Rosier prospects for China

Another sign of economic recovery in China to cheer the markets with the news industrial profit growth quickened to 22.5% in November, year-on-year.

It adds weight to forecasts of a strong fourth quarter, with 10% industrial output growth expected for 2012 and next year.

Leading the pack were power generation firms rising 62.9%, food processors, (16%), and telecommunications equipment makers, (11.5%).

But some sectors are still struggling, with profits at ferrous metal smelting firms tumbling 47.9 % while earnings of chemical companies fell 10.1%.

In the first 11 months of 2012, losses among oil processing, coking and nuclear fuel processing firms were more than four times larger.

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