China Industrial Profits Collapse In November, Set To Worsen

And more worrying still, looking ahead, industrial profit growth continues to face headwinds, as Goldman expects both industrial production growth and PPI inflation to soften next year, especially in Q1.

And before investors get all gung-ho about "bad news" being "good news" for global markets - because, as the narrative goes, the worse economic data gets, the more monetary and fiscal easing Chinese authorities will unleash - they have been trying this for over six months...

And, as confirmed by today's collapse in profits, it's not working.

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