Investors are encouraged by word European central banks will be coordinating to stabilize financial markets in the event Greece votes to leave the Eurozone this weekend. As a result, European stocks rose Friday. An extra boost to confidence came in the form of the Bank of England commitment it will flood the U.K. banking system with extra cash.
Likewise, Asian bourses were mostly up on Friday though caution over what may transpire in Greece on the weekend remains prominent among traders. Hopes were further fuelled by rumours the U.S. Federal Reserve will embark upon a third round of quantitative easing in light of disappointing economic data from the day before.
Prior to the TSX open, here's what you should know:
*U.S. futures point to a higher open on Friday. Futures for the Dow Jones Industrial Average rose 50 points, or 0.4 per cent, to 12,656. The Standard & Poor's 500 index rose 5.5 points to 1,331.71. The Nasdaq Composite gained 12.25 points to 2,547.25.
*Benchmark oil for July delivery was up 0.9 per cent on Friday to US$84.65 a barrel. Brent crude for August delivery was up 67¢ at $97.84 per barrel. The price of crude was helped by a request by OPEC for its members to cut production to maintain the cartel's oil output ceiling.
*Spot gold was up 0.1 per cent to US$1,623.50 an ounce, while U.S. gold futures for August delivery is up $4.80 an ounce at $1,624.40.
*The Canadian dollar closed up 0.52¢ on Thursday to trade at 97.68¢ US.
*Statistics Canada will release a Monthly Survey of Manufacturing report for April and a National Balance Sheet Accounts for the first quarter of 2012 today.
*On the U.S. economic data calendar for Friday, the Reuter's/University of Michigan's consumer sentiment index for May is due as is the Empire State manufacturing index. Industrial production figures for May is also on tap as is a report from the U.S. Department of the Treasury tracking Treasure International Capital.