In Italy, industrial production in April is expected to rise 0.3 percent on the month in April following March's surprisingly weak 0.6 percent dip.

The US data calendar is thin on Friday.

In Canada, employment in May is expected to rise 20,500, slowing from a stronger-than-expected 41,400 climb in April. May's unemployment rate is expected to rise 1 tenth to 5.1 percent. But the domestic labor market remains tight and economic growth has been resilient despite higher borrowing costs.

The Bank of Canada on Wednesday raised its policy interest rate - the target for overnight lending rates - by 25 basis points to 4.75 percent after taking a conditional pause for a second straight meeting in April, saying excess demand in the economy looks to be more persistent than anticipated.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.