Asian stock markets are a sea of red on Friday, despite the broadly positive cues from Wall Street overnight, amid concerns over the re-escalation of the Middle East conflict after ship attacks and seizures near the Strait of Hormuz. Traders are now anticipating China's active role to resolve the crisis and hasten up the reopening of the Strait of Hormuz in the backdrop of a U.S.-China summit. Both countries agreed the Strait must be free for all nations. Asian markets ended mixed on Thursday.
The escalating geopolitical tensions and higher energy prices raised concerns over potential supply disruptions, higher inflationary pressures, and risks to global growth.
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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.