LIVE MARKETS-Europe before the bell: Futures dip ahead of Liberation Day

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EUROPE BEFORE THE BELL: FUTURES DIP AHEAD OF LIBERATION DAY

Can you just assume we've said something about tariffs here? It's the only thing anyone is talking about in markets, there's basically nothing new to say until we hear what tariffs will look like, either at 2000 GMT, or in leaks in advance, and what there is to say, you've already read at least 22 times already.

European futures are lower ahead of Trump's scheduled announcement. Euro Stoxx 50 futures STXEc1 are 0.4% lower and FTSE futures FFIc1 off 0.3% but that's after European shares rose on Tuesday.

There's a bit of deals news out there, particularly in the intensely complicated shake-up of Italian banking.

UniCredit CRDI.MI said on Wednesday that Italy's market watchdog Consob approved the share offer document for its 14 billion euro all-share bid for smaller rival Banco BPM BAMI.MI, the last required step to launch the tender.

Separately, Credit Agricole CAGR.PA has received authorisation from the European Central Bank (ECB) to cross the 10% threshold in Banco BPM.

In addition, Denmark's A.P. Moller Holding (APMH) said it has made an cash offer of 9 billion Danish crowns ($1.30 billion) for towage and marine service provider Svitzer SVITZR.CO, a 31.7% premium to Tuesday's closing share price in Copenhagen.

(Alun John)

MORNING BID: MARKETS AT A STANDSTILL BEFORE TARIFF DRAMA CLICK HERE