Nomura raises China GDP forecast (yes, raise). BoA sees green shoot in China profit data.

<p>Nomura bumped its forecast for 2023 economic growth in China <a href="https://www.forexlive.com/news/nomura-raises-china-gdp-forecast-to-48-20230927/" target="_blank" rel="follow">higher</a>, to 4.8% from previously at 4.6%.</p><p>Bank of America have dialled back the pessimism on China also. They have been touting improving domestic and investment demand and have now spotted a 'green shoot' in the profits data that was released yesterday:</p><ul><li><a href="https://www.forexlive.com/news/china-august-industrial-profits-117-ytd-yy-prior-155-20230927/" target="_blank" rel="follow">China August Industrial Profits +17.2% y/y</a></li></ul><p>From BoA's note:</p><ul><li>Both industrial profit &amp; revenue growth improved in August, both turned positive</li><li>Profit growth improvements seen across the board</li><li>within upstream sectors, electricity, heat production &amp; supply improved the most in profitability, while profit growth in other subsectors was also helped by the stabilization in PPI</li><li>A green shoot, while the sustainability likely to persist … which suggests the worst growth may be behind us </li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.