Before the Bell: 6 things you need to know

European markets edged up on Thursday as Spanish and Italian bond yields eased off recent highs and the German jobless rate fell to a record low in May. The challenges facing the Eurozone are far from over however as worries linger over Spain's fragile banking system and the possibility of Greece departing the Eurozone.

Heading into the TSX open, here's what you need to know:

*On Wall Street, U.S. futures are pointing to a higher open as investors optimistically await a clutch of economic data to come and thanks to a commodities rebound on European markets.

*Canadian economic data due today includes a payroll employment, earnings and hours report and Canada's balance of international payments report, from Statistics Canada.

*On the economic data calendar for Thursday stateside, traders will cast an eye on a gross domestic product revision from the U.S. Department of Commerce. U.S. weekly jobless claims are also due, as is ADP's employment report for May. The Chicago PMI index of business activity will be released as well.

*There's much skepticism about the proposed creation of a banking union by the European Commission. After all, what could possibly go wrong? Nevertheless, it's one idea that's being considered to help address the Spanish banking sector and to help break the vicious cycle of weakened banks and indebted sovereigns lending to one another.

*Tiny Ireland will be the focus today as that country holds its referendum on the EU Fiscal Compact treaty. The treaty, signed by all European Union states excluding the U.K. and the Czech Republic, commits EU members to maintain budgets in balance or surplus or fiscal penalties will be applied. The expectation is Irish voters will support the treaty as Ireland's current rescue program lasts until late 2013 and it aims to return to the bond market later this calendar year.

*Asian bourses finished the month closing down sharply on Thursday. Spanish banking fears have clearly bruised investor confidence with the attitude of 'sell in May and go away' reportedly taking root. Also rattling investors is Japan's factory output, which has fallen short of expectations, with Japanese industrial production rising to a less-than-expected 0.2 per cent in April.