China July Industrial Profits: -2.9% y/y (prior month's result was -0.3% y/y)

China July Industrial Profits

July is down 2.9% y/y

• Prior month was -0.3% y/y

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From China already today:

• Yuan strengthening .... Yuan raised at setting this morning most since March of this year   
• China stockmarket opening indications - Shanghai Comp to open up 1.4%
• Some early chatter our of China ... officials preparing new round of stock mkt buying
• China economy - evidence of shrinkage?