Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from Wall Street overnight, as tumbling crude oil prices after US attempts to unblock Strait of Hormuz traffic boosted market sentiments and eased supply concerns. Risk sentiment also improved amid signs of de-escalation in the Middle East conflict. Asian markets closed mostly lower on Tuesday.
Optimism grew that a deal with Tehran could be within reach, after the US declared an end to offensive operations against Iran, reaffirmed the ceasefire, and temporarily paused efforts to help stranded vessels exit the Strait of Hormuz.
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Market Analysis
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.