Ouch. China industrial profits fall sharply by -9.9% YoY & year-to-date -2.9%. Meanwhile, liabilities are UP 4.9%! Meaning, profitability down but debt up & that means WORSE repayment ability, from an already low level!!!
😱🥶
Winter is here. The question is do you have wood?
— Trinh Nguyen (@Trinhnomics) November 27, 2019
— Teddy Vallee (@TeddyVallee) November 27, 2019