China Industrial Profits data for March: +92.3% y/y (prior +20.1% y/y)

China Industrial Profits reported at +92.3% y/y by the newswires.

There is a large ‘base effect’ component to this, March 2020 saw China plunged into lockdown.
For the YTD (January – March) comes in at +137% y/y (prior +178.9%)
Later this week we’ll get the official manufacturing and non-manufacturing PMIs for April from China.

more to come