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EMI drops to 49.4

08/08/2013 11:03 (259 Day 10:44 minutes ago)

The FINANCIAL -- The HSBC Emerging Markets Index (EMI) has fallen to its lowest level since the global financial crisis. The figure dropped to 49.4 in July, down from 50.6 in June, according to HSBC Group.



It is the first time that the index, which measures the health of the manufacturing sector across 16 countries, has fallen below 50 since April 2009. A reading above 50 shows expansion, while below 50 contraction, according to HSBC Group.

The index suggests that manufacturing in Asia remains weak with goods production also falling in Russia, Brazil and Mexico. China, India and Brazil all reported lower levels of new work, while new business in Russia was the slowest in nearly three years.

Chinese manufacturing output fell for the second consecutive month after the sharpest decline in new business for almost a year. Exporters in China reported that new sales to Europe, South-East Asia and the US were all lower than recorded in June.

Employment in the emerging markets was broadly unchanged from June, with job losses in manufacturing offset by marginal employment growth in the service sector. Inflationary pressures remained weak in July with the prices of consumer goods and services broadly flat, according to HSBC Group.

“The main risk for emerging markets at the moment is that the cyclical downturn in manufacturing and softer service-sector activity will ultimately lead to a weaker job market,” said Frederic Neumann, Co-Head of Asian Economic Research, HSBC .

The HSBC Emerging Markets Future Output Index, which measures expectations a year ahead, rose slightly in July from a 16-month low in June. Manufacturing sentiment weakened for the fifth consecutive month, while business expectations in services picked up slightly since June. Among the four largest emerging economies surveyed, sentiment was weakest in China, according to HSBC Group.

Neumann said that some comfort could be taken from the relative stability of the Future Output Index. “While it [the index] eased back marginally for manufacturers, it rose for service providers. This suggests that relative optimism remains among businesses regarding the emerging market growth trajectory over the coming 12 months,” he said.



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“The former Yugoslav Republic of Macedonia”: presidential election and early parliamentary elections

23/04/2014 16:38 (1 Day 05:09 minutes ago)

The FINANCIAL -- A 14-member delegation of the Parliamentary Assembly of the Council of Europe (PACE), led by Stefan Schennach (Austria, SOC), will travel to “the former Yugoslav Republic of Macedonia” from 25 to 28 April to observe the conduct of the presidential election (2nd round) and the early parliamentary elections, alongside observers from the OSCE’s Parliamentary Assembly and Office for Democratic Institutions and Human Rights (ODIHR), according to PACE.



Zurich identifies seven cyber risks that threaten systemic shock

23/04/2014 17:00 (1 Day 04:47 minutes ago)

The FINANCIAL -- The recently published Zurich Cyber Risk Report, created in collaboration with the international think tank Atlantic Council, argues that cyber-risk management professionals need to look beyond their internal information technology safeguards to interconnected risks which can build up relating to counterparties, outsourced suppliers, supply chains, disruptive technologies, upstream infrastructure and external shocks, according to Zurich Insurance Company.


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