Markets Are Going Nowhere

Britain's FTSE 100 is up 0.3%.

France's CAC 40 is flat.

Germany's DAX is up 0.2%.

Spain's IBEX is flat.

This comes after a series of Flash PMI reports, which revealed that Germany continues to grow at a healthy pace as France slipped into contraction.

Asian markets closed in the green with Japan's Nikkei up 2.1% and Hong Kong's Hang Seng up 0.5%.

Overnight, we learned that China's Flash PMI climbed to a 5-month high of 49.7 in May, beating expectations for a 48.3 print.

"The HSBC Chinese PMI has bounced and given markets a better feel this morning," said Societe Generale's Kit Juckes.

U.S. futures are modestly higher with Dow futures up 19 points and S&P 500 futures up 1 point.