European stocks closed sharply lower on Friday on renewed concerns about inflation as oil prices rose sharply amid Middle East tensions. A lack of positive outcome from the U.S.-China summit weighed as well on sentiment.
U.S. President Donald Trump said he will not be much more patient with Tehran. Concerns about Hormuz Strait linger despite Iran's Revolutionary Guards' claim that around 30 vessels had crossed the strait since Wednesday evening.
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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.