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I'm using the AUD mvoement as a bit of a summary for pretty much all the risk assets. US equity index futures are falling, oil has come off and lost all its earleir gains.
The China data is awful, just appalling:


    China data April Retail sales & Industrial production both plunge

Shanghai officials are trying to make soothing noises. They've been doing that ever since the 3 day lockdown was announced a couple of months ago!

    China coronavirus - Shanghai official says many restrictions to remain


Meanwhile China monetary and fiscal authorities keep promising more stimulus. The PBOC does not appear to be on board:


    PBOC injects 100bn yuan via a 1-year MLF, unchanged rate of 2.85%

No rate cut again



   



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