LIVE MARKETS-Europe before the bell: futures sink

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EUROPE BEFORE THE BELL: FUTURES SINK

European futures are pointing to steep losses at the open, after the United States and Iran traded escalating threats over the weekend and the war entered its fourth week.

Euro STOXX 50 futures STXEc1 are down 1.9%, DAX futures FDXc1 are off 2.1% while FTSE FFIc1 futures are down 1.4%.

The declines track earlier Asian trading which saw the Nikkei 225 .N225 close down 3.5%.

Iran will attack Israel's power plants and plants supplying U.S. bases in the Gulf if President Donald Trump carries out his threat to "obliterate" Iran's power network, the country's Revolutionary Guards said in a statement on Monday.

Oil prices are higher again although by less than in previous sessions, with brent LCOc1 up about 1.1% at $113.92 , but trading is volatile. Gold XAU= is down 8%.

Eyes will be on airlines stocks, after news late Friday that United Airlines will cut 5% of all scheduled flights in the short-term as fuel prices soar.

Elsewhere in company news, Italy's Poste has launched a $12.5 billion cash-and-share bid to buy Telecom Italia, and Swiss hearing aid maker Sonova said it is targeting revenue of $7.6 billion by 2030/31 in a strategy update.

(Lucy Raitano)

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