The TomTom traffic tickers, one of the........>

CHINA: The TomTom traffic tickers, one of the higher frequency indicators that

we monitor, and that we have noted are a little crude previously, have indicated

that Beijing, Shanghai & Shenzhen are seeing much more routine flows so far this

week. While indicators such as pollution levels & coal usage have shown a clear

uptick, they aren't anywhere near the usual norms (the former will likely take

at least a little time to rebound to "normal"), as capacity utilisation remains

at the heart of broader thought process. Concerted official efforts re: getting

migrants back to work have been flagged prev., with officials pointing to > 90%

of firms in the key Guangdong province returning to biz as of Monday.

- China's MIT noted that as of Monday "55% of Chinese SMEs have not resumed

production, while some of the remaining 45% that reopened, find it difficult to

return to their normal capacity." Matters are much worse for SMEs.

- Off'l manufacturing PMI data revealed that ~90% of (large) firms expect to be

back at work by the end of March, a little worse than private exp. pre-release.

- Also, on the utilisation front, it is worth looking at tech giant Foxconn, as

it expects to resume normal production in China by the end of March.