LONDON, June 21 (Reuters) - European shares were expected to open higher on Friday, with investors looking for value in some beaten-down stocks a day after the market's biggest one-day drop in 19 months on the U.S. Federal Reserve's plan to trim stimulus. At 0644 GMT, futures for Euro STOXX 50, Germany's DAX and France's CAC were 0.2 to 0.6 percent higher. The pan-European FTSEurofirst 300 index fell 3.1 percent to a six-month low of 1,143.99 points on Thursday On disappointing Chinese manufacturing data and after the Fed said late on Wednesday a stronger U.S. economy meant it would look to scale back its hefty asset purchases this year. "Markets are bracing for the day that they no longer have steroid injections to keep them going. Instead, fundamentals will become important to sustain gains in risk assets," Credit Agricole said in a note. "(However) signs of firmer U.S. and Chinese growth and stabilisation in Europe will eventually drag markets out of their turmoil." The euro zone's blue chip STOXX Europe 600 index, which fell 3 percent to 2,586.45 points on Thursday, has fallen below its 200-dau moving average and is back into its near-term downtrend channel that was in place since a high in late May. It also dropped below its one-year long uptrend line. However, the index is expected to find strong support at around 2,545, which coincides with its 38.2-percent retracement of a rally since mid-2012 until late May, and a low in March. Resistance is seen at 2,663 points, its 23.6 percent retracement and around a 25-point gap left open between June 19 and June 20. "Even if the next few days bring a temporary closing of the gap left behind, in view of the intact downward trend, the defensive stance towards the (Euro STOXX 50) future is likely to be maintained," Commerzbank said in a note. Investors were expected to trade cautiously ahead of the expiry of monthly and quarterly options and futures and on speculation that Greece's small Democratic Left party could pull out of Prime Minister Antonis Samaras's ruling coalition after talks to resume state television broadcasts collapsed. "At the moment, you would probably like to be more on the defensive side as the market faces a lot of uncertainties," Keith Bowman, equity analyst at Hargreaves Lansdown, said, adding that in cyclicals, he preferred airline stocks due to their growth potential. Mining shares will be in focus after a sharp decline in key base metals prices and after Societe Generale cut its price targets and earnings projectors for several miners, following downward revisions to its commodity price forecasts last week. ------------------------------------------------------------------------------- MARKET SNAPSHOT AT 0647 GMT LAST PCT CHG NET CHG S&P 500 1,588.19 -2.5 % -40.74 NIKKEI 13,230.13 1.66 % 215.55 MSCI ASIA EX-JP <.MIASJ0000PUS 492.48 -0.92 % -4.55 > EUR/USD 1.3237 0.14 % 0.0019 USD/JPY 97.72 0.46 % 0.4500 10-YR US TSY YLD 2.426 -- 0.01 10-YR BUND YLD 1.688 -- 0.02 SPOT GOLD $1,300.16 1.75 % $22.42 US CRUDE $95.60 0.48 % 0.46 > Asian shares hit 9-mth lows on Fed, China rates ease > Wall St plunges, S&P posts biggest drop since Nov 2011 > Nikkei sags as Fed plan spurs global sell-off > U.S. bond market slides as Fed plans become clearer > Dollar steps back from 2-week high, emerging markets in focus > Gold recovers as Chinese buyers emerge, stocks slump > Copper sinks to 20-month low on China growth fears, Fed > Brent stays above $102, but set for biggest weekly drop in 2 months COMPANY NEWS RIO TINTO The miner's plan to start exporting copper from the $6.2 billion Oyu Tolgoi mine has been delayed at the request of the Mongolian government, heightening investor concerns about the risks of mining in the country. ROYAL DUTCH SHELL The company aims to build the Philippines' first liquefied natural gas (LNG) import terminal in the next two to three years, as Asia's fastest-growing economy seeks to diversify its energy sources to meet robust demand. REPSOL As part of the creation of Spain's new regulatory overseer, which places competition, energy and telecommunication regulation under one roof, the government has direct power to prevent hostile takeovers of strategic Spanish assets, media reported on Friday citing the official government bulletin. TECHNIP The oil services group said on Friday it had secured a contract by BP Zhuhai Chemical, a joint venture between BP and Zhuhai Port, for a new purified terephthalic acid in China. SANOFI The drugmaker's new bowel cancer treatment Zaltrap is not worth using on Britain's state health service given its high price, the country's healthcare cost watchdog said on Friday. ALSTOM Moody's cut the power and transport engineering group's rating to Baa3 on Friday saying Alstom has not been able to achieve the ratings agency's expectations for debt reduction. NOVARTIS The Swiss pharmaceuticals company said on Friday U.S. regulators have given breakthrough therapy status to an investigational treatment for patients with acute heart failure, potentially fast tracking its development and approval. For related news, click on GLAXOSMITHKLINE The Daily Mail's market report cites "industry gossip" that Glaxo is lining up a $55 per share bid for U.S. firm Theravance, in which it already has a stake. FNAC Shares in books and music retailer Fnac closed down 13.6 percent on their market debut on Thursday as investors offloaded the stock they received from parent Kering. ROLLS ROYCE The company is selected by Philippine Airlines to deliver Trent 700 engines, worth $1.4 billion at list prices.