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Emerging Market Growth At 3-Month High

Global emerging markets grew at the fastest pace in three months in December, a survey by Markit Economics and HSBC bank showed Wednesday.

The HSBC Emerging Markets Index, or EMI, increased to 51.7 in December from 51.2 in November, signalling moderate growth. This marked the highest score in three months.

A reading above 50 indicates growth in output.

Manufacturers and service providers in emerging markets registered subdued growth, though the service sector grew at the fastest pace in three months.

Among the largest emerging economies, China reported below-par output growth. India continued its tentative recovery, while Russia logged further decline in activity. Brazil registered a downturn for the eighth time in nine months, though at a slower rate.

New orders and employment in the emerging markets grew in December, though at historically slow rates. Inflationary pressures remained subdued.

The outlook for global emerging markets increased from the record low in November, but remained weak. The Emerging Markets Future Output Index was at the second-lowest level in survey history in December.

"Of the four 'BRIC' economies, India saw the strongest rate of expansion in December (and over the fourth quarter as a whole), despite the rate of expansion slipping from November's five-month peak, " Chris Williamson, chief economist at Markit said.

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