[overnight global news you need to know on Saturday] Us President Joe Biden said he would nominate Fed governor Philip Jefferson as vice chairman and Adriana Kugler as governor, who would become the first Hispanic decision maker in the Fed's 109-year history. 2. U.S. Treasury Secretary Yellen said that if Congress fails to raise the debt ceiling, the federal government will have to default on certain payments. 3. Musk tweeted that Linda Yaccarino would become the CEO of Twitter, saying that he would turn Twitter into a "universal platform". 4. Iraq's oil minister said that Iraq has promised to voluntarily reduce production from May this year, which will continue until the end of 2023; before the OPEC + meeting on June 4, Iraq has not been asked to make any additional voluntary production cuts. 5. The founder of Fundstrat, a US market research company, says the so-called "FAANG" portfolio of large US technology stocks is likely to soar 50 per cent this year. 6. Argentina's National Institute of Statistics and Census released the latest economic statistics report on May 12 local time, saying that the country's inflation rate in April 2023 was 8.4%. The cumulative inflation rate so far this year is 32%. At the same time, the annualized inflation rate over the past 12 months has risen to 108.8 per cent. 7. Petrobras CEO Jean Paul Prates said in a live webcast that the company is about to change its policy of setting domestic fuel prices and will discuss the topic next week. 8. SEC of the United States ordered Zhongyang Financial, an online brokerage stock in Hong Kong, to suspend trading for 10 days from Friday, announcing the cancellation of all related transactions on Friday morning. The stock rose from $6 to $256 at the end of April. 9. The London Metal Exchange (LME) has tightened inspection standards for metal nickel stocks after a scandal over the replacement of nickel by stones. LME will require the warehouse to inspect nickel bags by scanning, touching, etc. 10. The European Commission approved Denmark's plan to establish a Danish Export and Investment Fund, which was approved in accordance with the EU's interim crisis Framework for National Assistance. Denmark informed the European Commission of its plan to set up an export and investment fund, which is expected to be worth more than 4 billion euros, with an initial capital of 807 million euros. 11. Ukraine's state news agency reported on the 12th that Ukrainian President Zelanski signed a decree on the same day to impose sanctions on 13 individuals and 28 legal entities that helped Russia maintain control of Zapolo fever. 12. According to the latest news released by the Myanmar Meteorology and Hydrology Bureau on the evening of May 12, Tropical Cyclone Moka has intensified into a very strong cyclone storm and is approaching the western coast of Myanmar. 13. British billionaire Jim Ratcliffe, chairman and chief executive of INEOS Chemicals Group, is nearing the completion of the acquisition of Manchester United Football Club in the Premier League and will hold final talks with the Glazer family, the club's existing shareholders, on the terms of the acquisition. 14. The cryptocurrency exchange Qian an said on Twitter that the company would withdraw from the Canadian market. "New guidance on stable currencies and investor restrictions provided to cryptocurrency exchanges" makes the Canadian market no longer suitable for the company's operation and development. 15. The three major indexes of US stocks collectively closed down, with the Dow down 0.03%, down 1.11% this week; the Nasdaq down 0.35%, up 0.4% this week; and the S & P 500 down 0.16%, down 0.29% this week. Hot Chinese stocks generally fell, with the Nasdaq China Golden Dragon Index down 2.85%, down 1.12% this week. 16. WTI crude oil futures closed down 1.17% at $70.04 / barrel, down 1.7% this week, while Brent crude oil futures closed down 1.08% at $74.17 / barrel, down 1.4% this week. COMEX June gold futures closed down 0.03% at $2019.80 an ounce.