Coronavirus Update: Shanghai aims to open up, ease traffic restrictions after mid-May

Deputy mayor Wu Qingat of China’s Shanghai city said in a statement on Friday, the country's financial hub is aiming to reach zero-Covid at the community level by mid-May.

Additional quotes

Shanghai will aim to open up, ease traffic restrictions and open shops in orderly manner.

More than 9,000 large-scale enterprises in shanghai now operating at nearly 50% of capacity.

The fight against China's biggest-ever COVID-19 outbreak "still requires the joint exertions of every citizen.”

Shanghai's daily covid testing capacity now at more than 8 million, more than 5,700 testing stations already in operation.

Market reaction

The recovery in the risk sentiment, as reflective of the 0.72% rebound in the S&P 500 futures, is the underlying theme in Asia this Friday.

The above comments are likely to add to the risk recovery after a turbulent week so far.