According to a research report by CITIC Securities, looking ahead to May 2026, in terms of asset allocation, it is recommended to increase allocation to gold, commodities, and equity assets; in terms of stock style allocation, it is optimistic about

[Key Events and Data Preview This Week – Powell's Term as Fed Chair Ends, US-China Trade Talks] 1. Monday: ① Data: China's April CPI YoY, China's April M2 Money Supply YoY (TBD); US April Existing Home Sales (Annualized). ② Events: US Treasury Secretary Bessenter visits Japan, meeting with the Japanese Prime Minister, Bank of Japan Governor, and Finance Minister. 2. Tuesday: ① Data: Germany's April CPI MoM Final, Germany's May ZEW Economic Sentiment Index; Eurozone's May ZEW Economic Sentiment Index; US April NFIB Small Business Confidence Index, US ADP Employment Change for the Week Ending April 25, US April Unadjusted CPI YoY, US April Seasonally Adjusted CPI MoM, US April Seasonally Adjusted Core CPI MoM, US April Unadjusted Core CPI YoY. ② Events: The Bank of Japan releases a summary of opinions from the April Monetary Policy Committee meeting; FOMC permanent voting member and New York Fed President Williams participates in a panel discussion on monetary policy; JD.com's earnings call. 3. Wednesday: ① Data: US 10-year Treasury auction (to May 12) - winning yield, US 10-year Treasury auction (to May 12) - bid-to-cover ratio, US API and EIA crude oil inventory data for the week ending May 8; Japan's March trade balance; France's Q1 ILO unemployment rate, France's final April CPI month-on-month rate; Eurozone Q1 GDP annual rate revised, Eurozone Q1 seasonally adjusted employment quarter-on-quarter rate preliminary, Eurozone March industrial production month-on-month rate; US April PPI annual rate, US April PPI month-on-month rate. ② Events: Vice Premier He Lifeng will lead a delegation to South Korea from May 12th to 13th for trade consultations with the US; the EIA will release its monthly Short-Term Energy Outlook report; OPEC will release its monthly oil market report; Chicago Fed President Goolsby will participate in a Q&A session hosted by the local chamber of commerce; the IEA will release its monthly oil market report; Alibaba will hold its earnings call; Tencent will hold its earnings call; 2028 FOMC voting member and Boston Fed President Collins will speak at the Boston Economic Club. 4. Thursday: ① Data: UK Q1 GDP annualized preliminary rate, UK March three-month GDP monthly rate, UK March manufacturing output monthly rate, UK March seasonally adjusted goods trade balance, UK March industrial production monthly rate; Canada March wholesale sales monthly rate; US initial jobless claims for the week ending May 9th, US April retail sales monthly rate, US April import price index monthly rate, US March business inventories monthly rate, US EIA natural gas storage for the week ending May 8th. ② Events: 2026 FOMC voting member and Minneapolis Fed President Kashkari participates in a discussion hosted by the local chamber of commerce; the Bank of Canada releases its monetary policy meeting minutes; 2026 FOMC voting member and Dallas Fed President Logan participates in a dialogue on the energy industry. 5. Friday: ① Data: US May New York Fed Manufacturing Index, US April Industrial Production MoM; China April Total Electricity Consumption Year-on-Year (Pending), China April Total Electricity Consumption (Pending). ② Events: Powell's term as Fed Chair ends; 2026 FOMC voting member and Cleveland Fed President Hamak delivers opening remarks at an online discussion on central bank independence; Fed Governor Barr speaks; FOMC permanent voting member and New York Fed President Williams participates in a discussion. 6. Saturday: ① Data: US Total Oil Rig Count for the Week Ending May 15.

GFZ (German Center for Geosciences): A 5.58-magnitude earthquake has struck Papua New Guinea.