Markets Are Surging

European markets are rallying on Friday, but it looks like there is going to be some incredible volatility again following a rocky day for stocks.

France's CAC 40 is up 1.58%

Spain's IBEX is up 1.82%

Italy's FTSE MIB is up 1.71%

Britain's FTSE 100 is up 0.73%

Germany's DAX is up 1.23%

In Asia, Japan's Nikkei closed down 1.40%. It's now down 9.48% since the start of the year, one of the worst-performing indices in the advanced economies during 2014 so far.

Hong Kong's Hang Seng closed up 0.60%.

US stock futures are climbing, with the S&P up 10.5 points and the Dow up 85 points.

In Europe, construction output figures will be released at 5 a.m. ET.

It's a fairly light day for data from the US, but Federal Reserve chair Janet Yellen will be speaking at 8:30 a.m. ET. Markets will be looking for any comment on the current volatility, or on the end of QE. US housing starts figures are also out at 8:30 a.m, with analysts expecting over a million units.