European stocks are poised to open sharply higher on Friday after European Union leaders pledged more financial aid to Greece to avoid a bankruptcy.
The euro area heads of state or government agreed to provide additional funding through both official and private sources on the condition that the Greek Parliament passes an austerity plan agreed with the EU, European Central Bank and the International Monetary Fund.
Greek Prime Minister George Papandreou said that his country is strongly committed to continue a very difficult but important program for radical changes to make the economy viable.
Most Asian stocks edged higher on Friday and the euro is steady against the dollar as news that Greece has reached a deal with international lenders on an austerity plan offset concerns about slowing global economic growth.
U.S. stocks recouped early losses to end on a mixed note overnight, shrugging off a report showing a bigger-than-expected rise in initial jobless claims.
Crude futures for August delivery are trading firm above $92 a barrel after plunging 4.6 percent in the U.S. session overnight following the International Energy Agency's announcement that it would release emergency oil stockpiles.
In corporate news, Airbus SAS, a unit of European Aeronautic Defense and Space Co. NV, announced that it has won about $72.2 billion worth orders and commitments at the 49th Paris Air Show in Le Bourget.
Dublin-based Allied Irish Banks warned that the State's shareholding in the bank could increase "substantially beyond" its current about 93 percent level, resulting in "potentially significant additional dilution" for private shareholders.
Construction group Vinci said it signed a 4-billion euros revolving credit facility with a syndicate of 23 banks.
GlaxoSmithKline, LLC and SB Pharmco Puerto Rico Inc. agreed to pay $40.75 million to settle allegations by 37 states and the District of Columbia over substandard drug manufacturing processes.
French energy minister Eric Besson said he has asked oil major Total SA to reduce gasoline prices for consumers after the International Energy Agency said its members would release 60 million barrels of oil from emergency stocks.
Evotec AG and Roche announced a collaboration in novel protein-activity based biomarkers for Roche's oncology drugs under development.
European stocks were hammered along with the euro on Thursday, as a downbeat outlook for the U.S. economy and a disappointing report on Chinese manufacturing activity spurred investors to seek out safer-havens for their money.
The Euro Stoxx 50 index of eurozone bluechip stocks plunged 2.3 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, dropped 1.3 percent. Around Europe, the German DAX lost 1.8 percent, France's CAC 40 dropped 2.2 percent and the U.K.'s FTSE 100 retreated 1.7 percent.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.