China data, July Industrial profit -1.5% y/y

prior -4.3%
industrial profits fell for the third consecutive month

YTD (ie first 7 months of 2025) -1.7% y/y

Analysts say the drop
reflects:

ongoing deflationary pressures (factory-gate prices, the PPI, have fallen for 34 straight months) weighing on consumer spending and corporate profitsfierce competition among
producersdomestic demand weakening stillgovernment efforts to curb
excess competition have yet to improve margin

As for the external sector, new export orders fell at the fastest rate in three months.