IEA monthly report: OECD oil demand will increase by 350,000 barrels per day in 2023, and non-OECD oil demand will increase by 1.9 million barrels per day.

Bank of America survey: 71% of investors still expect the US debt ceiling to be raised before "Day X".

Bank of America survey: 65% of people now expect the economy to weaken, the most pessimistic is 2023, but most people expect a "soft landing".

IEA Monthly Report: From April to December, OPEC+ oil supply is expected to decrease by 850,000 barrels per day, while non-OPEC+ supply will increase by 710,000 barrels per day.

Bank of America survey: Investors increase stock allocation, hitting a 5-month high.

IEA Monthly Report: Global oil supply fell by 230,000 barrels per day in April to 101.1 million barrels per day.

IEA monthly report: Although Russia announced a production cut of 500,000 barrels per day, it may increase production to make up for lost revenue.

German Finance Minister Lindner: Some countries are circumventing sanctions against Russia, which is unacceptable.

According to Kyodo News: Toyota and Subaru plan to expand electric vehicle cooperation.

[Russian media: Japan will increase Russian LNG imports] According to the Russian Satellite News Agency on May 16, the Russian Consul General in Sapporo Sergey Marin stated that Japan has not withdrawn from the "Arctic LNG 2" project. If all goes according to plan, Japan will increase its supply of Russian LNG by 2 million tons per year by 2026.

EU Internal Market Commissioner Breton: Europe will defend its industrial interests.

EU Internal Market Commissioner Breton: The Chip Act is a model of industrial policy.

EU Internal Market Commissioner Breton: Europe must build its own cutting-edge chips.

National Bank of Canada previews US retail sales: Auto dealerships likely to contribute significantly to overall numbers as auto sales rose sharply this month. Gas station revenues also likely rose due to higher gasoline prices. All told, headline retail sales likely rose 1.5%. Spending on goods other than cars is also likely to rise, albeit at a slower pace.

British government bond yields of various maturities opened down about 5 basis points.

Commerzbank Ahead of US Retail Sales: April retail sales data will provide early indication of whether consumers are starting to lose momentum. However, it is more likely that we will expect another decent increase. Retail sales are expected to rise 0.7% month-on-month. However, the increase partly reflects higher gasoline prices.

Philippine stocks closed up 1 percent.