China Industrial Profits reported at +92.3% y/y by the newswires.

There is a large 'base effect' component to this, March 2020 saw China plunged into lockdown.

For the YTD (January - March) comes in at +137% y/y

  • prior +178.9%
  • and, compared with 2019 +50.2%


Later this week we'll get the official manufacturing and non-manufacturing PMIs for April from China.

more to come