The Spanish banking sector was the most profitable in the world, the Bank of International Settlements said as the country's government set up a $12.5 billion fund to help ailing banks. Gerry Rawcliffe from FitchRatings discusses the Spanish banking system.

Six government-appointed directors on the board of Satyam Computers will be recalled after new owner Tech Mahindra assigned its own executive team, according to a report. CP Gurnani, CEO of Mahindra Satyam, discusses the earlier scandal and management shakeup.

German stocks were lower Friday. Matthias Born from Allianz Global Investors sees value in "companies which are on historical low multiples," as he sees "re-rating potential left, especially for the cyclical part of the markets," like autos, chemicals and capital goods companies.

O2 owner AEG released this footage of Michael Jackson's last rehearsal for his planned 50 concerts as part of his London tour, which would have begun this month (Courtesy of AEG Live).

Germany's lower house of parliament votes Friday on a plan to set up bad banks that will enable lenders to take toxic assets off their books. One proposal involves capping executives pay to $699,000 per year. Dirk Becker from Kepler Capital Markets told CNBC he is skeptical of the plan.

The economic outlook doesn't promise a "spring-loaded recovery," Mike Lenhoff from Brewin Dolphin Securities said. "It's going to be very difficult and everybody's feeling very cautious." But he sees the "enormous policy effort" eventually "reflating" the economy.

Tesco holds its annual general meeting Friday where shareholders will vote on new rights for workers and find out whether the retailer will bid for nationalized lender Northern Rock. "Tesco has got great ambitions in the financial services sector," David Crawford from Octopus Investments said.

"The headline number was disappointing," Giles Keating from Credit Suisse said on the June nonfarm payrolls figures. "More concerning for me was that employment income was coming down, looking very weak. Simply consumers are not earning very much." He adds that the increase in productivity is a "good thing."

If the S&P 500 index hits the 880 support level, it's likely to go into a 2-3 month sideways move. Or if it goes down to 847, it could find support and rally toward the June highs again, Bill McLaren, independent trader, said. He doesn't see the index falling below 775.

"What we have to bear in mind is oil's not necessarily being priced for today's conditions. It's being priced 6 to 9 to 12 months ahead," Simon Wardell from IHS Global Insight said. "But even if you're looking ahead 6 to 9 to 12 months, the price looks rather high."

BaWang will do well at its market debut, and the Hang Seng will trade around 17,700 and 18,200 on Friday, says Steve Tse, research manager at BEA Union Investment Management, speaking to CNBC's Emily Chan.

Kirby Daley, senior strategist at Newedge Group says the belief that the return of a consumption-driven demand cycle will support commodity prices has been overdone, speaking to CNBC's Martin Soong.