China’s industrial profits fell the most in two years last month … but some bright areas signalforexer.blogspot/2014/12/chinas-industrial-profits-fell-most-in.html China’s industrial profits fell the most in two years last month Latest data from the the National Bureau of Statistics (NBS) in Beijing show a deepening slowdown, with total profits of China’s industrial enterprises in November down 4.2% y/y from a year earlier October’s reading was down 2.1%, September’s was up 0.4% November’s reading is the the biggest slide since August 2012 Says Bloomberg: Mired in industrial overcapacity, factory-gate deflation and a housing slump, China is headed for its slowest full-year economic expansion since 1990 A Chinese factory index fell to a seven-month low in December While growth in aggregate financing, the broadest gauge of credit, trailed estimates in November Imports unexpectedly dropped amid weak demand – More at Reuters: Despite last month’s drop, profits for January-November were 5.3 percent higher than in the first 11 months of 2013 As the NBS analysis suggested, the net slide in industrial profits was driven primarily by weakness in coal mining, and oil and gas industries, where November profits tumbled from a year earlier by 44.4 percent and 13.2 percent respectively … said the impact of prices for coal, oil and basic materials falling to their lowest levels in years “was extremely clear” Oil, coking coal and nuclear fuel processing industries saw their profits slide by 34.2 percent On the upside, Chinese technology industries saw profits grow sharply last month. Telecommunications firms saw a 20.7 percent increase, electronics and machinery grew 15.1 percent and automobile manufacturers enjoyed a 16.7 percent gain “This suggests that on the one hand, in the context of weak investment demand, stable consumption demand provided a certain degree of support; on the other hand, promoting industry restructuring is having a positive effect on efficiency” – There ya go … data not good, but some bright spots. Something for both the bears and bulls! from ForexLive feedproxy.google/~r/forexlive-rss/~3/lFhGfWmonko/ via IFTTT feeds.feedburner/~ff/forexlive-rss?d=yIl2AUoC8zA ForexLive
Posted on: Sat, 27 Dec 2014 23:44:17 +0000
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