LIVE MARKETS-Europe before the bell: not much of a rally

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EUROPE BEFORE THE BELL: NOT MUCH OF A RALLY

It's day of oil being a bit calmer, stocks likely marginally higher, but as discussed in Morning Bid below, the market reaction to news seen as positive for oil flows and the global economy is starting to shrink, while negative news still generates selloffs.

U.S. President Donald Trump said he would again extend the deadline for Iran to reopen the Strait of Hormuz or face the destruction of its energy plants, after Tehran had earlier rejected a 15-point U.S. proposal to end the fighting as unfair.

Brent June futures are at $102 a barrel, close to where they finished on Thursday. LCOcv1

Euro STOXX 50 futures are slightly higher, though hav been coming in a touch as the open gets closer. FTSE futures are still up 0.27%. STXEc1, FFIc1

S&P 500 futures have also been walking back earlier gains and are up 0.3%. EScv1

In terms of corporate news, Spain's Santander SAN.MC said on Friday it was on track to meet its 2026 full-year profitability and revenue targets after it continued to gain customers in the first quarter.

But really, it'll be war headlines driving markets, as the full impact of the oil price surge approaches.

In Europe, retailers from clothing giant H&M HMb.ST to British supermarket chain Co-Op 42TE.L warned on Thursday that a prolonged Middle East conflict could push up sticker prices in Europe and dent consumer demand.

(Alun John)

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