News Snapshot:
Earnings at China’s industrial firms in July slowed for the fifth straight month, adding to growing evidence of a loss of momentum in the world’s second-biggest economy and bolstering the case for maintaining policy support for a while longer. Elevated raw material prices and supply chain constraints from extreme weather as well as sporadic coronavirus cases dragged on earnings in the manufacturing sector, data from the National Bureau of Statistics (NBS) showed on Friday. Industrial firms’ profits in July increased 16.4 per cent on an annual basis – the slowest rate this year – to 703.67 billion yuan (US$108.5 billion),...
