• German DAX futures +0.4%
• UK FTSE futures +0.4%
• Spanish IBEX futures +0.2%

With US futures sitting higher on the day, it is helping to cheer European equities a little as we look to start the session. But mounting concerns surrounding the euro area economy – Germany in particular – amid the looming gas crunch is making it tough for investors to really get too optimistic.

S&P 500 futures are up 37 points, or 0.9%, and that is helping to cushion the drop so far this week. But it is Fed day, so ultimately the closing stages is all that matters for the rest of the week.