A quick look at this morning's TomTom.........>

CHINA: A quick look at this morning's TomTom traffic counters for China reveals

a similar story to last Monday for both Shanghai & Beijing, an uptick vs. that

seen at the backend of last week, but still well shy of the typical averages.

More interestingly, Shenzhen has seen the first notable uptick in traffic flows

in the time we have been monitoring the trackers (but once again well shy of the

norm). This comes after widespread state media reports of upticks in business

operation resumptions, although the issue seemingly remains the utilisation rate

i.e. businesses are open, but don't seem to be running anywhere near full

capacity. Small firms seemingly continue to fact the brunt of the issues,

despite policymakers' preference for targeted support measures.

- Foreign firms have also experienced notable headwinds that are well

documented.

- Interesting to note that some have pointed to looser restrictions re:

returning to work, which heightens risk of virus spread, especially given

suggestions that the incubation period maybe somewhat longer than was previously

envisaged.