The European Commission has started an in-depth investigation of Bayer’s planned $66bn (€56bn) takeover of US seeds group Monsanto, saying it was worried about competition in various pesticide and seeds markets.

US stocks erased earlier gains on Wednesday after the Federal Reserve released the minutes from its March meeting - hinting it might start trimming its balance sheet later in the year.

German drugs and crop chemicals company Bayer has won over US seeds firm Monsanto with an improved takeover offer of around $66bn (€59bn), ending months of wrangling after increasing its bid for a third time.

China’s biggest state-owned chemical company has announced plans to acquire Italian tyre manufacturer Pirelli.