Industrial Profits Send Stocks Higher

Key News

Asian equities had a positive day on light volumes.

Mainland China and Hong Kong posted gains on light volumes ahead of China’s weeklong holiday starting on Friday. Markets jumped on the release of August industrial profits, rising +17.2% year over year versus July’s -6.7%, in another sign that China’s economy is rebounding (albeit slowly/incrementally). The PBOC released meeting notes of their quarterly Monetary Policy Committee that articulated the central bank’s efforts to support the economy through monetary policy and “focus on expanding domestic demand, boosting confidence, accelerating a virtuous economic cycle, and providing support for the real economy.”