Before the Bell: 5 things you should know

European stocks rose on Thursday buoyed by investor confidence that the European Central Bank will inject new stimulus measures into the flagging economy and a surprise interest rate cut in China, the first since 2008. Meanwhile, Spanish and Italian 10-year bond yields slid by 0.1 percentage point to sit at 6.14 per cent and 5.54 per cent respectively.

Asian bourses are also on the upswing on Thursday fuelled by hopes of stimulus measures in Europe and the United States. Investors will be eyeing French and Spanish bond auctions later today as a test of confidence for the euro.

Prior to the TSX open, here's what you should know:

*U.S. futures point to a higher open ahead of Federal Reserve chairman Ben Bernanke's congressional testimony. Expectations are high the Fed will give the green light to another round of stimulus to help the world's No. 1 economy deflect the effects of the European slump.

*July crude oil rose 73 cents, or 0.87 per cent, to settle at US$85.02 a barrel. Brent crude rose overnight to $101.39 a barrel.

*Spot gold was up 0.1 per cent at $1,618.60 an ounce, while U.S. gold futures for August delivery were down $13.90 an ounce at $1,620.30.

*The Canadian dollar is up 0.95 of a cent to 97.29¢ US after traders waded into riskier assets such as equities, commodities and resource-based currencies on Wednesday.

*On the economic data calendar for Thursday, U.S. Energy Information Administration natural gas storage data is due, as is a U.S. weekly jobless claims report. But it's Bernanke's testimony on the Fed's U.S. economic outlook later today that investors will be watching closely.