Japan new housing starts YoY +11.36% in April, below 15.5% expected; prior -29.30%.

Guangzhou's 15th Five-Year Plan outline calls for a new real estate development model and a 'guarantee + market' housing supply system. The plan directs optimization of commercial residential land supply and multiple measures to reduce existing housing inventory to stabilise the property market. It mandates stronger whole‑process real estate supervision and the establishment of a coordinated real‑estate financing mechanism. The city will tighten lifecycle safety management and upgrade housing design, construction, maintenance and property services to promote safe, comfortable, green and smart housing, alongside a property‑service quality improvement campaign. Housing security will be centred on public rental, affordable rental and allocation‑based affordable housing; authorities will steadily advance talent housing projects, optimise public rental housing cash‑subsidy mechanisms and strengthen bottom‑line public rental support for low‑income registered households.

At midday close, China’s main futures contracts were mostly higher. A container shipping index jumped more than 7%; egg, Shanghai silver and Shanghai gold futures and 20# rubber rose over 2%; glass was up nearly 2%. On the downside, Soybean No.1 and SC crude oil futures fell over 2%; urea, ferrosilicon, low-sulfur fuel oil (LU), logs, caustic soda and benzene declined more than 1%.