LONDON, June 5 (Reuters) - European shares were likely to gain on Tuesday on expectations that emergency talks between the Group of Seven finance chiefs could offer some support and put pressure on European policy makers to take decisive actions to resolve the debt crisis.
Investors are hoping that the economic turmoil in Europe and disappointing U.S. data, including non-farm payrolls and manufactured goods orders, could prompt the European Central Bank (ECB) and the Federal Reserve to announce some stimulus measures to help the economy.
International Monetary Fund Managing Director Christine Lagarde said in a newspaper interview that the ECB has room to cut interest rates, while denying the fund had opened aid talks with Spain.
Futures for Euro STOXX 50, Germany's DAX and France's CAC were up 0.7-0.8 percent. Trade is likely to be choppy in relatively low volumes as the UK market is closed for the Diamond Jubilee holiday for a second day.
However, analysts cautioned against expecting much from the G7 telephone conference.
"Merely a 'phone hook-up', such meetings have nearly always over-promised and under-delivered, and at this stage there is no reason to believe today's get-together will be any different. That said, markets will be all ears for any hint of a coordinated response/solution," Cameron Peacock, analyst at IG Markets, said in a market note.
A G7 source familiar with plans for the call said the group would urge more progress at an EU summit on June 28-29, adding there was only a very small chance the G7 would go so far as to pledge coordinated action to curb excessive volatility in the markets.
With Greece, Ireland and Portugal under bailout programmes, markets are concerned that Spain, mired in a banking crisis, could follow suit, and that a June 17 election could pave the way for Greece to leave the euro zone.
The euro zone's blue-chip Euro STOXX 50 index closed 0.5 percent higher on Monday in muted volumes, while the S&P 500 ended flat after recent sharp losses. On Tuesday, Japan's Nikkei average rose 1 percent.
MARKET SNAPSHOT AT 0634 GMT
LAST PCT CHG NET CHG
S&P 500 1,278.18 0.01 % 0.14
NIKKEI 8,382.00 1.04 % 86.37
MSCI ASIA EX-JP 1.06 % 4.79
EUR/USD 1.2505 0.09 % 0.0011
USD/JPY 78.42 0.11 % 0.0900
10-YR US TSY YLD 1.554 -- 0.03
10-YR BUND YLD 1.219 -- 0.00
SPOT GOLD $1,615.86 -0.18 % -$2.89
US CRUDE $84.63 0.77 % 0.65
* Euro extends rebound as bears trim bets ahead of G7 call
* Markets rebound, hoping for action on euro zone crisis
* Nikkei set to end 4-day losing run on G7 emergency talks
* S&P 500 ends flat but Europe, U.S. data still drag
* Brent crude rebounds above $99 on dollar, G7 talks
* Gold ticks up ahead of G7 emergency talks
* Shanghai copper up on hopes of G7 action for euro zone
French media group Lagardere increased its takeover offer for online shopping guide LeGuide.com to 28 euros from 24 euros a share, representing a 41 percent premium to its closing share price on May 4.
Italy's second-biggest utility Edison has no need of a capital increase since its French owner EDF can provide it with any funding it needs, Edison chairman Henri Proglio said.
Global sales of luxury goods should rise 7 percent a year through 2014, buoyed by a still-growing Chinese market and barring any major economic crises, Boston Consulting Group forecast on Tuesday.
Wendel's chief executive rejected a series of accusations against himself, the French investment group's chairman and a former CEO, saying he had filed a countersuit for false claims, as he sought to reassure investors at its annual meeting.
Europe's largest retailer owned 96.61 percent of the capital and at least 96.45 percent of the voting rights of franchisee Guyenne et Gascogne upon completion of its takeover bid, stock market watchdog AMF said on Monday.
North American net order intake of heavy-duty trucks or Class 8 trucks will approach 18,000 units in May - still a soft number but higher than in April, preliminary data from ACT Research showed. The final numbers will be released in mid-June. (Reporting by Atul Prakash; Editing by John Stonestreet)