HSBC

HSBC: It highlighted the growing divergence between activity in the developed world and emerging economies and cast doubt on prospects for a sustained global economic recovery from the financial crisis, according to Reuters. The HSBC survey collects data from purchasing managers at about 7,500 firms in 16 emerging markets. The index is calculated using data produced by Markit and LONDON - Business activity across emerging economies contracted for the first time in over four years in July, driven mainly by a drop in manufacturing while services activity stagnated, a survey showed on Tuesday. The composite HSBC Emerging Markets index for services and manufacturing fell to 49.4 in July from 50.6 in June and below the 50 mark that separates growth from contraction. It was the first sub-50 reading since April 2009. (www.immigrantscanada.com). As reported in the news.