FINWIRES · TerminalLIVE
FINWIRES

China's Industrial Profits Grow 18.8% in January-May Period

By

Profits of China's major industrial firms grew 18.8% year over year to 3.14 trillion yuan during the first five months of the year, according to data from the National Bureau of Statistics on Saturday.

The year-to-date pace accelerated compared with the 18.2% expansion recorded in the previous four-month period, but missed the Trading Economics forecast for a 20% growth. In May alone, industrial profits jumped 21% year over year.

From January to May, the mining industry achieved a total profit of 479.5 billion yuan, up 33.5% year over year, while the manufacturing industry's profit grew 20% to 2.33 trillion yuan.

Meanwhile, the electricity, heat, gas and water production and supply industry recorded a total profit of 335.9 billion yuan, a decrease of 2.7% year over year.

Related Articles

International

Cargo Traffic to Los Angeles Port Expected to Rise in Week Ending July 11

Cargo traffic at the Port of Los Angeles is expected to rise in the week ending July 11, according to data from ship-tracking system Port Optimizer.A total of 141,100 20-foot equivalent units, a standardized measure of cargo capacity, are projected to reach the port in the week, the data showed. That volume reflects an 18% increase from the previous week and a 19% rise from a year earlier.Twenty-six freight vessels are scheduled to arrive at the port in the week ending July 11, the data showed. That compares with 23 vessels scheduled this week and in the week ending July 4.President Donald Trump said in a Truth Social post on Friday that numerous European countries are discussing the imminent implementation of a digital services tax on US companies and warned that any country that proceeds with such a tax will face a 100% US tariff regardless of any previous trade deals.

International

St. Louis Fed US Q2 GDP Nowcast Estimate 1.258% Gain vs Previous 1.429% Gain

International

Kansas City Fed Services Index Falls in June

The Kansas City Federal Reserve's monthly composite services index fell to a reading of 5 in June after rising to 10 in May, suggesting a slower expansion.The other regional services measures already released have indicated a mixed reading.There was a decrease in the Kansas City revenue/sales reading to 3 from 12, while the employment reading decreased to 1 from 5.The reading of selling prices declined to 16 from 20, while the input price index decreased to 51 from 54. A reading above zero indicates growth.