China's Industrial Profits plunge 9.9% YoY in Oct, Aussie little changed
The latest data published by China’s National Bureau of Statistics (NBS) showed that profits earnt by China’s industrial firms in October plunged by 9.9% YoY vs. a 5.3% sharp drop seen in September.
It marked the biggest fall in profits since 2011.
Further Details (via Reuters):
“For January-October, profits CNPFY=ECI fell 2.9% from a year earlier to 5.02 trillion yuan, compared with a decline of 2.1% for the first nine months of the year.
Industrial firms’ liabilities increased 4.9% from a year earlier to 66.74 trillion yuan at end-October, compared with a 5.4% increase at end-September.”
The China proxy, the Aussie dollar pays little heed to the downbeat Australian and Chinese data and stands resilient around 0.6785 region. The Antipodeans continue to find support from increased hopes of a trade deal, in light of US President Trump’s upbeat comments.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
