LIVE MARKETS-Tick-tock, tick-tock: Futures deep in red

* Stock futures fall ahead tariff deadline approaches

* Eyes on chips and Italian banks Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Reach him on Messenger to share your thoughts on market moves: thyagaraju.adinarayan.thomsonreuters.com@reuters.net

TICK-TOCK, TICK-TOCK: FUTURES DEEP IN RED (0657 GMT)

European stock futures are under heavy pressure this morning as investors scramble to sell stocks and other assets considered risky in times of economic and political strife as the deadline for more U.S. tariffs on Chinese goods fast approaches.

Eurostoxx 50 futures are down as much as 0.7 percent, with Germany's trade-sensitive DAX down 0.8 percent.

President Donald Trump said on Wednesday that China "broke the deal" in trade talks with Washington and would face stiff tariffs if no agreement is reached.

In corporate news, all eyes on Italy as the country's troubled financial sector with UniCredit, the biggest bank by assets, beating on headline numbers and traders expecting shares to rise 1 percent. Banco Bpm reported a halving of loan-loss provisions. Mediobanca is due to report later today.

The onslaught of chip earnings continues - overnight Intel execs gave a modest outlook that was taken badly by the market and sent its shares down 2.5 pct after the bell.

This morning, Japan's Sharp Corp, an Apple supplier, said it expects its operating profit well below its target while Dialog Semiconductor reported results and its shares are down almost 3 percent in pre-market German trade.

Shares of the world's largest steelmaker ArcelorMittal could come under pressure after it cut its demand forecast for its key markets.

And that's come after strong numbers from the world's second-largest cement-maker. HeidelbergCement reported a 15 percent rise in revenues, sending its shares 4 percent higher in pre-market deals.

The UK high street will be in the spotlight in London.

Britain's fourth-biggest supermarket group Morrisons saw sales growth slow as political and economic uncertainty continued to impact consumer confidence.

It doesn't look good in apparel either after Superdry said it expects full-year underlying pretax profit to come in below market expectations. Traders expect its shares to fall as much as 15 percent.

Some more corporate headlines (refer to previous blog for more):

Superdry sees full-year pretax profit below expectations

Sales growth at UK's Morrisons slows in first quarter

BAE Systems reiterates guidance in face of geopolitical uncertainties

BT's new CEO ramps up fibre ambition, aims to hold dividend

RSA Q1 net written premiums up 3 pct to $2 bln

Rathbone Brothers Q1 funds up 7.7 pct on market gains, inflows

Panasonic sees 27 pct profit fall amid investor calls for change

Japan's Sharp sees 18 pct profit increase, but misses target

BlackRock pulls out of rescue plan for Italian bank Carige - sources

(Thyagaraju Adinarayan)

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ON THE RADAR: ITALIAN BANKS AND CHIPMAKERS (0633 GMT)

The newsflow is light on the corporate front with all eyes on Italian banks results, which will provide a peek into the health of the country's troubled financial sector, and semiconductor stocks.

Italy's biggest bank by assets UniCredit has confirmed its 2019 targets after delivering a Q1 profit beat, while the country's third largest lender, Banco Bpm, reported a halving of loan-loss provisions for the first quarter on Wednesday night, but a slide in revenues dragged down profits. Kepler Cheuvreux has cut its rating on Bpm to 'reduce' from 'hold' following the results. Mediobanca is due to report later.

Intel's modest profit growth forecast and Apple supplier Dialog Semiconductor's results will keep chipmakers in focus. Dialog's shares are down 1.6 percent in pre-market.

World's largest steelmaker ArcelorMittal cut its forecast for demand in its key markets hit by lower steel prices and a high level of imports into Europe.

Key headlines:

Automakers expect White House to delay decision on auto tariffs -sources

Steelmaker ArcelorMittal cuts demand forecast for key markets

Zurich Insurance Q1 reported premiums slip

Italy's UniCredit confirms 2019 targets after Q1 results

Swiss Life reports 44 pct jump in Q1 premiums

Takeda sells dry eye drug to Novartis to help cut debt

Metro in exclusive talks to sell Real hypermarkets to Redos

BlackRock's investment committee rejects planned takeover of Carige-report

Intel shares drop, three-year outlook seen lagging rivals

Dialog Semi Says Guidance Favourably Impacted By Apple Deal

(Thyagaraju Adinarayan)

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CAN ENGLISH FOOTBALL HEROICS INSPIRE THE MARKETS? (0530 GMT)

Amid all the chaos this week, let's see if the markets can draw some inspiration from Liverpool and Tottenham Hotspur's heroic comebacks, which sealed them a place in the Champions League Finals -- only the second all-English final in the competition.

For now, European markets are seen under pressure again with cautious investors taking risk off the table as the clock ticks towards a potential U.S. tariff hike on Chinese goods, escalating a trade dispute that has raised concerns about damage to the global economy and roiled financial markets over the past year.

The eleventh-hour threat from the U.S. on tariffs and China's potential retaliation over the last few days have investors on edge, sending STOXX 600 to near six-week lows on Wednesday and Europe's stocks volatility index near January highs.

In the absence of a last-minute deal as talks in Washington kick-off today with Chinese delegates, the U.S. government is set to raise tariffs on $200 billion worth of Chinese goods to 25 percent on Friday.

In corporate news, Intel's weak commentary overnight may weigh on chip stocks on top of the ongoing uncertainty over the trade spat.

Financial spreadbetters IG expect London's FTSE to open 33 points lower at 7,238, Frankfurt's DAX to open 35 points lower at 12,145, and Paris' CAC to open 34 points lower at 5,384.

(Thyagaraju Adinarayan)

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(Reporting by Danilo Masoni, Helen Reid, Josephine Mason and Thyagaraju Adinarayan)