS-London copper sinks to 7-week low on tapering anxiety > Brent eases towards $107, China slowdown stokes demand worries COMPANY NEWS: SANTANDER Spain's largest bank Santander expects profits of some 1.1 billion euros from its operations in Spain, Cinco Dias reported on Monday, citing recent comments by Enrique Garcia Candelas, the general director of retail banking. BANCO POPOLARE The cooperative bank said late on Friday it would launch a 1.5 billion euro rights issue in the first half after posting a bigger-than-expected loss of 600 million euros in 2013 hit by large loan loss provisions. DEUTSCHE BANK COMMERZBANK Deutsche Bank and Commerzbank have capital shortfalls of 19 billion euros ($26.00 billion) and 7.7 billion respectively, WirtschaftsWoche reported, citing a new study by the Organisation for Economic Cooperation and Development (OECD). ROCHE Swiss drug company Roche said on Friday a European Union committee recommended its MabThera subcutaneous treatment for patients with non-Hodgkin lymphoma. VIVENDI, BOUYGUES The two telecom operators are close to finalising an agreement to share their mobile networks and their respective boards are expected to vote on the plans on Friday, Les Echos said. PSA PEUGEOT CITROEN Carlos Tavares could take over as chief executive of the French car maker in March, two sources close to the situation said. Peugeot, in talks on a capital injection from the French government and China's Dongfeng, had previously only said he would take over sometime this year. BBVA Spain's second-biggest bank BBVA is closing the sale of a portfolio of property and consumer loans worth 180 million euros, Spanish daily Expansion said on Saturday. CARREFOUR, KLEPIERRE The world's second-largest retailer Carrefour has signed a binding agreement with real estate group Klepierre to buy a portfolio of 127 shopping malls in Europe, with the deal expected to close in the first half of 2014. TELECOM ITALIA Egyptian tycoon Naguib Sawiris would be prepared to invest in Telecom Italia as long as the group's biggest shareholder, Telefonica withdraws, but he is not in direct talks with either company, he told Bloomberg News.