China's industrial profits fall in June after gains in April, May

China’s industrial profits fell 0.3% in Jun after rising in April and May, Reuters reported, citing figures from the National Bureau of Statistics. The bureau said the reversal of a 0.6% rise in May and a 2.6% gain in April was the result of falling prices pulling down firms’ profit margins in June even though recent interest rate cuts were lowering companies’ financial costs. Official data showed China’s producer price index fell 4.8% in June year on year for the 39th consecutive month; industrial profits were also 0.7% lower than a year earlier for the first half of 2015.