Today the Shanghai Securities News broke down some of the aggregate listed company profitability metrics for 2008 to date. For the 73% of companies who have reported, profits have put in a perfect Chinese Olympic nosedive. According to Xinhua, "reports showed they earned 323.14 billion yuan (47.2 billion U.S. dollars) in all, up 30.9 percent year-on-year. The year-earlier growth rate was 70 percent." If you are a mo mo global "growth" investor, and growth goes from great to good, watch out below.
- China's stock market lost another -0.34% last night, taking the cummulative swan dive to -61% since the October 2007 highs.
chart courtesy of stockcharts.com