10 things you need to know before the opening bell

Here is what you need to know.

Deutsche Bank is making new lows. Shares of Deutsche Bank are down 4.9% in Germany after Thursday's Bloomberg report stating that hedge funds were beginning to pull business from the bank. The stock was down about 9% at the open.

Deutsche Bank CEO John Cryan sent another memo to employees. The memo, which was aimed at reassuring employees said, "Ongoing rumours are causing significant swings in our stock price." It continued,"Trust is the foundation of banking. Some forces in the markets are currently trying to damage this trust."

Contagion from Deutsche Bank spreads across Europe. Bank stocks across Europe are in the red amid fears of a collapse of Deutsche Bank. Commerzbank Bank, Germany's second largest bank behind Deutsche Bank, is down about 6%.

Hedge funds are bleeding assets. Reuters reports, the Billion Dollar Club report provided by Hedge Fund Intelligence showed assets at the largest hedge funds fell nearly 7 percent, or $132 billion, to July 2016 from a year ago.

There was another sign China's industrial sector is stabilizing. The Caixin-Markit manufacturing purchasing managers' index (PMI) report for September showed a small uptick to 50.1 in September, making for the third straight month the reading has held steady or improved. That hasn't happened since late 2014.

Europe is finally starting to see some inflation. Data from Eurostat showed eurozone consumer prices climbed 0.4% year-over-year in September, which is double the up 0.2% print from August. The biggest gains were seen in the services sector. The euro is weaker by 0.4% at 1.1177 versus the dollar.

Consumer prices in Japan fell for a sixth straight month. Core consumer prices were down 0.5% YoY in August, holding at their weakest level since March 2013. The Japanese yen is flat at 101.05 per dollar.

UK GDP topped estimates. The UK economy expanded at a 0.7% quarter-over-quarter clip in the second quarter thanks to strength in the production and service sectors, according to the final figures released by the Office for National Statistics. Economists had forecast the economy would grow at a 0.6% pace. The British pound is little changed at 1.2973 against the dollar.

Stock markets round the world are lower. Hong Kong's Hang Seng (-1.9%) led the losses in Asia and Spain's IBEX (-1.7%) paces the decline in Europe. S&P 500 futures are down 3.75 points at 2,144.75.

US economic data flows. Personal income and spending will be released at 8:30 a.m. ET before Chicago PMI and University of Michigan consumer confidence cross the wires at 9:45 a.m. ET and 10 a.m. ET, respectively. The Baker Hughes rig count is due out at 1 p.m. ET. The US 10-year yield is lower by 2 basis points at 1.54%.