Emerging market activity at 11-mth high: HSBC index
of the 16 economies surveyed, the highest since April.
Russia and Turkey saw an expansion in activity though Central European countries, which are more exposed to the euro zone, continued to struggle. Polish and Czech manufacturing PMIs have been below the 50 mark for 9 and 6 months respectively.
HSBC also introduced a new indicator, the Composite Future Output Index, to track firms' expectations for activity in 12 months' time. This rose to a two-month high and also suggested a sharp pick-up in China over the coming year.
Manufacturers had the best growth expectations since last April when data collection started for the indicator.
"Our future expectation suggests that this recovery has legs," Goldberg said.
He pointed however to potential inflation risks. Cost pressures in emerging markets accelerated to their strongest in three months in January with the rate of input price inflation for manufacturing providers at a 15 month high.
The index is calculated using data produced by Markit.
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