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HSBC's composite emerging markets index of
manufacturing and services purchasing managers' surveys rose to
50.6 in May from 50.4 in April, but remained well below its
long-run trend level of 53.8.
Manufacturing output rose for the first time in three months,
though at a weak rate, the data showed. In the services sector,
activity increased at the slowest rate since last July.
"The reading of 50.6 in May compares with a developed world PMI
equivalent of 55.4. While the former points to an ongoing
languor that has plagued the emerging markets over the past
year, the developed world has moved into a higher gear and is
now enjoying its strongest growth for just over three years,"
Chris Williamson, chief economist at Markit, said in a
statement.
The HSBC index is calculated using data produced by Markit,from
purchasing managers at about 8,000 firms in 17 countries.
Among the BRIC emerging markets, China showed a slight increase
in growth for the first time in four months while India posted
its largest rise since June 2013.
Narendra Modi's pro-business BJP party won overwhelmingly in
Indian elections in May, propelling Indian stock markets to
record highs.
Russia, which has suffered some western sanctions following the
conflict in Ukraine, saw output fall at its fastest rate since
May 2009. Brazilian output was flat.
The future output index, which tracks firms' expectations for
activity in 12 months' time, tumbled to a new low in May.
Brazil, which hosts the soccer World Cup this month and faces
presidential elections later this year, reported the weakest
output expectations among the BRIC economies. China's future
output index hit a new low for the 26 months of data collection
for the series.
(Reporting by Carolyn Cohn; Editing by Hugh Lawson)
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