Before the European and US markets open, the Reserve Bank of India is expected to announce its monetary policy decision at 10 a.m. in Mumbai Friday (0:30 a.m. EDT/0430 GMT). The RBI is expected to hold rates steady for an eighth straight meeting. The bank's Monetary Policy Committee decided in a 5-to-1 vote to leave its policy rate unchanged at 6.50 percent in April (one member called for a 25-basis point cut and changing the stance to neutral), following a series of rate hikes through February 2023. India's inflation rate has eased gradually to just under 5 percent toward the mid-point of the RBI's target range of 2.0 percent to 6.0 percent.

German industrial production in April is expected to rise 0.2 percent on the month after falling 0.4 percent in March.

The UK Halifax house price index is expected to rise 0.2 percent on the month in May following a 0.1 percent increase in April.

In the Eurozone, no revisions are expected in the final GDP data for the first quarter, leaving quarterly growth of 0.3 percent and an annual rate of 0.4 percent.

In the US employment report for May, nonfarm payrolls are forecast to rise 188,000, up from a lower-than-expected 175,000 gain in April. Average hourly earnings in May are expected to rise 0.3 percent on the month for a year-over-year rate of 3.9 percent; these would compare with April's rates of 0.2 and 3.9 percent, which were also lower than expected. May's unemployment rate is expected to hold unchanged at April's 3.9 percent, which was less tight than expected.

Canadian employment in May is expected to rise 15,000 following a 90,400 surge in April and a 2,200 drop in March. The unemployment rate is expected to rise a tenth to 6.2 percent after being unchanged at 6.1 percent in April. When the Bank of Canada conducted is first rate cut for the current cycle on Wednesday, it noted that employment has been growing at a slower pace than the working-age population.

The second estimate for April US wholesale inventories is for a 0.2 percent build that would be unchanged from the first estimate.

US consumer credit is expected to increase $10.4 billion in April versus an increase of $6.3 billion in March.

Federal Reserve Board Governor Lisa Cook will give a commencement address before the Girls Global Academy 2024 Commencement Ceremony at 12 p.m. EDT (1600 GMT).

China's trade surplus is seen narrowing slightly to $71.80 billion in May from a smaller-than-expected $72.35 billion in the April report, which showed a greater rise in imports than exports.

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.