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."

The ECB is expected to hold interest rates at 1% for a second consecutive month, but many will focus on Jean-Claude Trichet’s more detailed economic outlook. Christian Wolff from the Luxembourg School of Finance believes the economic crisis is far from over, and told CNBC, “Credit is not flowing as it should.”

If the rating agency industry is to serve investors, it must retool how it thinks about the current conflicts in the present model, according to Sean Egan, founding partner at Egan-Jones Ratings. “This latest crisis is just part of a serial failure (of rating agencies),” he told CNBC Thursday.

Julian Callow from Barclays Capital considers the outlook for credit conditions in the UK ahead of the Bank of England's report Thursday.

Sweden cautioned against over-zealous regulation of hedge funds and private equity funds Wednesday. Karsten Schroeder, CEO of Amplitude Capital, agreed the light-touch approach was best.

The Latvian economy is forecast to contract by 4% in 2010. Bartosz Pawlowski from BNP Paribas considers whether Latvia should devalue its currency.

“Long-term, to have a moderate savings rate and a stable savings rate is ideal for the economy,” Alan Capper from Pinnerpark Investments told CNBC Thursday. “That’s not what we’re seeing now. What we’re seeing now is massive risk aversion amongst consumers.”

Dutch printing firm Océ posted a €14 million ($19.74 million) loss in the second quarter of 2009, over €5 million ($7.05 million) more than expected. “We don’t see the improvements in the markets, so we take all the right measures to be sure that we improve our cost structures,” Océ CFO Hans Kerkhoven told CNBC.

When the dollar is weaker, global stock markets tend to go up, according to Chris Zwermann from Zwermann Financial. If the correlation holds firm, then the FTSE index could rise to 5,500 if the sterling/dollar pair rises from its current price at $1.6425 to $1.8240, he told CNBC Thursday.

Many employees are taking unpaid leave or salary cuts as their companies attempt to weather the recession. Some British Airways staff are working for free in July to help the airline. Albert Ellis, CEO of Harvey Nash, considers the employment situation in the UK.

From July 1 it will cost up to 60% less to use mobile phones while traveling within the European Union, as new rules curbing telecoms' roaming charges come into play. Michael Kovacocy from Daiwa Institute of Research discusses the move.

The start of the week brings another pair of economic stimulus packages. This time it's the governments of India and Australia that are going to find ways of pushing money into their economies in an attempt to stave off the worst effects of slowing growth.