With Steel production at near peak and inventories stretched. Cement production down -18.8% YoY is a setup that is more interesting than Copper & Lumber.

Here is Reuters with a good piece on China rare earths.

• Rare earth elements are used in a wide range of consumer products, from iPhones to electric car motors, as well as military jet engines, satellites and lasers.
• Rising tensions between the United States and China have sparked concerns that Beijing could use its dominant position as a supplier of rare earths for leverage in the trade war between the two global economic powers

A Citigroup analyst has joined the pack of bears coming for Tesla, whose stock has sunk to two-and-a-half-year lows amid simmering worries over demand.

Itay Michaeli warned of an increased chance that Tesla will enter a “full bear” scenario in which the stock could be worth a mere $36. The balance between risk and reward “still appears negatively skewed despite the recent capital raise and stock pullback”, he said.

Mr Michaeli also lowered his base-case price target to $191 from $238 while maintaining a sell rating on the stock.

“The recent capital raise was a positive step but won’t necessarily get the balance sheet out of the woods if Tesla cannot achieve FCF targets. So the recent reported internal memo [on cost cutting], which seemingly called into question prior guidance, didn’t help the risk/reward calculus,” he wrote in a note to clients.

Minutes of the European Central Bank April monetary policy meeting are due at 1130GMT

• manufacturing expected 48.1, prior 47.9
• expected 53.0, prior 52.8
• expected 51.7, prior 51.5

FOMC May 2019 meeting minutes

• patient approach appropriate for some time even if global conditions improved
• many Fed officials saw inflation to as likely transitory
• Fed discussed pros and cons of shortening bond portfolio maturity
• generally agreed a patient approach to interest-rate policy changes was warranted
• a few Fed policymakers that monetary policy might need to be tightened if economy evolves as expected
• many Fed policymakers said holding shorter duration maturities could help future maturity extension programs
• a number of Fed policymakers said a portfolio of more capacity for a maturity extension program was more desirable than a proportional portfolio with maturities similar to those of outstanding treasuries
• many Fed policymakers said recent dip in PCE inflation likely to be transitory
• discussed options for reaching the long-term portfolio composition, considered accelerated versus gradual approaches
• several of Fed worried by risk of low inflation expectations
• some say low inflation could on anchor expectations
• inflation pressures remain muted
• few note there still may be slack in the economy
• some say downside risks to growth decreased
• most say downside risks to growth remain
• some say GDP likely to moderate after strong Q1
• many of you weak inflation is transitory
• inflation or 2% still most likely outcome
• some say downside inflation risks increased