Markets Are Up Around The World

Here's the scorecard:

Britain's FTSE 100 is up 0.1%.

France's CAC 40 is up 0.69%.

Germany's DAX is up 0.83%.

Spain's IBEX is up 0.43%.

Italy's FTSE MIB is down 0.29%.

Earlier, we learned U.K.'s GDP grew 0.8% in Q2, which was right in line with expectations. This reflects a healthy 3.2% year-over-year growth rate.

In the U.S., the Empire State Manufacturing Survey, set for release at 8:30 a.m. ET, is expected to show a decline in the regional manufacturing index from 25.6 in July to 20.0 in August

The BLS Producer Price Index for July 2014 will be released at 8:30 a.m. ET. Economists forecast PPI climbed by just 0.1% month-over-month or 1.7% year-over-year.

The U.S. Fed will release industrial production data at 9:15 a.m. ET. Economists estimate industrial production increased by 0.3% in July with capacity utilization increasing to 79.2%.

Economists estimate the latest numbers from University of Michigan Confidence report will show sentiment climbed to 82.5 in August from 81.8 in July. "This would largely reflect equity markets, which have moved lower as volatility has picked up," said Barclays economists.

Asian markets closed up with Japan's Nikkei up 0.02% and Hong Kong's Hang Seng up 0.62%.

U.S. futures are up with Dow futures up 48 points, Nasdaq futures up 4.9 points, and S&P futures up 12.5 points.