Markets were mixed again on Friday.
The S&P 500 rose 0.8 percent but the STOXX Europe 600 was flat and the Nikkei 225 tumbled 1.5 percent.
Markets have been driven by concerns over Deutsche Bank in recent days and it was no different on Friday. The German bank's stock fell 9 percent early in European trading but recovered to end up 6.4 percent after a report suggested that it was near a deal with US officials to reach a settlement related to its dealings in mortgage securities.
“The odds of a large hole in bank balance sheets are pretty minimal at this point,” said David Lefkowitz, senior equity strategist at UBS Wealth Management Americas.
However, Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management, said that “the eurozone banking system is still an overriding question”.
David Lebovitz, global market strategist for JPMorgan Asset Management, told CNBC that there “is a lot of headline risk right now” in financials but added that “the one pocket of value that is left is financials”.
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