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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Market Analysis
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.