Davies leads Evian Masters
With seven birdies and an eagle, the champion from 1995 and 1996 earned a two-shot advantage over another two-time former winner and world number one Annika Sorenstam, Spain's Marta Prieto and New Zealand's Lynnette Brooky.
Michelle Wie, the 14-year-old American amateur who gained a special invitation, opened her account with a 71 that included three birdies, but was marred by a double-bogey at the 12th.