China data: January to March industrial profit -21.4 % y/y (prior -22.9%)

A lacklustre data point from China.

• For March alone profits -19.2%

China's industrial sector is still clawing its way back, but data is picking up. There is wariness that much of the pick up can be attributed to state support:

• Reopening of the Chinese economy a main driver of global growth? "That’s still uncertain"