China will publish manufacturing and non-manufacturing PMIs on December 31, at 3:00 MT time.
The profit of the largest industrial companies of China soars by 22% in April
The profit of large industrial companies of China in April 2018 increased by up to 21.9% in contrast with the same month of 2017 – approximately 576 billion Yuan, as the State Statistical Office informed. The given recovery has appeared to be the maximum since October. Apparently, the rate of profit growth speeded up from 3.1% in March. At the same time the previous month the profit increase was the weakest for 21 months.
As a matter of fact, the revenue of the leading industrial businesses in China in January-April also pushed the recovery, which was 15% in annual terms versus 11.6% in the first quarter. In the first four months of 2018, it accounted for 2.13 trillion Yuan.
At the same time, revenue surge in January-April turned out to be weaker than the 24.4% recorded for the same period of 2017.
According to the employee GSU Ho Ping, fast surge in revenue of industrial businesses is associated with increased production and sales and also higher prices for industrial products, as Xinhua news agency uncovered.
Among 41 branches in 29 there was an ascend in revenue in January-April. Recovery was most visible in the steel industry, the chemical industry and the automotive industry. In addition to this, in the production of computers and communications, the profit of companies for four months fell by 5.3%.
At the end of April, the debt ratio of industrial companies of the world’s number two economy was 56.5%, which happens to be just 0.7% lower than in 2017.
By the way, the previous year the revenue of China's industrial companies enterprises increased by about 21% - to up to 7.52 trillion yuan. Well, the given ascend appeared to be the fastest since 2011.
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The market sentiment is mixed, but there are still interesting movements on the market.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!