By Francesco Canepa LONDON, Oct 23 (Reuters) - European stocks were seen snapping their nine-day winning streak on Wednesday as traders booked profits on "overbought" indexes and corporate updates from blue-chip stocks provided a sobering picture. Brewer Heineken reduced its full-year profit guidance due to a drop in sales in certain regions and Spanish power firm Iberdrola cut the price of its scrip dividend. At 0618 GMT, futures for the Euro STOXX 50, Britain's FTSE 100 , Germany's DAX and for France's CAC were between 0.3 percent and 0.5 percent lower. European equities rose to a fresh five-year high on Tuesday in a broad-based rally after a weak U.S. jobs report boosted expectations that the Federal Reserve would keep monetary policy ultra-loose for longer. The euro zone Euro STOXX 50 index is at its most "overbought" since 2006 based on its 14-day wilder smoothing Relative Strength Index, which hit 73 points on Tuesday. A reading above 70 indicates "overbought" conditions and the Euro STOXX 50 fell each time its RSI came close to 73 over the past seven years. Germany's Dax was also in "overbought" territory using the same indicator. The longer-term technical picture, however, remained positive after the Euro STOXX 50 broke above a broadening channel that had trapped it since the start of the year and was supported by a rising 50-day moving average, according to Philippe Delabarre, an analyst at technical analysis firm Trading Central. "As long as 2,850 is a support threshold, corresponding to the index's former tops in May and August 2013, we can expect to reach the 2011 top at 3,077, then 3,275 (an intermediary resistance from 2008) and even 3450, which is the overlap between March and August 2008," Delabarre said. The broader STOXX Europe 600 index was trading at 13.3 times its expected earnings for the next 12 months, a premium to its 10-year average at 12, Thomson Reuters Datastream data showed. European shares were also taking their cue from a selloff in Asia, where Chinese shares surrendered early gains as profit taking accelerated on the year's outperformers and fresh concerns about liquidity sent money rates higher. Michael Hewson, chief market analyst at CMC Markets, also cited a media report that Chinese banks have tripled debt write-offs in the first half of this year as a reason fuelling the sell-off. -------------------------------------------------------------------------------- MARKET SNAPSHOT AT 0630 GMT LAST PCT CHG NET CHG S&P 500 1,754.67 0.57 % 10.01 NIKKEI 14,426.05 -1.95 % -287.2 MSCI ASIA EX-JP 557.25 -0.37 % -2.06 EUR/USD 1.3765 -0.11 % -0.0015 USD/JPY 97.38 -0.76 % -0.7500 10-YR US TSY YLD 2.500 -- -0.01 10-YR BUND YLD 1.787 -- -0.01 SPOT GOLD $1,335.91 -0.31 % -$4.13 US CRUDE $97.78 -0.53 % -0.52 > Asia shares pare gains, dollar pressured after US jobs data > Wall Street rises as jobs data supports Fed policy > Nikkei turns lower as yen's rise hits exporters > U.S. bond yields hit 3-month lows as jobs data disappoint > Dollar hits fresh lows as jobs data cements stimulus hopes > Gold near 4-week highs on hopes U.S. will keep stimulus > London copper eases from near one-month top > Brent slips below $110, but supported by weak dollar COMPANY NEWS HEINEKEN The world's third largest brewer, reduced its full-year profit guidance on Wednesday after beer sales in eastern European dropped sharply and slipped in Brazil and some African countries. IBERDROLA The Spanish power firm said on Wednesday it would buy back the next scrip dividend at 0.125 euros per share, down 10 percent from a year ago. STMICROELECTRONICS NV The chip-maker posted a quarterly net loss after demand weakened from Asian smartphone and electronics makers, as Europe's largest maker of semiconductors grappled with strong competition in the mobile market. NORDEA The Nordic region's biggest bank by value posted a rise in third-quarter profit that was roughly in line with market expectations, and said its credit quality continued to improve. Operating profit for the period was 1.02 billion euros ($1.4 billion) compared with a mean forecast for 1.05 billion seen in a Reuters poll of analysts and a year-ago 910 million. For more on the company, double click HANDELSBANKEN The Swedish bank posted a slightly bigger than expected rise in third-quarter operating profit as commission income and loan losses came in better than forecast. Operating profits reached 4.57 billion crowns ($717.26 million) versus a mean forecast for 4.53 billion seen in a Reuters poll of analysts. STATOIL The Norwegian oil firm's gas output will be cut by 24.7 million cubic metres (mcm) per day on Wednesday due to unexpected outage, the company said on its website late Tuesday. NORSK HYDRO The Norwegian aluminium maker said its July-September core earnings rose more than expected thanks to solid performance at its primary aluminium and power production divisions. The Norwegian firm's underlying operating profit came in at 659 million Norwegian crowns against expectations for 306 million crowns on average in a Reuters poll. PSA PEUGEOT CITROEN The carmaker said its alliance with General Motors may be scaled back, as the troubled French carmaker posted a 3.7 percent quarterly revenue decline. ORANGE The telecom group posted in-line third-quarter results and confirmed its annual targets, even as sales in its key home market slid amid tough competition with low-cost mobile rival Iliad. FAURECIA Faurecia, the French auto parts maker owned by PSA Peugeot Citroen, said revenue rose 0.8 percent in the third quarter as currency effects curbed sales growth. TOTAL The French oil major has resumed exploring for oil and gas in Uganda's lake Albert region, more than a month after the discovery of unexploded ordinance led it to suspend operations. AIR FRANCE Franco-Dutch airline Air France-KLM plans to raise seating capacity by 2.5 percent for its winter schedule as it bets on higher demand for long-haul travel, especially on African and South American routes. RSA INSURANCE The insurer rose on Tuesday amid talk that European insurance giants Generali and Zurich were casting their eye over the firm, which could lead to a near 7 billion pounds approach, according to various newspaper market reports.