LIVE MARKETS-Europe before the bell: stocks heading for weekly drop
SPY•Italian banks likely to draw focus
The Italian banking sector is likely to draw focus at the open after Monte dei Paschi BMPS.MI on Friday launched simultaneous takeover bids for Banco BPM BAMI.MI and wealth manager Banca Generali BGN.MI in a move intended to stave off a takeover approach from Intesa Sanpaolo ISP.MI.
(Samuel Indyk)
European stocks head for a weekly decline
European equity futures are a touch higher on Friday but major indexes in Europe still look to be heading for their first down week in five.
Euro STOXX 50 futures STXEc1 are up 0.1%, but the index has dropped 1.8% this week as higher oil prices and rising bond yields weigh.
A move by the U.S. Treasury on Wednesday to ease bond market worries failed to have a lasting impact as U.S. bond yields rose again on Thursday.
Futures on the DAX FDXc1, CAC FCEc1 and FTSE FFIc1 are also up slightly on Friday.
