LONDON, Sept 17 (Reuters) - European shares were set to retreat on Monday after the previous session's 14-month highs following the announce of bold stimulus measures by the U.S. Federal Reserve, with "overbought" trading conditions seen prompting a number of investors to book a portion of recent lofty gains. Futures for Euro STOXX 50, Germany's DAX and France's CAC were down 0.3 to 0.4 percent. Financial spreadbetters earlier expected Britain's FTSE 100 to fall as much as 0.6 percent. The Euro STOXX 50 index's 14-day relative strength index (RSI) was at 69 - just below 70, which is considered 'overbought'. The blue chip index rose 2 percent on Friday and is up more than 26 percent since a low in June, mainly on expectations that central banks would launch additional measures to boost growth and fight the euro zone debt crisis. The FTSEurofirst 300 index of top European shares ended 1.3 percent higher at 1,120.15 points on Friday, a level not seen since July 2011. The index has gained 18 percent since a low in June and is up nearly 12 percent this year, while its RSI was at 65. "Profit taking is probably what we are looking at. And this is clearly logical and even healthy after the steep gains that were recorded during the last couple of weeks," Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets, said. "Central banks seem determined to flood the world with liquidity. And history shows that when weak fundamentals collide with a wall of money, the wall of money, at least in the short run, wins out. This makes every decent pullback in risky assets a buying opportunity." The Federal Reserve's move on Thursday to pump $40 billion into the U.S. economy each month until it saw a sustained upturn in the weak jobs market and a recent European Central Bank plan to buy the sovereign bonds of debt market strugglers had raised investors' appetite for riskier assets such as equities. Miners were expected to come under pressure, mirroring a drop in key base metals prices that fell 0.7 to 1.4 percent after strong gains. The STOXX Europe 600 basic resources index surged 6 percent on Friday, the best sectoral performer, on expectations the central bank actions would result in an increased demand for raw materials. MARKET SNAPSHOT AT 0635 GMT LAST PCT CHG NET CHG S&P 500 1,465.77 0.4 % 5.78 NIKKEI 9,159.39 1.83 % 164.24 MSCI ASIA EX-JP 0.26 % 1.35 EUR/USD 1.3125 -0.02 % -0.0002 USD/JPY 78.27 -0.14 % -0.1100 10-YR US TSY YLD 1.875 -- 0.01 10-YR BUND YLD 1.700 -- -0.01 SPOT GOLD $1,771.94 0.14 % $2.48 US CRUDE $99.04 0.04 % 0.04 * Stocks firm, dollar sags after Fed-inspired rally * Nikkei strikes 3-week high; Fed euphoria lifts cyclicals * Wall Street ends at multi-year highs on Fed * Dollar pinned down by Fed, euro near 4-month high * Brent crude up for 8th day near $117 * Gold hovers near highest in almost 7 months after Fed * LME copper eases; but stays near 4-1/2 mth top on Fed move * Bonds sag as Fed move raises inflation jitters COMPANY NEWS: EADS, BAE British defence group BAE Systems is prepared to ring-fence projects such as the Trident nuclear submarine programme to calm growing fears over the impact on security and employment of its planned merger with EADS. EADS is prepared to offer Germany a veto right and job guarantees in a bid to gain political approval for a merger with Britain's BAE Systems BAES.L, Financial Times Germany said, citing industry sources. TOTAL The French oil group expects to drill eight exploration wells in Uganda by end 2013, and will spend about $650 million on its activities in the same period, a senior company official said on Saturday. EDF The French power group denied it had requested compensation from the government over its decision to close the state-controlled energy company's Fessenheim nuclear power plant. AREVA The French nuclear reactor maker expects to benefit in the medium term from Japan's plans to restart nuclear reactors that were taken offline following the Fukushima nuclear disaster in 2011, Chief Executive Luc Oursel told Les Echos newspaper. ROYAL DUTCH SHELL The oil major announced a delay to its Alaska drilling plans due to containment dome aboard the arctic challenger barge being damaged during a final test. It said the time required to repair the dome have led US to revise our plans for the 2012-2013 exploration program. FIAT The Italian government is calling on Fiat to clarify its commitment to Italy after the carmaker reiterated its multi-billion-euro investment plan for its home country should not be interpreted as an absolute pledge. TULLOW OIL Uganda has officially revised its estimated oil reserves to 3.5 billion barrels from 2.5 billion barrels, the commissioner for a state agency in charge of petroleum exploration and production said on Monday. TELECOM ITALIA MEDIA, MEDIASET A range of company have expressed interest for Telecom Italia Media, including media group Mediaset, several newspapers said on Saturday. DEUTSCHE POST The company has requested a price hike for delivering standard letters in Germany to 0.58 euros from 0.55 euros from Jan 1, 2013, it said on Friday, in what would be the first rate increase for that size of letter in 15 years. THYSSENKRUPP Deutsche Bahn Chief Executive Ruediger Grube has demanded that Thyssenkrupp provide information about its role in a rail track cartel within the next two weeks, German weekly newspaper Bild am Sonntag said. DEUTSCHE BANK Deutsche Bank should introduce a cap for top salaries, and staff do not need to earn double-digit million euro amounts, Werner Wenning, a member of Deutsche Bank's supervisory board, told Frankfurter Allgemeine Sonntagszeitung. DEUTSCHE LUFTHANSA Lufthansa's management will present a strategy update to the supervisory board on Wednesday including plans for a new European low-cost airline, WirtschaftsWoche said. VOLKSWAGEN MAN Volkswagen's commercial vehicles division expects a marked decline in demand from China compared with last year, and sees demand falling in Brazil and Europe, board member Leif Oestling told Frankfurter Allgemeine Zeitung.