CHINA A-SHARES OPEN LOWER: SHANGHAI COMPOSITE DOWN 0.37%, SHENZHEN COMPONENT DOWN 0.62%, CHINEXT DOWN 0.87%

1. Monday: ① Data: China's April retail sales of consumer goods (YoY); China's April industrial value-added (YoY); US May NAHB Housing Market Index. ② Events: G7 Finance Ministers and Central Bank Governors Meeting, until May 19; National Bureau of Statistics releases monthly report on residential sales prices in 70 large and medium-sized cities; State Council Information Office holds press conference on the national economic situation. ③ Holiday: Toronto Stock Exchange closed. ④ Earnings Report: Baidu. 2. Tuesday: ① Data: UK March three-month ILO unemployment rate; UK April unemployment rate; UK April jobless claims; Eurozone March seasonally adjusted trade balance; US ADP employment change for the week ending May 2; Canada April CPI month-on-month; US April pending home sales index month-on-month. ② Events: Russian President Vladimir Putin paid a state visit to China from May 19th to 20th; the Reserve Bank of Australia released the minutes of its May monetary policy meeting; European Central Bank Chief Economist Lane and Federal Reserve Governor Waller spoke at the ECB research conference; Iranian stock markets reopened. ③ Earnings Reports: Bilibili. 3. Wednesday: ① Data: US API and EIA crude oil inventory data for the week ending May 15th; China's one-year loan prime rate (LPR) to May 20th; Germany's April PPI month-on-month rate; UK's April CPI month-on-month rate and UK's April Retail Price Index month-on-month rate; Eurozone's final April CPI year-on-year rate and final April CPI month-on-month rate. ② Events: SpaceX's Starship V3 is on its maiden flight; 2026 FOMC voting member and Philadelphia Fed President Paulson delivers a speech; NYMEX June crude oil futures are affected by contract rollover, with the last floor trading session ending at 2:30 AM on May 20th and the last electronic trading session ending at 5:00 AM. Please pay attention to the exchange's rollover announcements to manage risk; Additionally, some trading platforms' WTI crude oil contracts typically expire one day earlier than NYMEX's official expiration date, please be aware of this. 4. Thursday: ① Data: China's April SWIFT RMB share in global payments; Australia's April seasonally adjusted unemployment rate; France's May manufacturing PMI (preliminary); Germany's May manufacturing PMI (preliminary); Eurozone's May manufacturing PMI (preliminary), Eurozone's March seasonally adjusted current account; UK's May manufacturing PMI (preliminary), UK's May services PMI (preliminary), UK's May CBI industrial orders balance; US initial jobless claims for the week ending May 16; US April housing starts (annualized), US April building permits; US May Philadelphia Fed Manufacturing Index; US May S&P Global Manufacturing PMI (preliminary), US May S&P Global Services PMI (preliminary); Eurozone's May consumer confidence index (preliminary); US EIA natural gas storage for the week ending May 15. ② Events: Domestic refined oil prices will enter a new adjustment window; the Federal Reserve will release the minutes of its monetary policy meeting; Nvidia will release its earnings report and hold a conference call after the US stock market closes. ③ Earnings Reports: Nvidia, NIO. 5. Friday: ① Data: UK May GfK Consumer Confidence Index; Japan April Core CPI YoY; Germany June GfK Consumer Confidence Index, Germany Q1 Final Unadjusted GDP YoY; UK April Public Sector Net Borrowing, UK April Seasonally Adjusted Retail Sales MoM; Germany May IFO Business Climate Index; Canada March Retail Sales MoM; US May University of Michigan Consumer Sentiment Index Final, US May One-Year Inflation Expectations Final, US April Conference Board Leading Economic Index MoM. 6. Saturday: ① Data: US Total Oil Rig Count for the Week Ending May 22.

The bid-to-cover ratio for Japan's 5-year government bonds was 3.22.