Futures markets are pointing to a positive opening for stocks Friday. Early trading is being driven by news that Microsoft’s profit climbed 26% in its fiscal fourth quarter, due to an 11% increase in sales.

Also, Swedish telecom-gear giant, Ericsson, has posted a flat net loss for the second quarter, despite a 28% drop in revenue. Investors are pleased that signs that the company’s efforts to cope with slumping demand are beginning to pay off

In Canada, the hot stock to watch Friday will be Cinram International Inc . AOL Time Warner Inc. has agreed to sell its CD- and DVD-manufacturing operations to Cinram for $1.05 billion in cash. Warner Music makes digital videodiscs for AOL’s film businesses in the same factories that manufacture the music division’s compact discs.

In economic news, Statistics Canada is reporting that wholesale sales edged up 0.2% in May with $35.9 billion in goods and services sold, ending three consecutive months of contraction. Meanwhile retailers are showing good numbers for May. Every commodity group posted moderate to strong increases, says StatsCan. The strongest year-over-year gains were seen in hardware, lawn and garden products and health and personal care products. Overall sales amounted to $7.8 billion, up 7.4% from May 2002.

Asian markets fared well during Friday trading. The Nikkei average rose 28.87 points, or 0.3%, to 9,527.73. The gain snapped a three-day decline by the benchmark index.. Hong Kong’s shares ended higher. The blue-chip Hang Seng Index closed up 44.12 points, 0.4%, at 10,140.84.

European bourses are mostly up at midday. In Paris, the CAC 40 index is up 0.2% to 3,134.13. In Frankfurt, the DAX 30 index has edged up 0.1% to 3,335. London’s FTSE 100 index is down 20.5 points, or 0.5%, to 4,056.6.