Next week's macro outlook: The US-Iran agreement may achieve "phase-wise results," and the US-Japan interest rate path is expected to become clearer.

Mars Finance News: On May 24, signals that negotiations have made progress were released on Saturday by Iran, the United States, Pakistan, and several foreign media outlets, after the ongoing conflict that has lasted nearly three months—showing that all parties are pushing forward toward phased results. Next week, if this development continues to be confirmed and implemented, capital markets may see a return of risk appetite, with US stocks and crypto potentially rebounding.

On the macro front, the heads of the US and Japanese central banks will speak intensively next week, and expectations for the next phase of interest rates may become clearer:

• Tuesday 22:00, the US May Conference Board Consumer Confidence Index;
• Wednesday 08:00, Bank of Japan Governor Kazuo Ueda will speak at the monetary policy meeting hosted by the Bank of Japan;
• Wednesday 20:15, the US ADP employment change for the week ending May 9;
• Thursday 20:30, Canada Q1 current account; the US initial jobless claims for the week ending May 23; the US April core PCE price index, year-over-year; the US April personal spending month-over-month; the US Q1 real GDP annualized, seasonally adjusted (advance) revision; the US April core PCE price index, month-over-month; the US April durable goods orders, month-over-month;
• Thursday 20:55, FOMC permanent voter and New York Fed President Williams will deliver a keynote speech at a meeting organized with the participation of the Central Bank of Iceland;
• Thursday 22:15, the 2028 FOMC voter and St. Louis Fed President Musalem will speak;
• Friday 07:30, Japan April unemployment rate;
• Friday 18:50, the 2028 FOMC voter and Kansas City Fed President Schmid will speak;
• Friday 21:10, US Federal Reserve Governor Bowman will speak.

In addition, on Monday (May 25), due to Memorial Day, US stock markets will be closed for the day. Precious metals and US oil futures contracts on CME will be suspended at 02:30 Beijing time on the 26th, and US stock and US Treasury futures contracts will be suspended at 01:00 Beijing time on the 26th. Intercontinental Exchange’s Brent crude oil futures contracts will end early at 01:30 Beijing time on the 26th.