EM Morning Roundup
China, India Manufacturing Rose
July 1, 2014
The official manufacturing PMI rose to 51 in June from 50.8 in May, boosted by new orders and export orders. The HSBC PMI, which tracks activities of smaller firms, rose to 50.7 in June, the first time this year that goes beyond 50. A reading over 50 signals expansion. The Shanghai Composite Index gained 0.1%. Hong Kong was closed today.
China will spend $52.7 billion on 14 railway projects, according to the official China Securities Journal.
A crackdown on insider trading has sparked an exodus of fund managers from the industry. More than 100 asset managers have quit their jobs this year, almost twice as much as in the same period last year.
HSBC manufacturing PMI rose to 51.5 in June, up from 51.4 in May. The S&P BSE SENSEX Index gained 0.4%.
Ukraine suspended the cease-fire and fighting with pro-Russia rebels renewed. The MICEX Index fell 0.1%.
As expected, Prime Minister Recep Tayyip Erdogan will run in Turkey’s first direct presidential election. Mr. Erdogan is barred by party rules to run as prime minister again after having been in the office for 12 years, and is widely expected to win the presidency. TheTurkey ISE 100 Index fell 0.7%.