Profits of China's major industrial firms fell 3.6%, on an annualized basis, during the period January to November 2022, official data released by the National Bureau of Statistics (NBS) showed on Tuesday.

The NBS said that the industrial firms with annual main business revenue of at least CNY20 million (about USD2.88 million) saw their combined profits reach about CNY7.72 trillion in the reported period.

Industrial output rose 2.2% in November from a year earlier, missing expectations for a 3.6% gain expected and slowing significantly from the 5.0% growth seen in October.

Market reaction

The downbeat Chinese data has capped the upside in the AUD/USD pair. The Aussie is trading at 0.6747, up 0.35% on the day.