10 things you need to know before the European markets open

Good morning! Here's what you need to know.

US stocks plunged on weak manufacturing data. The Dow Jones Industrial Average finished down 469.68 points (2.84%) at 16,058.35 after US factory activity hit a tw0-year low.

The latest Spanish unemployment figures are coming. At 7a.m. UK time (2 a.m. ET) the latest Spanish unemployment figures are published, giving a sense of how strong the country's economic recovery really is. Spain added 76,000 jobs last month.

Australian GDP rose by 0.2% in the three months to June, missing analysts' expectations. It was the slowest quarterly growth since the March quarter of 2011, leaving the annual pace of growth at a near two-year low of 2.0%.

Europe's producer price index is published at 9 a.m. UK time (4 a.m. ET) . Eurostat's price index is a marker of inflation in the 28-nation trading bloc. Last month it came in at -0.1% and analysts are expecting the same this month.

Oil is getting crushed. The WTI oil benchmark fell more than 10% to around $44.25 a barrel. The latest leg lower follows data from the American Petroleum Institute that shows US inventories rose by another 7.6 million barrels.

UK construction PMI is also coming this morning. The indicator of sentiment in the construction industry is coming at 8:30 a.m. (3:30 a.m. ET) with the market expecting a readout of 57.5, up from 57.1 last month.

Chinese markets tanked at the open but came back strongly. At the break the benchmark Shanghai Composite index rose to 3176.335, an increase of 0.31%. Earlier in the session the index was down more than 4% before staging a huge late rally into the close.

Greece's Syriza party is on course to win 26% of votes in the September election. The party, led by Alexis Tsipras, is just one point ahead of the conservative New Democracy party, according to a poll published by the Pulse for Action 24 television channel.

The International Monetary Fund's Christine Lagarde warned volatility in Asia could spill over to the rest of the world. The IMF's managing director said that risks in the traditional and shadow banking sectors "have to be under the watch of the supervisors."

France's justice ministry hired 40,000 undeclared workers on a casual basis. The ministry said it would take action after a 2014 investigation leaked to the press