HSBC has partnered with Markit, a global financial information services company, to provide a resource that is expected to improve the economic understanding of the world’s emerging markets. The partnership combines Markit-sourced, Purchasing Managers’ Indice (PMI ) data with the insights created by HSBC’s network of economists on the ground in emerging markets.
The bank has stated that initially, the partnership will provide the existing and closely-watched PMI reports that include: China (manufacturing); Czech Republic (manufacturing); India (manufacturing); Poland (manufacturing); Turkey (manufacturing); Brazil (manufacturing); Hong Kong (total economy). It has added that the partnership will further expand this data set by publishing the first PMIs for South Korea manufacturing and Taiwan manufacturing and the service sector PMIs for Brazil, China and India.
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Reportedly, HSBC will also introduce new products derived from these data and plans to launch the Emerging Markets Index to be derived from access to PMI data, (The HSBC EMI) in October.
Stephen Green, group chairman, HSBC holdings, said: The world’s economic centre of gravity continues to shift from West to East, in particular towards emerging markets. This will continue for several decades. As the world’s leading international emerging markets bank, HSBC fully appreciates and embraces its role in helping to enable the economic growth that improves the living standards of millions of people. The new HSBC Emerging Markets Index will be a valuable tool for policymakers and businesses alike as we work together to understand and respond to the changing nature of the global economy.
Lance Uggla, CEO of Markit, said: The Markit PMIs are closely-watched macro-economic indicators. The partnership created between HSBC and Markit is very exciting, leveraging HSBC’s emerging markets expertise with our position as an independent data provider. As a result, we will be able to produce additional regional research that will facilitate a greater understanding of these important, fast growing markets.
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