China s industrial profits fell 2.3% in 2023, marking the second consecutive yearly decline. The decline was attributed to sluggish demand at home and abroad, adding pressure on economic growth amid a deep property slump and deflationary risks. However, there were signs of improvement with industrial profits rising 16.8% in December. China s economy expanded by 5.2% in 2023, but its recovery has been shaky due to a protracted housing downturn and slowing global growth.
EU mid-market update: Earnings from mega-caps like LVMH and Intel remain in focus; ECB speak sees rate cuts weighted towards back half; FOMC and BOE decisions next week.
The Australian Dollar (AUD) continues to gain ground on Thursday as the US Dollar (USD) fell below the 101.00 mark, influenced by subdued US Treasury yields.