1. Global stocks turn lower

Concerns over the health of Germany’s largest bank hit global stocks on Friday, undermining risk appetite.

Asian stocks closed mixed on concern of global financial contagion from Deutsche Bank’s woes and after the string of data. Tokyo’s Nikkei 225 slumped 1.46%.

European stocks moved sharply lower on Friday with financial institutions leading the sell-off.

U.S. futures were only slightly lower as the Bloomberg report on Deutsche Bank was priced in before Thursday’s close, dampening sentiment in equity markets.

2. East Asian weak data

Japan’s national core CPI for August fell 0.5%, more than the expected 0.4% decline year-on-year and the sixth straight drop, matching July's pace. That was despite Bank of Japan’s efforts to provide massive amounts of stimulus to spur inflation.

In other negative news for the world’s third largest economy, household spending for August was down a sharp 3.7%, compared to a drop of 1.0% seen month-on-month and a decline of 4.6% year-on-year, more than the 2.5% fall seen; while seasonally adjusted average unemployment rate in August unexpectedly edged up.

On the upside, industrial production in Japan for August rose 1.5% provisionally, handily beating an expected gain of 0.5%.

Over in China, the factory sector continued to limp along in September as the Caixin manufacturing PMI came in at 50.1 as expected with holidays in China next week in focus going forward.

3. U.K. services strong data

Data for July suggest the U.K. economy was more resilient in the wake of the June Brexit vote than many had predicted. Services activity, which accounts for nearly 80% of British GDP, rose 0.4% from June to July.

"[There is] no evidence of a significant impact of the outcome of the EU referendum on July's services output figures," the Office of National Statistics said.

4. Economics and market recap

Market participants will also focus later in the session on personal income and spending for August, along with the Fed’s preferred inflation gauge, the core PCE price index, for the same month, out at 12:30GMT.

Attention will also be paid to the Chicago PMI and the revised Michigan consumer sentiment, both for the month of September.

Furthermore, Dallas Fed president Robert Kaplan will participate in a Q&A at 17:00GMT.

The Dow Jones industrial average was down 1%, while the S&P 500 and the Nasdaq each shed 0.9%.

Coming next week:

Monday - Starbucks wage hike; Motor vehicles sales report.

Tuesday - Vice presidential debate; Google announcement.

Wednesday - International trade report; Petroleum status report.

Thursday - Weekly jobless claims.

Friday - September jobs report.