LIVE MARKETS-Before the bell: Europe steady at peaks, UniCredit beats

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com

BEFORE THE BELL: EUROPE STEADY AT PEAKS, UNICREDIT BEATS

European shares were set to steady on Tuesday, one day after scaling fresh peaks again, as shifts in U.S. trade policy pushed traders into more gold-buying, ahead of Fed Chair Jerome Powell's testimony to Congress.

EuroSTOXX50 and FTSE futures were both down around 0.1%, while contracts on the S&P 500 dropped 0.3%, pointing to a weaker start on Wall Street after Monday's AI-driven gains.

Gold soared to record highs, setting its sights on the $3,000 milestone after U.S. President Donald Trump imposed fresh 25% tariffs on steel and aluminium imports, fuelling concerns of inflation and an escalating trade war.

Meanwhile, the earnings season in Europe rumbled on.

UniCredit CRDI.MI followed other banks by topping earnings expectations. The Italian lender said it aimed to keep profit stable this year despite declining rates, promising to increase shareholder rewards in the years ahead.

"Solid earnings beat and outlooks reads well," wrote KBW analyst Hugo Cruz ahead of the earnings call this morning.

Oil major BP's BP.L Q4 profit fell to $1.17 billion, marking the lowest in four years as weak margins dented its refining business. Traders' pre-market calls were mixed.

Kering PRTP.PA was also watched after sales dropped 12%, dragged by its Italian brand Gucci. The French luxury group flagged a slight improvement in major markets China and the US.

Earnings also from Europe's largest travel operator TUI TUI1n.DE which reported a jump in its Q1 profit, driven by strong performance in its packaged holiday business.

So far , 53.7% of the STOXX has beaten profit estimates, in line with a typical quarter, according to LSEG IBES data. Sales beats at 74% however are above the typical 58% beat rate.

In M&A, Novartis NOVN.S agreed to acquire biopharma firm Anthos Therapeutics for up to $3.1 billion.

(Danilo Masoni)

EARLIER ON LIVE MARKETS:

OF TRADE WARS AND (EV) PRICE WARS CLICK HERE