The HSBC Emerging Markets Index fell for the second consecutive month in January.
It dipped to 51.4, down from 51.6 in December. The drop signals a slower increase in output across global emerging markets, says HSBC, which notes the January reading is lower than the 2013 average (51.7) and the lowest recorded since September 2013.
The index measures the production, services, new business growth and output of emerging markets. On all counts, they’ve been subdued so far this year. In particular, growth of services activity across all EM regions slowed to a six-month low in January, says the report, while the other measures were relatively flat.
The HSBC report also looks at the findings of the company’s Emerging Markets Future Output Index. Read the report for more detail.