Friday’s steep declines in the markets were driven by weak employment report and a war of words between the United States and China, but seemed to have been shrugged off in Asia trade. While trade tensions and geopolitical risks are likely to keep the appetite for risk in check, investors will have new information to digest this week, particularly earnings from big banks and U.S. inflation data.

Wells Fargo & Co, which has been mired in litigations stemming from a sales scandal, posted a nearly flat first-quarter profit, hurt by lower mortgage banking revenue and higher expenses.

When a scandal over unauthorized accounts rocked Wells Fargo & Co's retail division last fall, executives at its asset management arm sprang into action to limit its fallout at an already tough time for their business.

U.S. stock index futures gave up some gains on Friday after disappointing quarterly reports from Bank of America and Wells Fargo. Shares of Bank of America fell 0.7% to $22.76 in premarket trading after the lender's quarterly profit beat estimates, but its revenue fell short.

Banks need to continue to monitor the way they reward employees to ensure they promote good conduct, one of the country's top financial regulators said on Thursday.

The U.S. Commodity Futures Trading Commission (CFTC) filed and simultaneously settled charges against Wells Fargo Bank N.A. (Wells Fargo) for failing to comply with its obligations to submit accurate large trader reports (LTRs) for physical commodity swap positions, in violation of the Commodity Exchange Act and CFTC Regulations 20.4 and 20.7.

Wells Fargo will pay $185 million in penalties and $5 million to customers that regulators say were pushed into fee-generating accounts that they never requested, officials said on Thursday.

Credit Suisse Group AG, which exited its U.S. private wealth business last year, is building out a new investment banking group in the region to serve billionaires.