Some observers also see opportunity in bank stocks across the pond.

“The valuations in European banks in particular have improved tremendously,” Krishna Memani, chief investment officer at Oppenheimer Funds, told Bloomberg “While their profitability is lower, leaving them for dead may not be justified. If you have a three- to five-year view, some of these financial stocks are extraordinarily good value and you should be looking to buy them.”

The iShares MSCI Europe Financials ETF (NYSEArca: EUFN) decreased 21.3% year-to-date, but EUFN was 2.9% higher Friday.

European financials were strengthening Friday as Deutsche Bank (NYSE: DB) shares surged 11% after the bank said it was buying back over $5 billion in bonds, while Commerzbank’s stock jumped 18% on strong earnings, CNBC reports.

EUFN includes a 1.5% position in Deutsche Bank and 0.5% in Commerzbank.

Max Chen contributed to this article.