A quick glance at the TomTom traffic..........>

CHINA: A quick glance at the TomTom traffic counters shows moderations in

activity across Shenzhen, Beijing & Shanghai vs. yesterday, although Shenzhen is

still running the closest to "average levels," likely continuing to benefit from

the rollback in virus warnings in Guangdong Province, declared yesterday.

- Rollbacks across other regions (outlined in an earlier bullet) may help

broader economic activity, but SMEs are still struggling, with continued

policymaker focus on targeted stimulus measures and feeding through the measures

into the real economy. The recovery may be v-shaped when it comes, but plenty of

uncertainty remains for now.

- Also worth reminding of the confusion yesterday after Wuhan's government noted

that the announcement "that it would let some people leave the city was made

without authorisation and has been revoked."