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EUROPE BEFORE THE BELL: NOT YOUR EVERYDAY CEASEFIRE

European stock futures are looking a little soft heading into the open. Futures on the STOXX 50 STXEc1, FTSE FFIc1 and DAX FDXc1 are all down around 0.2% to 0.4%, as renewed attacks across the Middle East are keeping nerves - and oil prices - running high.

The U.S. launched new strikes against multiple targets overnight in Iran, as President Donald Trump vowed even more attacks if no peace deal is secured. He told Fox News strikes would stop shortly but he would "bomb the shit out of them" if Iran's leaders did sign an agreement with the U.S. immediately.

Meanwhile, Oracle ORCL.N, which reported after Wednesday's closing bell, forecast a staggering nearly $40 billion in capital spending that topped every estimate. Its shares are down around 10% on Tradegate this morning, having dropped by roughly that after hours on Wednesday.

AI-sensitive parts of the market haven't necessarily followed suit. The KOSPI .KS11 is up around 0.3%, while the Nikkei .N225 is virtually flat.

Wednesday's U.S. inflation report showed consumer price pressures accelerated last month at the fastest pace in over two years, which has helped cement expectations for the Federal Reserve to raise rates later this year.

Closer to home, shares in Hugo Boss <BOSSn.DE> are up 5.8% in early Frankfurt trade after Frasers Group <FRAS.L> launched a €2 billion takeover offer for the German fashion group.

And Britain's competition watchdog has launched an investigation into European budget airline Ryanair < RYA.I> over fees that parents must pay to sit with their children on flights.

Finally, the European Central Bank is set to deliver what analysts and investors say is an "insurance hike" later in the day, as it races to stem mounting inflation in the face of surging energy costs triggered by the Iran war.

(Amanda Cooper)

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