Carl Icahn, the billionaire investor, is stepping down from his role as a special advisor to President Donald Trump, becoming the latest high profile businessman to cut ties with the administration.

US stocks ended the day lower on Friday as the rally triggered by the firing of Donald Trump’s chief strategist Stephen Bannon proved short-lived.

The Trump administration formally launched an investigation into Chinese intellectual property theft on Friday in a signal that the departure of Steve Bannon, one of its most prominent economic nationalists, is unlikely to slow a move to take a tougher trade line against Beijing.

Oil traded sharply higher on Friday, jumping by the most in four weeks, with analysts saying the move was triggered by market participants rushing to cover short positions.

Stephen Bannon, Donald Trump’s controversial chief strategist, is leaving, the White House confirmed on Friday, ending a rocky tenure and removing a chief proponent of economic nationalism from the administration.

US stocks climbed out of the red to trade firmly in positive territory on Friday on reports that Stephen Bannon, Donald Trump’s controversial chief strategist who has been blamed for encouraging white nationalism, is being ousted.

Foot Locker sent fresh tremors through the once high-flying world of sports apparel retailing on Friday after the US footwear chain reported an unexpectedly sharp slump in sales and profits and sounded the alarm over the “significant” disruptions the sector is facing.

US consumer sentiment in August hit its highest level in 7-months however the report warned that the fallout from the Charlottesville protests could reverse the improvement in economic conditions.

US regulators have dropped their case into two former JPMorgan Chase traders accused of falsifying the bank’s books to hide its $6.2bn losses.

US stocks were poised for the second weekly decline as fresh political drama out of Washington and a terror attack in Barcelona weighed on risk-assets.

The price of gold has hit $1,300 per ounce for the first time since November, as jolt of market nerves and a dovish Federal Reserve comments lure investors to the precious metal.

Prices in Canada grew 1.2 per cent in July, as the rising cost of transport, housing and healthcare lifted the key inflation marker and underscored the central bank’s decision to raise interest rates last month.

Private equity firm Energy Capital Partners along with a consortium of investors agreed on Friday to acquire Calpine for $5.6bn.

Estée Lauder shares rose in early trade after the the skincare and make-up company behind brands including MAC and Clinique posted upbeat quarterly results and said the company’s growth should outpace the industry again next year.

Chile’s GDP growth missed expectations for the second quarter but still reached a rate of almost 1 per cent on the year, defying fears that the Latin American economy could be heading for its first recession since the financial crisis.

Deere, the world’s largest agricultural equipment maker, lifted its full-year outlook again, as the company sees strong demand in South America but a quarterly sales miss helped drag shares in early trade.

Shares in pharmaceutical companies are sliding following news that Cinven and Bain’s joint takeover of Stada has been successful.

Shares in Foot Locker have fallen hard in pre-market trading after the US sports retailer reported net income of $51m in the second quarter of the year – far shy of most analyst estimates and underscoring the intense stress on the sector.

Europe’s largest buyout in four years has been given the all clear after a private equity consortium cleared a threshold to purchase Stada, the German maker of generic Viagra.

The number of overseas visits to the UK in June hit a record this year, as the weaker pound lured tourists who continued to spend heavily, according to the ONS.

German chancellor Angela Merkel and her election rivals have cut back their campaigns for a day in a gesture of solidarity with Spain and the victims of the Barcelona terror attack.

The pace of growth in Taiwan’s economy slowed in the second quarter, but it still came in slightly ahead of expectations as improved production and export figures provided a lift.

The captain of a US naval destroyer that almost sank in a fatal collision off the coast of Japan has been relieved of command after an investigation described the disaster as “avoidable” and cited inadequate leadership and flawed teamwork.

Credit ratings agency Standard & Poor’s has affirmed South Korea’s long term AA rating, as it expressed optimism that geopolitical tensions in the region “will not escalate” into armed conflict in at least the next two years.