LIVE MARKETS-Europe before the bell: oil up, stock futures down
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EUROPE BEFORE THE BELL: OIL UP, STOCK FUTURES DOWN
European equity futures are falling, while oil prices are up again as developments in the Middle East continue to dominate price action.
The situation remains fluid, but as things stand, Iran said it was reviewing the U.S. 15-point ceasefire plan but insisted there were no talks. Trump said Tehran was desperate to make a deal after nearly four weeks of fighting.
The mixed messaging is leaving traders in limbo. In the meantime, the Strait of Hormuz remains effectively closed to most traffic and oil prices are inching up again, although they remain well off their highs from last week.
The June Brent crude futures LCOc2 contract trades over $99.5 per barrel, up over 2% on the day but well below the peak of over $114 earlier in March.
Higher oil prices are still pushing down stock futures on Thursday. Euro STOXX 50 futures STXEc1 are down 0.8%, while futures on the DAX FDXc1, CAC FCEc1 and FTSE FFIc1 are down between 0.2% and 0.9%.
Away from Iran, corporate updates are dominated by retailers. H&M HMb.ST said its first-quarter operating profit grew more than expected, while Britain's Next NXT.L reported a 14.5% rise in annual profit, slightly upgraded profit guidance, but kept sales guidance unchanged.
(Samuel Indyk)
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