China data - May 2020 industrial profits +6.0% y/y (prior -4.3%)

The first positive since November of last year. Note from that post linked above, the YTD is still negative.

Improvement coming from some slight improvement in domestic growth in May and in June

  • property activity is a little stronger as people come out of lock down
  • infrastructure investment (government stimulus) an underpoinning also

See the post above for some of the counter balancing negatives.