Friday 8th May 2026

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Oil has been down, then up. Equiites have been just as volatile. As NAB’s Gavin Friend discusses with Phil, markets are struggling to find direction as headlines paint an uncertain picture in the Middle East. On the positive side there are reports that Iran will surrender some of its enriched uranium, but also speculation that Iran is insisting on charges for passage through the Strait, and a Wall Street report that the US is set to resume Operation Freedom. Meanwhile, a lot of the focus today will be on non-farm payrolls. Weekly continuing jobless claims are continuing to trend lower. They also look at data from Europe and the possible repercussions of the UK local council elections, with results filtering through in the next 8 hours or so.

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