*CHINA'S INDUSTRIAL PROFITS DROP FURTHER AS COVID LOCKDOWNS TAKE TOLL ON ECONOMY - 🇨🇳🇨🇳
BEIJING -China's industrial firms saw overall profits decline further in the January-October period as COVID-19 outbreaks flared up and cities imposed new virus curbs, including targeted lockdowns, dampening economic activity.
The downbeat data for the world's second-largest economy also reflects a debt payment crisis within the country's property sector and a sharp slowdown in consumer spending. "Industrial profits continued to come under pressure as prices were weighed down by overall weak domestic demand and input costs remained high in some manufacturing sectors," said China Everbright Bank analyst Zhou Maohua.
Analysts from Nomura expect fourth-quarter GDP to shrink 0.3% from the preceding three months, and cut their fourth-quarter growth forecast on a year-on-year basis to 2.4% from 2.8%.
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