Hung Cao taps civilian to stand up Navy industrial base office
Andrew Magliochetti was tapped by Hung Cao to become the first deputy assistant secretary of the Navy for the defense industrial base.
Last updated: 2026-08-26 23:09:24 ET
Pulse AI Brief
Updated Aug 26, 2026 11:01 PM ET
Chinese industrial corporate profitability growth decelerated to 11.2% in July, marking a seven-month low despite a recent turnaround from years of declines. The slowdown reflects weakening domestic demand and persistent pricing pressure across manufacturing sectors.
The profit slowdown pressures Chinese equities and signals reduced pricing power for exporters. Commodity-linked assets face headwinds as Chinese industrial demand softens, while cyclical sectors like steel and chemicals face margin compression.
China's growth momentum is decelerating despite government stimulus efforts, suggesting structural challenges in the economy beyond cyclical weakness. The slowdown may force Beijing to deploy additional fiscal measures to prevent a sharper contraction.
Andrew Magliochetti was tapped by Hung Cao to become the first deputy assistant secretary of the Navy for the defense industrial base.
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