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New York-listed shares of Deutsche Bank reached an all-time low on Thursday. On Friday, Europe-listed shares tanked over 8 percent, hitting a record low, before paring some losses. The bank, which is Germany's largest by assets, is in the spotlight after the U.S. Department of Justice suggested it pay $14 billion to settle a number of investigations and rumors swirled that the bank might need a bailout.
The bank's difficulties highlighted concerns about the German and broader euro zone banking sector. On Friday, European shares of Deutsche's rival, Commerzbank, fell as much as 6.5 percent after it announced jobs cuts and plan to eliminate its dividend on Thursday. Deutsche and Commerzbank were the worst-performing major banks stocks in Europe on Friday, but shares in almost every bank listed on the STOXX 600 fell.
In the U.S., August personal spending came in flat, while income rose 0.2 percent. The core PCE rose 0.2 percent. This is the U.S. Federal Reserve's preferred inflation measure and a crucial determinant in when the central bank opts to hike interest rates again.
Other data due on Friday include the Chicago PMI (purchasing managers' index) survey for September and the final Michigan Sentiment for September at 10 a.m. ET.
The dollar index, tracking the greenback against a range of major currencies, rose on Friday.
Meanwhile, crude oil fell on Friday on profit-taking after a two-day rally. This came amid doubts about OPEC's first planned production cut in eight years. WTI crude futures for November fell to trade at around $47.80 per barrel, but are set to post healthy gains on the week.
McCormick & Company posted strong third-quarter results.
Plus, Key Banc initiated Walmart as a "buy" with a price target of $90.