Stocks set for weekly drop as rates reality bites

S&P 500 futures were flat while FTSE futures and EuroSTOXX 50 futures each rose about 0.8% as traders looked for markets in London and Europe to catch up with a modest Thursday bounce on Wall Street.A late rally had lifted U.S. indexes a little, but they are also all down for the week led by a 2.5% loss for the yield-sensitive NasdaqFederal Reserve minutes this week have confirmed policymakers are ready to hike quickly to curb inflation.

Rabobank researchers reckon demand falling away leaves equity markets akin to Wile E. Coyote: "Running in the air for several moments before plummeting off a cliff edge."In France, a victory for far-right leader Marine Le Pen over incumbent Emmanuel Macron, while still unlikely, is now within the margins of error, opinion polls show and the euro edged down to a one-month low of $1.0855 in the Asia session.

The benchmark 10-year Treasury yield is up 26 basis points to 2.6528% this week, and was steady in Asia trade on Friday. The 30-year yield is up 23 bps.

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