The HSBC Emerging Markets Index (EMI), a monthly indicator derived from the PMI™ surveys, fell to 51.7 in July, from 52.3 in June, indicating slower output growth across global emerging markets. That said, the latest expansion was stronger than the average seen over the first half of 2014.
Weaker output growth in emerging markets mainly reflected a slowdown in the service sector, as manufacturing production rose at the fastest rate since March 2013. Manufacturing output growth accelerated in China, India, Indonesia, Taiwan, Russia and the Czech Republic. In contrast, Brazil, Turkey and South Korea posted further declines.
Key points from the report included:
- HSBC Emerging Markets Index: 51.7 (prior 52.3)
- Chinese manufacturing output growth at 16-month high
- Output expectations weaken
To read the whole report, EMI press release – Aug 2014, go to the Emerging markets PMI section of the HSBC website.
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