Few short term catalyst over last 24 hrs released. - "China has...

Few short term catalyst over last 24 hrs released.
- "China has cut the interest rate on new home loans in a surprise bid to stem a collapse in mortgage lending, as weak retail and factory activity in April compounded fears that Beijing’s stimulus measures are failing to offset the economic damage caused by COVID-19.The rate cut, by 0.2 percentage points to 4.4 per cent"AFR

- BEIJING, May 16 (Reuters) - China's crude steel output picked up in April, rising 5.1% from a month earlier as the impact of environmental restrictions and COVID-19 disruptions eased, but it was still well below year-ago levels. The world's biggest steel producer made 92.78 million tonnes of the metal last month, data from the National Bureau of Statistics (NBS) showed on Monday, up from 88.3 million tonnes in March and down 5.2% from April 2021. Average daily output in April was 3.09 million tonnes, according to Reuters analysis of the NBS data. That compared with 2.85 million tonnes of daily production in March. The rising output came after mills in northern China finished production cuts the government ordered in mid-March, while a raw material supply crunch due to transport restrictions also gradually eased.

- The Guardian - "Shanghai has set out plans for the return of more normal life from 1 June and the end of a painful Covid-19 lockdown that has lasted more than six weeks and contributed to a sharp slowdown in China’s economic activity.In the clearest timetable yet, deputy mayor Zong Ming said on Monday that Shanghai’s reopening would be carried out in stages, with movement curbs largely to remain in place until 21 May to prevent a rebound in infections, before a gradual easing.“From June 1 to mid- and late June, as long as risks of a rebound in infections are controlled, we will fully implement epidemic prevention and control, normalise management and fully restore normal production and life in the city,” she said."