Economy makes subdued start to year

After economic momentum had already eased slightly in the fourth quarter of 2013, the latest sentiment survey suggests that Chinese industry got off to a subdued start to the new year.

November mood: Down but not gloomy

In November the purchasing managers’ index for the manufacturing sector released jointly by HSBC and Markit fell slightly by 0.5 points to 50.4.

Economy speeds up slightly

Although growth momentum accelerated a tad in the third quarter 2013, not too much should be read into this slight pickup in the economy. 

Strong growth

The Brazilian economy surprised by picking up considerable speed in the second quarter of 2013, with real gross domestic product up by 1.5% quarter-on-quarter in seasonally adjusted terms.

Signs of higher growth momentum

The latest economic indicators for July confirm our view that the Chinese economy will not lose further steam in the second half of the year but rather will perform somewhat more dynamically than of late.

China: Rise in renminbi reflects reform zeal

The Chinese economy is performing less dynamically than expected while at the same time the external value of the renminbi continues to rise. Such a constellation would have been practically inconceivable just one or two years ago.

Downside risks for Chinese economy increasing

Sentiment in the Chinese economy deteriorated more sharply than expected in May.

Optimism in industry up further

Sentiment in China’s manufacturing sector improved further at the beginning of the new year.

Emerging markets: Economic outlook 2013

In2012 the group of emerging markets recorded the second weakest economic growth of the past ten years. For next year we expect the economy to pick up, but the scale is likely to vary markedly from region to region.  For eastern Europe, for instance, we expect momentum to pick up only slightly – against the backdrop of continued weakness in the eurozone.