CHINA FINANCE MINISTRY: TO AUCTION 30 BLN YUAN 91-DAY BILLS ON MAY 20

China / Economy - China stats bureau: Economy maintained steady upward momentum from January to April. - China Jan-Apr property investment down 13.7% YoY. - China’s April oil throughput hits lowest level since August 2022. - Fitch downgrades China Vanke to “RD”. - China Vice Premier He Lifeng meets with AMD CEO. - China foreign ministry: China and Russia will deepen relations to a higher level during Putin visit. - Kremlin: Putin to visit China from May 19. Tech / Corporate - Apple cuts iPhone prices by 1,000 yuan ahead of 618; Huawei and Xiaomi follow. - Alibaba to release a “new friend” with broader and deeper capabilities at Alibaba Cloud Summit on May 20-21. - Baidu Q1 revenue at RMB 32.08B. - Tencent Music says acquisition of Ximalaya completed. - Apple to kick off WWDC on June 8. - U.S. jury finds OpenAI and Sam Altman not liable in Elon Musk lawsuit over charitable mission claims. Samsung / South Korea - South Korea court partially accepts Samsung Electronics’ injunction request against union strike. - Samsung Electronics labor union confirms strike will proceed. - South Korea court may fine Samsung union about 100M won per day for non-compliance with court orders. Iran / Geopolitics - Trump on Iran: “They’re dying to sign a deal.” - Senior Iranian source: Tehran will discuss nuclear issue at later stages. - U.S. source: Trump leaning toward military action unless Iran offers concessions within days. - U.S. rejects latest Iranian peace proposal ahead of Situation Room meeting. - Trump: Postponing planned military attack on Iran scheduled for tomorrow. Markets - JPMorgan lowers 2026 average gold price forecast to $5,243/oz from $5,708/oz.

FED'S GOOLSBEE: WE'VE GOT TOO HIGH INFLATION