The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys, remained only just above the neutral threshold of 50.0 in September, signalling muted output growth in emerging markets.
Among the BRIC (Brazil, Russia, India China) countries, China registered only a modest rise in output in September, with manufacturing again weighing on overall growth, HSBC said.
India, however, posted a third successive drop in activity and the fastest decline since March 2009, reflecting weakness in the services sector, HSBC said.
The HSBC composite manufacturing and services PMI for Brazil increased in September to 50.7 from 49.7 in August.
The HSBC composite manufacturing and services PMI for China declined in September to 51.2 from 51.8 the previous month, for India it declined to 46.1 in September from 47.6 in August, and for Russia (to 51.2 from 51.4).
An index measure of above 50
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