IRAN STARTS BITCOIN-BACKED SHIPPING INSURANCE FOR HORMUZ STRAIT

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.

According to Reuters, Pakistani sources said that we don't have much time to bridge the differences between Washington and Tehran, which are constantly adjusting their respective conditions and objectives.