[Worsening Supply Concerns and Gradual Demand Recovery Stabilize the Center of Aluminum Prices with Geopolitical Premiums ]Overall, the market's core focus in the period ahead is on whether key aluminum smelters in the Middle East will further expand production cuts. If the cuts continue to materialize, they will provide strong upward momentum for global aluminum prices, coupled with support from expectations of a gradual release of demand during China’s peak season. In the short term, aluminum prices are expected to remain in a high-level consolidation pattern.

From June 9 to 10 local time, He Lifeng, the Chinese lead negotiator for China-US economic and trade talks and Vice Premier of the State Council, held the first meeting of the China-US economic and trade consultation mechanism with the US lead negotiators, US Treasury Secretary Scott Bessent, Commerce Secretary Gina Raimondo, and Trade Representative Jamie Grierson in London, UK. Both sides engaged in candid and in-depth dialogue, exchanged in-depth views on economic and trade issues of mutual concern, reached a consensus in principle on the framework of measures to implement the important agreements reached during the phone call between the two heads of state on June 5 and to consolidate the outcomes of the Geneva economic and trade talks, and made new progress in addressing each other's economic and trade concerns. He Lifeng stated that this meeting was an important consultation conducted under the strategic consensus reached by the two heads of state on June 5 this year. China's attitude and stance on China-US economic and trade issues are clear and consistent. The essence of China-US economic and trade relations is mutual benefit and win-win results. Both countries stand to gain from cooperation and suffer from confrontation in the economic and trade field. There are no winners in a trade war. China does not want to fight one, but it is not afraid to do so either. Both sides should resolve economic and trade differences through equal dialogue and mutually beneficial cooperation. China is sincere and principled in its economic and trade consultations. Going forward, both sides should further leverage the role of the China-US economic and trade consultation mechanism in accordance with the important agreements and requirements reached during the phone call between the two heads of state, continuously enhance consensus, reduce misunderstandings, and strengthen cooperation. China reiterates that both sides should work together, honor their commitments, and take concrete actions to fulfill the consensus. They should demonstrate the spirit of integrity in upholding commitments and make efforts to jointly safeguard the hard-won outcomes of the dialogue, continue to maintain communication and dialogue, promote the steady and long-term development of China-US economic and trade relations, and inject more certainty and stability into the world economy. The US side stated that the meeting achieved positive outcomes, further stabilizing bilateral economic and trade relations. It will work together with China in accordance with the requirements of the phone call between the two heads of state to jointly implement the consensus reached during this meeting. (CCTV News)

Macro News 1. The WTO Ministerial Conference was held in Paris, France. Chinese Minister of Commerce Wang Wentao attended the conference and delivered a speech. Wang Wentao stated that China had submitted the "Statement on Supporting the Multilateral Trading System under the Current Situation" to the WTO and was willing to work with all parties to safeguard the international economic and trade order and global trade stability, injecting more certainty into the world economy. 2. On June 4, Foreign Ministry Spokesperson Lin Jian hosted a regular press conference. A reporter asked about the White House's response to Lee Jae-myung's election as President of the Republic of Korea and mentioned China's influence on other socialist countries in the world. Lin Jian stated that China consistently adheres to the principle of non-interference in the internal affairs of other countries and has never and will never interfere in the internal affairs of any country. Lin Jian reiterated that the United States should abandon its old habit of imagining China based on its own actions, and stop provoking relations between China and the Republic of Korea. 3. Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, stated that the Hong Kong Securities and Futures Commission was considering introducing virtual asset derivatives trading for professional investors and would formulate robust risk management measures. 4. On June 4, the Ministry of Finance of the People's Republic of China issued RMB 12.5 billion in government bonds for the third issue of 2025 through tender to institutional investors in the Hong Kong Special Administrative Region. The bonds were widely welcomed by investors, with a subscription multiple of 3.96 times. 5. Recently, the Ministry of Finance and the Ministry of Housing and Urban-Rural Development organized the selection of cities supported by the central government's fiscal funds for the implementation of urban renewal actions in 2025. The 20 cities proposed for support are: Beijing, Tianjin, Tangshan, Baotou, Dalian, Harbin, Suzhou, Wenzhou, Wuhu, Xiamen, Jinan, Zhengzhou, Yichang, Changsha, Guangzhou, Haikou, Yibin, Lanzhou, Xining, and Urumqi. Industry News 1. Li Lecheng, Secretary of the Party Leadership Group and Minister of the Ministry of Industry and Information Technology, chaired a meeting on June 3 to study ideas and measures for promoting the development of the artificial intelligence industry and empowering new-type industrialization. The meeting emphasized promoting the deployment of large models in key industries of the manufacturing sector, accelerating the refinement of application scenario requirements, expediting the intelligent upgrading of the entire manufacturing process, and transforming production management models. 2. The National Energy Administration issued a notice on organizing the first batch of pilot work for the construction of a new-type power system, which mentioned that, based on the scientific integration of source-load-storage resources, it would coordinate the green electricity demand of existing and incremental data centers in various regions with the conditions of new energy resources, and collaboratively plan and layout computing power and power projects. It would also build or renovate a number of different types of virtual power plants according to local conditions, encourage the launch of pilot projects for the new generation of coal-fired power plants, and focus on building or renovating a number of new energy power stations in regions with tight power supply or high consumption pressure. 3. The National Energy Administration held the 2025 Training Course on Power Market Construction Capacity and the Symposium on Power Market Construction Work in Kunming, Yunnan. The meeting called for continued efforts to advance the construction of power markets in southern China and the Yangtze River Delta region, accelerate the transition of provincial (autonomous region, municipality) power spot markets to continuous operation, and steadily promote the full participation of new energy in the market. 4. FTSE Russell announced the results of the quarterly review of the FTSE China 50 Index and the FTSE China A50 Index for June 2025. Pop Mart and SF Holding were newly included in the FTSE China 50 Index, while China Merchants Securities and China Railway Group were removed. Jiangsu Bank was included in the FTSE China A50 Index, while Great Wall Motor was removed. 5. Based on preliminary monthly data, the China Passenger Car Association (CPCA) comprehensively estimated that nationwide wholesale sales of passenger NEVs by producers reached 1.24 million units in May 2025, up 38% YoY and 9% MoM. The cumulative wholesale sales for the period from January to May 2025 were comprehensively estimated at 5.22 million units, up 41% YoY. 6. In May 2025, the number of newly opened A-share accounts pulled back but remained stable. On a monthly comparison basis, the total number of newly opened A-share accounts in January 2025 was 1.57 million, nearly doubling to 2.84 million in February, surpassing 3 million in March, and then declining by 37.22% MoM in April due to market volatility caused by tariff frictions. In May, the number further pulled back due to the impact of holidays. Compared with the 1.27 million newly opened accounts in May 2024, the number of newly opened accounts in May 2025 increased by 22.86% YoY. 7. The Nansha Branch of the Guangzhou Municipal Planning and Natural Resources Bureau in Guangdong Province processed the first "delivery of sea area with issuance of certificate" business in the province. Guangzhou Port Nansha Port Operation Co., Ltd. obtained the real estate ownership certificate on the same day after submitting the payment voucher for the sea area use fee, becoming the first enterprise in the province to benefit from the "delivery of sea area with issuance of certificate" reform. 8. The official website of the Sichuan Provincial Health Commission recently released the "Sichuan Provincial Population and Family Planning Regulations (Draft Amendment for Public Consultation)." The draft proposes extending the marriage leave from 5 days to 20 days, with an additional 5 days of marriage leave for those who voluntarily participate in premarital medical examinations. It also proposes establishing a mechanism for increasing maternity leave based on the number of children born in compliance with laws and regulations. The maternity leave in Sichuan will be extended to 90 days for the first child, 120 days for the second child, and 150 days for the third child. Corporate News 1. Wantai Biological Pharmacy announced that its marketing authorization application for the nine-valent HPV vaccine has been approved. 2. Zhongke Electric announced its plan to invest no more than 8 billion yuan in the construction of an integrated base project for lithium-ion battery anode materials. 3. Bangji Technology announced that it is planning major matters, and its shares have been suspended from trading. 4. Hainan Huatie announced that it is planning to list on the Singapore Exchange. 5. Shanghai Construction Group announced that its overseas wholly-owned subsidiary issued US$600 million in bonds. 6. HiteVision announced the suspension of trading of its shares due to the planned change in control, with the counterparty engaged in investment and asset management businesses. 7. Kweichow Moutai announced that as of the end of May, it had repurchased 3.31 million shares at a cumulative cost of 5.1 billion yuan. 8. Jinjiang Hotels announced its intention to issue shares (H shares) overseas and list them on the Hong Kong Stock Exchange. 9. Winchip Microelectronics announced that its shareholder, Guiren Capital, and its concerted actors intend to reduce their shareholdings by no more than 3% of the company's shares. 10. Tyer Machine announced that its actual controller, Tai Zhengbiao, was released from custody and changed to being ordered to await further investigation. 11. *ST Jinbi announced the suspension of trading of its shares due to the planned change in control of the company. 12. PowerChina announced that a consortium led by its subsidiary had won a bid for an ESS project worth 6.282 billion yuan. 13. Kingsoft Office announced the continued appointment of Lei Jun as the company's honorary chairman. 14. Lier Chemical announced that its shareholder, Zhongtong Investment, intends to reduce its shareholdings by no more than 3% of the company's shares. 15. Kexing Pharmaceutical announced that its controlling shareholder, Keyi Pharmaceutical, intends to reduce its shareholdings by no more than 3% of the company's shares. Global Markets 1. The three major U.S. stock indices closed with mixed changes: the Dow fell 0.22%, the Nasdaq rose 0.32%, and the S&P 500 rose 0.01%. The Nasdaq Golden Dragon China Index closed up 2.04%, with most popular Chinese ADRs rising. 2. WTI crude oil futures closed down 0.88% at US$62.85 per barrel; Brent crude oil futures closed down 1.17% at US$64.86 per barrel. 3. COMEX gold futures closed up 0.6% at US$3,397.4 per ounce. COMEX silver futures closed up 0.06% at US$34.655 per ounce. Investment Opportunities Reference 1. AI Drives Demand Growth, with Microsoft, Google, and Meta All Placing Bets in This Field On Tuesday local time, tech giant Meta reached a 20-year agreement with Constellation Energy, the owner of the largest nuclear power plant in the US, to meet the electricity demand driven by the AI boom. Since the beginning of this year, tech giants such as Microsoft, Google, Amazon, and Meta have been strongly betting on nuclear energy. The market generally believes that this is aimed at planning energy supplementation in advance for the development of AI businesses. Yongxing Securities' research report indicates that supportive policies for nuclear power have been frequently introduced in 2025. The State Council has approved the construction of nuclear power plants and continued to increase investment in the research and development of new nuclear power technologies. According to Zhang Xing, Deputy Director-General of the General Office of the National Energy Administration, on April 27, the State Council Executive Meeting decided to approve five nuclear power projects, including the third phase of Sanmen in Zhejiang, Units 1 and 2 of the pressurized water reactor in Xiapu, Fujian, the third phase of Haiyang in Shandong, the second phase of Taishan in Guangdong, and the third phase of Fangchenggang in Guangxi. China's installed nuclear power capacity in operation and under approval for construction exceeds 120 million kW. In addition, the National Development and Reform Commission (NDRC) and the National Energy Administration will strongly support the R&D efforts for cutting-edge technologies such as fourth-generation nuclear power technology, small modular reactors, and nuclear fusion. 2. Lei Jun Says Xiaomi's Automotive Chips Are Expected to Launch Soon According to media reports, Xiaomi founder Lei Jun disclosed at the Xiaomi Investor Conference that the selling price of the newly launched Xiaomi YU7 is unlikely to be the rumored 235,900 yuan, and the official pricing will only be determined 1-2 days before the launch. Lei Jun stated that Xiaomi began investing in the R&D of the robotics sector five years ago. Currently, the car factory is testing relevant capabilities, and Xiaomi's automotive chips are under development, with an expected launch soon. China Research Institute of Industry Development (CRIID) stated that the market size of automotive chips in China reached 120 billion yuan in 2024 and is expected to exceed 300 billion yuan by 2030, with a compound annual growth rate (CAGR) exceeding 25%. Guosen Securities issued a research report stating that multiple chips were unveiled at the Shanghai Auto Show, and the localisation of automotive chips is timely. Domestic car makers are focusing on intelligence after electrification and are actively promoting the localisation of automotive chips. Domestically produced automotive chips are gradually transitioning from the early product development stage to the stage of large-scale sales. 3. Apple's Equity-Participating Company Advances Satellite Expansion Plan Recently, the Space Bureau of the US Federal Communications Commission (FCC) approved Globalstar's application to expand its second-generation "Direct-to-Device" (D2D) satellite constellation, aiming to provide network coverage services for Apple devices. It is understood that in November 2024, Globalstar announced plans for a new generation of C-3 satellite systems, which include Apple paying Globalstar up to $1.1 billion to enhance the non-terrestrial network connectivity capabilities of the iPhone. Previously, Apple also spent $400 million to acquire a 20% stake in Globalstar. The rapid advancement of aerospace technology has driven exponential growth in the global space economy. A report released by the World Economic Forum in 2024 shows that the global space economy is expected to grow from $630 billion in 2023 to $1.8 trillion by 2035, with an average annual growth rate of 9%, far exceeding the growth rate of global GDP, and will be an important engine driving global economic growth in the next decade. The US Federal Aviation Administration also predicts that commercial space activities will show strong growth momentum. Huaxi Securities stated that currently, the global commercial space sector is accelerating the development of reusable rockets and low-Earth orbit constellation networking, and China's commercial space industry is ushering in a dual turning point of "technological breakthrough" and "scale explosion". On the rocket manufacturing side, multiple top-tier enterprises in the commercial space sector are intensively conducting flight tests of reusable liquid rockets; on the satellite manufacturing side, greater manufacturing capacity and lower manufacturing costs are being achieved. In satellite applications, various scenarios are emerging, including direct satellite connectivity for mobile phones, direct satellite connectivity for automobiles, computing power satellites, and space broadband. 4. Capital market attention has increased significantly amid multiple catalysts, and the commercialization of Robo X has accelerated According to media reports, recently, Zheng Qinwen's match against top seed Aryna Sabalenka in the French Open women's singles quarterfinals attracted significant attention from domestic audiences. Beyond the tennis court, the event also showcased Guangzhou's technological elements. For two consecutive years, the only L4 autonomous minibus shuttle service at the French Open has been jointly provided by Guangzhou-based company WeRide and French automaker Renault Group. Driven by policy and industry synergy, the commercialization of Robo X (unmanned vehicles represented by Robotaxi and Robovan) has accelerated, and capital market attention has increased significantly amid multiple catalysts. Robotaxi: In 25Q1, fleets such as Pony.ai, WeRide, and Apollo Go have continued to expand, with orders growing rapidly and actively exploring overseas operations. Robovan has demonstrated significant potential in the logistics sector, forming a positive cycle of "cost reduction through technology - scenario validation - scale expansion." The business model has initially proven viable, and commercialization may accelerate in 2025. RoboX is expanding into broader unmanned applications, with commercialization accelerating in scenarios such as Robosweeper and Robotruck, while drone logistics is also emerging. Huatai Securities points out that the accelerated commercialization of Robo X is expected to bring investment opportunities across the entire industry chain.

[Summary of the Morning Meeting on May 30] Affected by the inventory of some raw materials and weak order demand, during the traditional procurement period this week, the inquiry and transaction activity of precursor enterprises for nickel salts were both low. Supply side, the order signing situation for nickel salt producers in June was poor this week, and some large nickel salt enterprises planned to carry out shutdown maintenance work in June. Given the weak demand coupled with falling costs, some nickel salt producers have shown signs of loosening their quotes.

SMM Nickel News on May 29: Macro News: (1) The US Court of International Trade ruled on Wednesday local time that US President Trump did not have the authority to impose a blanket tariff on nearly all countries, thereby declaring the "Emancipation Day" tariff measure on April 2, which triggered a global trade war and could have upended the world economy, legally invalid. The Court of International Trade in Manhattan, New York, stated that the US Constitution grants the US Congress the exclusive power to regulate trade with other countries, and that the emergency powers claimed by the President to protect the US economy do not override these powers. (2) He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, met with Dan Simkowitz, Co-President of Morgan Stanley, at the Great Hall of the People on the 28th. He Lifeng stated that China is committed to promoting high-quality development through high-level opening-up, which will energize and add momentum to both the Chinese and global economies. He welcomed more US financial institutions, including Morgan Stanley, and long-term capital to continue deepening mutually beneficial cooperation with China and actively participating in the construction and development of China's capital market. Simkowitz expressed his delight at the substantive progress made in the US-China economic and trade talks, stating that Morgan Stanley would continue to deepen its presence in the Chinese market and provide high-quality services to promote investment cooperation between US and Chinese enterprises. Spot Market: Today, the SMM 1# refined nickel price is 120,000-123,050 yuan/mt, with an average price of 121,525 yuan/mt, a decrease of 1,725 yuan/mt from the previous trading day. The quotation range for the mainstream spot premiums of Jinchuan #1 refined nickel is 2,300-2,700 yuan/mt, with an average premium of 2,500 yuan/mt, an increase of 300 yuan/mt from the previous trading day. The premiums and discounts quotation range for Russian nickel is 100-400 yuan/mt, with an average premium of 250 yuan/mt, unchanged from the previous trading day. Due to the significant drop in SHFE nickel futures prices yesterday, trading volume in the afternoon spot market was active, with the premium range at 2,200-2,500 yuan/mt. Today, there is less refined nickel circulating in the market, and premiums have risen significantly. Futures Market: The most-traded SHFE nickel contract (NI2507) plummeted sharply yesterday, closing at 119,950 yuan/mt, a daily decline of 2.1%. The cumulative weekly decline reached 3.2%, breaking through the key support level of 120,000 yuan/mt. The night session continued to probe the bottom, touching a low of 118,630 yuan/mt. Prices rebounded somewhat in the morning session today, returning to the 120,000 yuan/mt level, but still remained in the doldrums. As of 11:30, the closing price was 120,340 yuan/mt, up 0.72%. In the medium and long-term, the contradiction of global nickel overcapacity remains unresolved, with the nickel market under triple pressure of "high supply, weak demand, and tight funds". The short-term oscillation bottom is seen at 115,000 yuan/mt, with the top under pressure at 123,000 yuan/mt.

[US Court of International Trade Blocks US Government Tariff Measures from Taking Effect] The US Court of International Trade ruled on Wednesday local time that US President Trump did not have the authority to impose a comprehensive package of tariffs on nearly all countries, thereby declaring the April 2 "Liberation Day" tariff measures, which triggered a global trade war and could have upended the world economy, legally invalid. The Court of International Trade, located in Manhattan, New York, stated that the US Constitution grants the US Congress the exclusive power to regulate trade with other countries, and that the emergency powers claimed by the President to protect the US economy do not override these powers.

[SMM Morning Meeting Summary: Trade Risks Resurface, LME Zinc Records a Bullish Candlestick] Last Friday, LME zinc opened at $2,705.5/mt. In the early session, LME zinc fluctuated upward along the daily moving average, reaching a high of $2,721.5/mt during European trading hours. Subsequently, as bulls reduced their positions, LME zinc fluctuated downward, touching a low of $2,670.5/mt during the night session, before stabilizing and rebounding. LME zinc consolidated near the daily moving average, eventually closing up at $2,712.5/mt, up $8/mt or 0.3%. Trading volume increased to 8,815 lots, while open interest remained unchanged at 212,000 lots.

The 2025 SMM (3rd) Wire and Cable Industry Development Conference & Wire and Cable Industry Exhibition has successfully concluded! SMM reported on May 24: Metal Market: Overnight, metals in both domestic and overseas markets generally rose, with only SHFE zinc, SHFE tin, and SHFE nickel in the domestic market falling. SHFE zinc dropped by 0.09%, SHFE tin by 0.1%, and SHFE nickel by 0.26%. The rest of the metals rose, with LME copper and LME lead increasing by over 1%, specifically, LME copper rose by 1.19% and LME lead by 1.22%. The remaining increases were all within 1%. Most ferrous metals series declined, except for stainless steel, which rose by 0.27%. Iron ore fell by 0.76%, HRC by 0.91%. In the coking coal and coke sector, coking coal dropped by 1.59% and coke by 1.32%. In the precious metals sector, as of the overnight close, COMEX gold rose by 1.9%, with a weekly gain of 5.35%, marking its best performance in six weeks. Investors sought refuge in gold amid renewed tariff threats from US President Trump and a weaker US dollar. COMEX silver rose by 1.27%. Domestically, SHFE gold rose by 1.27%, with a weekly gain of 3.76%. SHFE silver rose by 0.62%, with a weekly gain of 1.95%. Independent metal analyst Tai Wong stated, "Trump has been very active in the past 24 hours. He threatened to impose a 50% tariff on the EU starting June 1, while also pressuring Apple and launching an offensive against Harvard University. This has sent the stock market into a slump but has been positive for the gold market." Overnight closing prices as of 8:46 AM on May 24 》Click to view SMM Futures Data Dashboard Macro Front Domestic Aspects: [PBOC and SAFE: Funds raised from overseas listings, share reductions, or transfers should, in principle, be repatriated to China] ① The notice proposes that funds raised from overseas listings, share reductions, or transfers can be repatriated in foreign currency or RMB, and relevant funds can be remitted in and out using capital account settlement accounts. ② The use of raised funds within China and foreign exchange risk management for enterprises have become more flexible and convenient. Listed entities can independently choose foreign exchange risk management channels, conducting spot foreign exchange settlement and sales, as well as hedging transactions through banks or securities firms. [MOFCOM: Online sales of digital products increased by 8.4% from January to April, with smart robots and smart home systems growing by 87.6% and 16%, respectively] The head of the Department of E-commerce at the Ministry of Commerce introduced the development of China's e-commerce sector from January to April 2025. Digital consumption growth accelerated, with online sales of digital products increasing by 8.4% according to MOFCOM big data monitoring. Among them, smart robots and smart home systems grew by 87.6% and 16%, respectively. Trade-in products have seen rapid growth, with online sales of 15 categories of home appliances and digital products increasing by 11.5%. Among them, three expanded categories of digital products, including mobile phones, grew by 18.5%. Service consumption has led the growth, driven by factors such as policy efforts, supply optimization, and holiday economy. The monitored online service consumption increased by 12.1%, with online entertainment and online tourism growing by 31.9% and 25.4%, respectively. US dollar: The overnight US dollar index fell by 0.84% to close at 99.1, touching an intraday low of 99.04, the lowest in nearly three weeks. The US dollar's weekly line fell by 1.84% this week, marking the largest weekly decline since April 11. Earlier, the US once again threatened to escalate trade conflicts, proposing to impose a 50% tariff on the EU starting from June 1, prompting investors to sell off the US dollar. This has once again raised concerns about the impact of tariffs on the world economy and global trade. After Moody's downgraded the US debt rating last week, investors' attention has focused on the US's $36 trillion debt and the tax cut bill, which could increase the US debt by several trillion dollars. The bill narrowly passed in the Republican-controlled US House of Representatives and is now submitted to the Senate, where senators may engage in weeks of debate, keeping investor sentiment fragile in the short term. Other currencies: In afternoon trading, the US dollar fell by 1% against the safe-haven Japanese yen to 142.48 yen, after earlier hitting a two-week low. The US dollar fell by 2.2% against the yen this week, on track for its largest weekly decline since April 7. Meanwhile, the yen received a boost. Earlier, Japan announced that its core annual inflation rate in April hit the highest in more than two years, increasing the likelihood of another interest rate hike before the end of the year. This data highlights the dilemma faced by the Bank of Japan, which must address price pressures from rising food prices and economic headwinds from Trump's tariffs. The euro rose by 0.8% against the US dollar to $1.1363. Earlier, the euro touched a two-week high against the US dollar and is on track for its largest weekly gain in six weeks. The British pound rose by 0.9% against the US dollar to $1.3533, after earlier climbing to its highest in more than three years. This week, the pound rose by 1%, marking its largest weekly gain in five weeks. Data: Next week, in China, the year-on-year profit data for industrial enterprises above designated size in April (single month) will be released. In the US, data such as initial jobless claims for the week ending May 24, the preliminary monthly rate of durable goods orders in April, the Conference Board Consumer Confidence Index for May, the revised annualized quarterly rate of real GDP for Q1, the revised annualized quarterly rate of core PCE price index for Q1, the revised annualized quarterly rate of consumer spending for Q1, the revised seasonally adjusted quarterly rate of the implicit GDP deflator for Q1, the monthly rate of the seasonally adjusted pending home sales index for April, the monthly rate of personal spending for April, the annual rate of the PCE price index for April, the annual rate of the core PCE price index for April, the preliminary monthly rate of wholesale inventories for April, the final value of the University of Michigan Consumer Sentiment Index for May, and the Chicago PMI for May will be released. In the Eurozone, data such as the final value of the consumer confidence index for May, the industrial and economic sentiment indices for May, and the annual rate of seasonally adjusted M3 money supply for April will be released. In Germany, data such as the Gfk consumer confidence index for June, the seasonally adjusted unemployment rate for May, the change in the seasonally adjusted number of unemployed persons for May, the annual rate of actual retail sales for April, the monthly rate of actual retail sales for April, and the preliminary annual rate of CPI for May will be released. In Canada, data such as the annualized quarterly rate of GDP for Q1, the seasonally adjusted quarterly rate of GDP for Q1, and the annual rate of seasonally adjusted GDP for March will be released. In addition, the CBI retail sales balance for May in the UK, the ANZ consumer confidence index for the week ending May 25 in Australia, the official cash rate decision for May 28 in New Zealand, the final value of the annual GDP rate for Q1 in France, the official reserve assets for April in Switzerland, the annual rate of Tokyo CPI for May in Japan, and the unemployment rate for April in Japan will all be released. Additionally, the US Fed released the minutes of its May monetary policy meeting. Fed Chairman Powell will deliver a commencement speech at Princeton University's graduation ceremony. European Central Bank President Lagarde will speak at the Hertie School in Berlin. FOMC permanent voter and New York Fed President Williams will participate in a panel discussion at the Bank of Japan Institute for Monetary and Economic Studies conference. The Reserve Bank of New Zealand will announce its interest rate decision and monetary policy statement, and Reserve Bank of New Zealand Governor Orr will hold a monetary policy press conference. On May 30, the Taiwan Stock Exchange in China was closed for the day due to the Dragon Boat Festival holiday. The Shanghai Gold Exchange, SHFE, Zhengzhou Commodity Exchange, and DCE did not have night session trading on the eve of the Dragon Boat Festival. Crude Oil: As of the overnight close, oil prices in both markets rose together, each gaining 0.92%. International oil prices increased as US buyers covered positions ahead of the three-day Memorial Day long weekend, while concerns about Iran's supply outlook also lingered. The Memorial Day weekend marks the start of the US summer driving season, which is also the period of highest demand for automotive fuels. Next Monday (May 26) is Memorial Day in the US, and US financial markets will be closed. According to Xinhua News Agency, the US and Iran held their fifth round of indirect talks in Rome, the capital of Italy, on the 23rd. The Omani side, which chaired the talks, said that some progress had been made, but no decisive results had been achieved. Flynn said that if the talks failed to reach an agreement, traders were concerned that crude oil supplies might be affected. OPEC, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies, will hold a meeting next week and is expected to increase production by another 411,000 barrels per day in July. Media reports this month indicated that the group might lift the remaining portion of its voluntary production cut plan of 2.2 million barrels per day by the end of October, after having already raised its daily production targets for April, May, and June by about 1 million barrels. US energy services company Baker Hughes said in its closely watched report on Friday that the number of oil and natural gas rigs operated by US energy companies fell for the fourth consecutive week this week to the lowest level since November 2021. (Comprehensive report from Wenhua)

Overnight Stock Market The easing of trade tensions boosted market sentiment, leading to significant gains in the US stock market on Monday (May 12). The Nasdaq rose by 4.35%, the S&P 500 by 3.26%, and the Dow Jones by 2.81%. The Nasdaq Golden Dragon China Index surged by 5.40%, reaching a new high since April 4. All three major European stock indices closed higher. The French CAC 40 rose by 1.37%, the German DAX by 0.29%, and the UK's FTSE 100 by 0.59%. Commodity Markets International crude oil futures settlement prices rose by over 1.5%. June WTI crude oil futures closed up by $0.93, or 1.52%, at $61.95 per barrel. July Brent crude oil futures rose by 1.64% to $64.96 per barrel. COMEX gold futures fell by 2.76% to $3,240.1 per ounce, while COMEX silver futures dropped by 0.42% to $32.775 per ounce. Citi expects gold to consolidate in the range of $3,000-3,300 per ounce in the coming months. Russia-Ukraine Conflict Updates [Russian and Turkish Foreign Ministers Discuss Russia-Ukraine Negotiations] The Russian Foreign Ministry announced on the 12th that Foreign Minister Lavrov had a phone conversation with his Turkish counterpart, Mevlüt Çavuşoğlu, to discuss President Putin's proposal to begin direct negotiations between Russia and Ukraine on the Ukraine crisis in Istanbul, Turkey, on the 15th. [Several European Countries Issue Joint Statement Supporting Ukraine's 30-Day Ceasefire Call] According to the UK government, foreign ministers from the UK, France, Germany, Italy, Poland, Spain, and a senior EU representative met in London to discuss the Ukraine issue and strengthen regional defense cooperation. After the meeting, the participating countries issued a joint statement saying, "The participating countries, together with Ukraine, call for an immediate, comprehensive, and unconditional 30-day ceasefire to create space for negotiations on a just, comprehensive, and lasting peace." [Zakharova: Western Support for Ukraine's 30-Day Ceasefire Call Aims to Help It Regroup Militarily] Russian Foreign Ministry spokesperson Maria Zakharova stated on the 12th local time that Western countries' aim in achieving a 30-day ceasefire between Russia and Ukraine is to give Ukraine a respite to restore its military potential and continue its confrontation with Russia. [Zelensky Approves US-Ukraine Mineral Agreement] The Ukrainian presidential website announced that President Zelensky had signed a law approving the "Agreement on the Establishment of the US-Ukraine Reconstruction Investment Fund." [Poland Demands Closure of Russian Consulate General in Krakow by Month-End, Russia Vows Retaliation] On the afternoon of May 12th local time, the Polish Foreign Ministry delivered a diplomatic note to the Chargé d'Affaires of the Russian Embassy in Poland, Andrey Ordash, regarding the revocation of the operating permit for the Russian Consulate General in Krakow.Ordaz stated that Poland's accusations against Russia were absurd and baseless, and that Russia would certainly take retaliatory measures. Other market news [Guterres Welcomes Positive Outcomes of High-Level Sino-US Economic and Trade Talks] When answering a question from a CCTV reporter, Stéphane Dujarric, the Spokesperson for the Secretary-General of the United Nations, said that UN Secretary-General António Guterres welcomed the outcomes of the talks between China and the US in Geneva. Dujarric stated that the UN welcomed the direct dialogue on trade between China and the US held in Switzerland, which was a very positive signal for the world economy. Dujarric emphasized that trade wars must not escalate and that all parties need dialogue. Dujarric reiterated that Guterres had made it clear that no one would win in a trade war, and that the concept of "decoupling" was one of the issues that concerned him greatly, which he had expressed on multiple occasions. Therefore, this was undoubtedly a good start. [EU Welcomes Important Consensus Reached in High-Level Sino-US Economic and Trade Talks] Regarding the substantive progress and important consensus reached in the high-level Sino-US economic and trade talks, Eric Mamer, the Spokesperson for the European Commission, said on the 12th that the EU welcomed this. The EU hopes to reduce trade barriers and welcomes measures that contribute to the smooth operation of the global supply chain, as well as measures that support the stability and predictability of global trade and investment. [Republican Tax Draft in the US House of Representatives: Raises Debt Ceiling by $4 Trillion, Omits Proposal for Tiered Taxation on Million-Dollar Incomes] The Republican Party in the US House of Representatives released the text of a tax legislation draft, proposing tax cuts exceeding $4 trillion over the next decade while cutting spending by at least $1.5 trillion. According to reports, the bill also seeks to raise the national debt ceiling by $4 trillion, which is lower than the $5 trillion level favored by the Senate. After weeks of debate among Republicans on whether to raise tax rates for millionaires, the proposal does not include tax increases for the wealthiest Americans. The bill would permanently extend the 37% top individual tax rate set in Trump's 2017 tax law, despite Trump telling House Speaker Mike Johnson last week that he wanted to impose a 39.6% tax rate on individuals earning more than $2.5 million. [CMS Releases Draft Guidance on the Third Round of Medicare Drug Price Negotiation Program] The US Centers for Medicare & Medicaid Services (CMS) released draft guidance on the third round of the Medicare Drug Price Negotiation Program. The guidance includes policies to improve negotiation transparency, prioritize high-cost prescription drugs for inclusion in Medicare, and minimize the negative impact of negotiated fair maximum prices on US drug innovation. [US Fed Governor Kugler: Inflation Rate Still Above the US Fed's 2% Target] US Fed Governor Kugler stated that the inflation rate remains above the US Fed's 2% target. The inflation rate for non-housing market services remained at 3.4% in March, indicating persistent inflationary pressures. [Fire Breaks Out at a Property Owned by UK Prime Minister Starmer] At around 1:30 a.m. local time on the 12th, a fire broke out at a property owned by UK Prime Minister Starmer in north London. The fire has since been extinguished by the fire brigade, and the police stated that no one was injured. The specific cause of the incident is still under investigation. A spokesperson for the UK Prime Minister's Office said, "The Prime Minister expresses gratitude for the work of the emergency services. As the on-site investigation is still ongoing, the Prime Minister's Office will not make further comments." Local media reported that Starmer's property is currently being rented out. [CK Hutchison Issues Statement in Response to Port Transaction: It Will Never Be Conducted Under Any Illegal or Non-compliant Circumstances] CK Hutchison Holdings Limited announced that it had originally planned to discuss the port transaction at the annual general meeting of shareholders on May 22. However, in light of the continuous inquiries from shareholders and the media in recent days, CK Hutchison Holdings Limited hereby states: This transaction will never be conducted under any illegal or non-compliant circumstances. The relevant provisions have been clarified in the announcement dated March 4, 2025: "The completion of the transaction depends on the fulfillment of a series of conditions, including the consent and approval of legal and regulatory authorities, the absence of any illegal or prohibited circumstances, obtaining the necessary approval from the company's shareholders, and other appropriate and customary conditions as agreed in the final documentation."

The China-US high-level economic and trade talks were held in Geneva, Switzerland, from May 10 to 11. He Lifeng, the Chinese lead negotiator for economic and trade issues and Vice Premier of the State Council, stated at a press conference held by the Chinese delegation on the evening of May 11 local time that the talks were frank, in-depth, and constructive, with important consensus reached and substantive progress made. Both sides agreed to establish a China-US economic and trade consultation mechanism. China and the US will finalise the relevant details as soon as possible and release the joint statement reached during the talks at a press conference on May 12. He Lifeng said that under the current circumstances, the talks had attracted significant attention from the international community. Through the joint efforts of both China and the US, the talks were fruitful, marking an important step forward in resolving differences through equal dialogue and consultation, laying the foundation and creating the conditions for further bridging differences and deepening cooperation. He Lifeng expressed that the China-US economic and trade relationship is of great significance not only to both countries but also to the stability and development of the global economy. China is willing to work with the US, through DAS solar, to actively implement the important consensus reached during the phone call between the heads of state of the two countries on January 17 this year. With a pragmatic approach to resolving issues, China is committed to engaging in frank dialogue, equal consultation, and managing differences, while also tapping into the potential for cooperation, expanding the list of cooperative areas, and increasing the scale of cooperation, so as to promote new developments in China-US economic and trade relations and inject more certainty and stability into the world economy.