Australia's preliminary S&P Global Composite PMI for May was 47.8, compared to 50.4 in the previous month.

U.S. building permits rose 5.8% month-on-month in April, below the expected 2.5%, while the previous figure was revised from -11.40% to -11.5%.

Domestic News: 1. The heads of state of China and Russia signed a joint statement on further strengthening comprehensive strategic coordination and deepening good-neighborly and friendly cooperation. 2. Xi Jinping on the Middle East situation: A complete cessation of hostilities is imperative, restarting hostilities is even more undesirable, and persisting in negotiations is particularly important. 3. Ministry of Commerce: China will import 200 Boeing aircraft. 4. Ministry of Commerce: China and the United States have agreed in principle to discuss a framework arrangement for reciprocal tariff reductions on products of equivalent scale under the Trade Council, with each side having a scale of $30 billion or more. 5. Ministry of Public Security: "Zero tolerance" for financial fraud crimes committed by listed companies. 6. Putin concluded his state visit to China on the evening of May 20 and departed Beijing by special plane. 7. Li Qiang signed a State Council decree promulgating the "Regulations for the Implementation of the Mineral Resources Law of the People's Republic of China". 8. Ministry of Finance: In the first four months of the year, national general public budget revenue increased by 3.5% year-on-year, and securities transaction stamp tax increased by 74.8% year-on-year. 9. Director Zheng Shanjie chaired a symposium for private enterprises to solicit opinions and suggestions on the current economic situation and the implementation of macroeconomic policies. 10. China has decided to extend its visa-free policy for Russians until December 31, 2027. Russia will extend its visa-free policy for Chinese citizens. International News: 1. Foreign media: OpenAI may file for IPO as early as Friday. 2. SpaceX officially filed for IPO: Q1 revenue of $4.7 billion. 3. Nvidia's Q1 revenue and Q2 outlook both exceeded expectations; its shares remained flat in after-hours trading. 4. Samsung Electronics' union has postponed its strike and will vote on a provisional wage agreement from May 23 to 28. 5. A "Fed mouthpiece" commented on the April meeting minutes: discussions on interest rate cuts are almost over; the Fed is beginning to seriously discuss the possibility of interest rate hikes. 6. US Treasury yields fell 10 basis points (bps), international crude oil fell more than 5%, spot gold rose 1%, silver rose 3%, and US stock indices rose 1%. 7. The US indicted former Cuban leader Raul Castro on murder charges, sparking speculation that it might pave the way for military action; Trump downplayed this expectation. 8. Middle East Situation— ① Trump stated that US-Iran negotiations have entered the final stage and he is willing to wait a few more days, but sanctions will not be eased before an agreement is signed. ② The Iranian president met with the Pakistani Interior Minister to discuss issues including indirect negotiations between Iran and the US. ③ Foreign media: The atmosphere was tense during the phone call between the US and Israeli leaders; Trump insisted on a diplomatic solution to the Iranian issue, while Netanyahu strongly opposed it. ④ Sources: The US showed limited flexibility but will not compromise on nuclear demands and the Strait of Hormuz issue. ⑤ Iran: 26 ships passed through the Strait of Hormuz in the past 24 hours. ⑥ Sources: The Pakistani Army Chief of Staff may visit Iran to announce the final version of the agreement text; the next round of negotiations will be held in Islamabad after the end of May. ⑦ Iran confirmed receiving the US proposal and is reviewing it. US media: The mediators drafted a letter of intent between the US and Iran, intending to begin 30 days of negotiations.