LIVE MARKETS-Before the bell: European futures higher, but stocks set for a weekly decline

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BEFORE THE BELL: EUROPEAN FUTURES HIGHER, BUT STOCKS SET FOR A WEEKLY DECLINE

Futures are pointing to a slightly higher open for European stocks, with Brent a touch lower on the day, but that is all a little irrelevant given the oil benchmark is at $108 a barrel, markets are pricing at least two ECB rate hikes this year and so the STOXX 600 is down 2% on the week and 8% on the month.

Euro STOXX 50 futures are up 0.6%, with most futures for most mainland European blue chip indexes around the same level. FTSE futures are up 0.3%. FFIc1, STXEc1

Friday's small bounce, if it lasts, is just going to be a bit of fine tuning after Thursday's sharp selloff, when equity investors realised central banks were seriously thinking about the consequences of a sustained period of high energy costs.

By seriously thinking, we mean considering rate hikes. Big investment banks now see a chance of this coming as soon as April for the European Central Bank and even possibly the Bank of England. Until the war began markets were pricing a BoE cut at this week's meeting, so that's quite the swing.

In terms of corporate news, after a string of rumours and reports this week, Unilever ULVR.L said on Friday it was in talks with U.S.-based McCormick & Company MKC.N about selling its foods business, which includes brands such as Hellmann's mayonnaise and Knorr soups and seasonings.

Also of note, Buyout firm Bridgepoint BPTB.L is drawing up proposals for a formal offer worth more than 1 billion pounds ($1.34 billion) for British private hospital operator, Spire Healthcare SPI.L, Sky News reported on Thursday.

(Alun John)

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