Here Comes Eurozone Industrial Production...

Eurozone industrial production figures for August out at 5 a.m. ET Tuesday, and economists are expecting another slump. Output is forecast to drop 0.9% from the same month last year, and 1.6% from July.

A lot of that is driven by Germany's abysmal industrial figures. The powerhouse economy recorded a 4% drop for the same month.

"Even if production rebounds in September - quite likely given the partly calendar-related weakness of German data - the euro area's industrial sector may well be back in recession following a small quarterly contraction in the second quarter," said Robert Kuenzel of Daiwa Capital Markets in a note this morning.

We'll also get Germany's ZEW survey of economic sentiment at the same time, which should give us a good idea of how businesses and consumers are taking the recent grim news about the country's slowdown.

We've already had some worrying data out this morning: French inflation dropped to 0.4% in September, a five year low, and Spain's figure came in at -0.3%, the third straight month of deflation.