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?