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China September industrial profits jump 14.4% y/y, rebounding from 4.2% in August

The rebound offers a modest positive surprise for Chinese assets at a time when sentiment is fragile, with onshore equities in a bear market and Morgan Stanley warning of further downside in offshore shares. Industrial and materials stocks are the most direct beneficiaries, and the data may slightly ease concerns about a sharp earnings slowdown. Commodity-linked currencies such as the Australian…

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