China Firms Post Worst Interim Earnings in Two Years, Morgan Stanley Says
- Results were the second worst in terms of number of alerts
- Consumer services, food, staples recorded net positive alerts
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China’s firms reported the worst quarterly provisional earnings since the first three months of 2020 as virus lockdowns hurt profitability, according to Morgan Stanley.
The results were also the second worst since the US investment bank began tracking preliminary earnings in the second quarter of 2018, strategists including Laura Wang wrote in a note on Thursday. The findings were based on 1,688 firms, which have disclosed preliminary earnings as of July 18, with the companies accounting for about a third of the A-share market.