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Chinese industrial profits fell 5.3% Y/Y in May vs. a 2.2% drop in April. For the year's first 5...

Chinese industrial profits fell 5.3% Y/Y in May vs. a 2.2% drop in April. For the year's first 5 months profits declined 2.4% from the same period in 2011 (is it okay now to drop the canard that weak Chinese numbers are the result of the New Year holiday). Shanghai last night rallied with the rest of the world, +1.4%.
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