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.

The eurozone’s current account surplus with the rest of the world shrank again in June.

The euro has shaken off the dent it suffered on signs that the European Central Bank is uneasy about the risk of an overshoot.

What you need to know

• European stocks unsettled by US political turmoil
• Yen strengthens against greenback
• Flight to quality sees German Bunds rally
• Gold enjoys “haven” bounce

European stocks are lower on Friday, with the Stoxx 600 falling 0.8 per cent, as a global flight from riskier assets on the back of political turmoil in the US rumbles on. The continent’s banking stocks are softer as bond yields fall and the travel and leisure sector sub-index dips 1.3 per cent following terrorist incidents in Spain.

Shares in European airline and leisure stocks are stumbling following two terror attacks in Spain that have killed at least 13 people and left dozens injured.

Bill Ackman’s Pershing Square holdings has reported lacklustre performance in its first set of financial results since it floated on the London Stock Exchange.

The UK’s competition watchdog has waved through Heineken’s purchase of 1,900 pubs from the Punch Taverns estate, opting not to put the deal through a further stage of investigation after having been reassured over the impact on 33 local areas.

Spanish police have killed five people in a counter-terror operation to prevent what they said was a second attempted terrorist assault following a van attack killed 13 people in Barcelona on Thursday night.

Vishal Sikka has resigned as chief executive of Infosys, after a long-running stream of criticism from the founders of the Indian IT services giant.