ANZ note that "real-time data across Asia,.....>

ASIA: ANZ note that "real-time data across Asia, capturing traffic activity,

power usage, forward-looking surveys, and people's movements, confirm that the

trough in economic activity has past. The recovery, however, is piecemeal. All

economies have eased restrictions over the past couple of months, by varying

degrees. While for some, this has coincided with a dip in active cases, for

others there continues to be an economic trade-off to extending lockdowns in the

face of higher infection cases. A rise in the number of cases in South Korea and

China recently has seen some restrictions being re-introduced, though at a more

localised level. For India, Indonesia, and the Philippines, rising active cases

will likely delay a recovery even further. Malaysia, Thailand, and Vietnam are

now successfully emerging out of the pandemic, taking small steps towards

normalcy."