The protracted slump in China’s property sector is depressing profits in chemicals, steel and other industries.
© Reuters
KENSHO MOTOWAKI and YUSHO CHO, Nikkei staff writer |
TOKYO — Corporate profits fell worldwide for the first time in three quarters during January-March, data compiled by Nikkei shows, as economic headwinds in China rippled across industries ranging from chemicals to steel and machinery.
Yet American tech giants and semiconductor-related companies are posting gains on the rise of generative artificial intelligence, highlighting the global economy’s growing reliance on the U.S.
