EMI hits seven-month low
Growth in the emerging markets slowed in February to its lowest level for seven months, according to the HSBC Emerging Markets Index (EMI). The headline figure fell to 52.3 in February, from 53.8 in January. HSBC’s EMI is a monthly indicator that is derived from the HSBC Purchasing Managers’ Indices that follow 16 key emerging economies. Manufacturing rose at the slowest rate since November, while growth in the services sector dropped to a six-month low. Combined output slowed in China, India and Brazil, the largest of the emerging economies. However, in India there was accelerated growth in the manufacturing sector and purchasing activity grew at the fastest rate for 10 months.