Gold Rises on China’s Covid Shift, Signs of Cooler US Inflation

Reuters

China’s industrial profits slump on COVID fallout, next year seen improving

BEIJING (Reuters) -Profits at China’s industrial firms contracted further in the January-November period as strict COVID 19-related curbs disrupted factory activity and supply chains, but analysts foresaw brighter long-term economic prospects after a U-turn in COVID policy. Industrial profits fell 3.6% in January-November from a year earlier to 7.7 trillion yuan ($1.11 trillion), according to data released by the National Bureau of Statistics (NBS) on Tuesday. Zhu Hong, a senior NBS statistician, highlighted a rebound in COVID outbreaks and lacklustre demand in November that curbed industrial production and placed increasing pressure on Chinese businesses, according to a statement from the bureau.