European stocks closed higher on Friday amid optimism about an end to the U.S.-Iran war thanks to negotiations between the two nations making "some progress."
U.S. Secretary of State Marco Rubio said there have been "some good signs" but cautioned he doesn't want to be "overly optimistic" and noted President Donald Trump has been clear he has "other options" if the U.S. and Iran can't get a "good deal."
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.