An improvement in early earnings indicators is offering some hope for China’s struggling stock market, even as an uncertain economic and geopolitical outlook keeps expectations for any big rally in check.

Positive alerts by mainland-listed companies have seen a “significant” jump versus the second quarter, and outnumbered negative profit warnings, according to Morgan Stanley. UBS Securities estimates profit growth of flat-to-5% for A-share companies in the July-September period, versus a decline in the previous quarter.