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* STOXX 600 falls 0.3 percent
* Shell rises after expectations beat
* Weak upstream hinders BP
* Standard Chartered helps take market lower
By Alistair Smout
LONDON, Nov 1 (Reuters) - European shares edged lower in choppy trade on Tuesday, set for a seventh straight session of falls, with Shell and BP heading in opposite directions after both oil majors reported quarterly results.
Royal Dutch Shell rose 3 percent after the oil major reported an 18-percent rise in underlying net profit, beating analysts' forecasts and saying that next year's capital spend will be at the bottom end of the expected range.
The move in Shell contrasted with BP, which was down 3.11 percent. While BP's underlying replacement cost profit, the company's definition of net income, beat expectations, traders said the beat was largely on the back of a one-off tax credit while upstream results came in below forecasts.
"For BP, the overtone of the report was more focussed on the tough times ahead. With Shell, the overall picture is far more encouraging for investors," Chris Beauchamp, market analyst at IG, said.
"With BP there are good parts of it, but it's still having issues in other areas, and the comparison with Shell is doing BP no favours."
In all, the STOXX Europe 600 was down 0.3 percent, after falling 1.1 percent in October.
After early gains, the market turned lower, partly hit by a poorly received update from Standard Chartered released at 0830 GMT.
The bank fell after it reported faltering income in the third quarter. While the bank posted a second consecutive quarter of profitability, it also flagged fresh compliance and regulatory challenges after confirming Hong Kong's financial regulator planned to take action against it.
"Much work has yet to be done by the management in order to see some margin for growth and uplift in key markets," said Atif Latif, director at Guardian Stockbrokers.
"The emerging market space continues to remain tough and although loan impairments have started to improve we need to see evidence of easing pressure in revenue and (earnings) estimates."
Shares in Standard Chartered were down 6.8 percent, the top faller on the STOXX 600.
Top riser was Moneysupermarket Group, up 7.1 percent and set for its best day in three years after the price comparison site reported strong trading and revenue growth.
Tyre maker Nokian and consumer goods firm Orkla also rose after earnings and were up 5.8 percent and 4.4 percent respectively. (Editing by Andrew Heavens)