Markets Are Down

France's CAC 40 is down 0.37%

Spain's IBEX is down 0.21%

Italy's FTSE MIB is down 0.23%

Britain's FTSE 100 is down 0.33%

Germany's DAX is down 0.26%

In Asia, the Nikkei's selloff continued, down another 2.38%, while the Hang Seng was basically flat, falling just 0.12%.

U.S. futures are climbing, with the S&P up 0.52% and the Dow up 0.40%.

It's a much busier day for data: French and Spanish inflation figures are already out, with France's CPI falling to 0.4%, the lowest in five years. Spanish CPI came in at -0.3%, the country's third month of deflation.

European industrial production is out at 5 a.m. ET, with analysts expecting a 1.6% drop in August from the same month last year. That's followed by the ZEW index of economic sentiment, which should show just how grim things are getting in Germany.

From the US, the NFIB's small business optimism index is out at 7.30 a.m. ET.