U.S. stock index futures pointed to a slightly lower open on Wall Street on Friday, with futures for the S&P 500 down 0.2 percent, Dow Jones futures down 0.2 percent and Nasdaq 100 futures down 0.1 percent at 5:37 a.m. EDT.

Financials in the spotlight after Swiss bank UBS unveiled plans to raise 3.8 billion Swiss francs ($3.5 billion) in a share sale and forecast a second-quarter loss, sending its stock lower on Friday as analysts said problems remained.

Pharmas also in focus, after shares of European drugmaker Sanofi-Aventis tumbled 9 percent on while Novo Nordisk shed 1.3 percent, hit by mounting worries about the safety of Sanofi's diabetes drug Lantus and modern insulins in general, prompting both Morgan Stanley and JPMorgan to downgrade their rating on the stock.

Boeing Co , the world's No.2 plane-maker, suffered another blow to its Dreamliner project on Friday when a major customer, Australia's Qantas Airways , scrapped and deferred orders for 30 new planes.

Oil rose to $71 a barrel on Friday after Nigerian rebels said they blew up a wellhead on a Royal Dutch Shell oilfield in the Delta state. The rise in oil followed a 2 percent gain on Thursday and put it on course for a 7 percent gain this week.

The dollar fell against a basket of currencies on Friday as risk sentiment was supported by higher equities and firmer commodity prices.

European stocks were up 1 percent in early trade, reversing the previous session's losses, led by buoyant banking shares such as HSBC , Credit Suisse and Deutsche Bank .

However, on the macro front investors were digesting grim data from Japan. Consumer prices in Japan fell at a record pace in the year to May, adding to weak signals about the health of the global economy.

Japan ordered Citigroup to suspend sales for a month at its retail banking division, alleging lax oversight against money laundering, in the struggling U.S. bank's second brush with Japanese regulators in five years.

The S&P 500 index <.SPX> is likely to see a correction to between 830 and 875 through September, given its virtually uninterrupted rise since its March lows, J.P. Morgan Securities said, and urged investors to use the correction to build positions in cyclical stocks.

The day's economic agenda includes data on personal income and consumer sentiment.

U.S. stocks gained ground on Thursday, with retailers and home builders pacing the gains, bolstered by a surprising profit increase from retailer Bed Bath & Beyond Inc , while energy companies' shares also rose as oil prices climbed above $70 a barrel.

The Dow Jones industrial average <.DJI> jumped 172.54 points, or 2.08 percent, to 8,472.40, snapping a four-day losing streak. The Standard & Poor's 500 Index <.SPX> gained 19.32 points, or 2.14 percent, to 920.26. The Nasdaq Composite Index <.IXIC> advanced 37.20 points, or 2.08 percent, to 1,829.54.

On the year, the Dow is down 3.5 percent and the S&P is up 1.9 percent.

(Reporting by Blaise Robinson; Editing by Greg Mahlich)

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