By Daniel Hunter

The HSBC Emerging Markets Index (EMI), a monthly indicator derived from the PMITM surveys, fell from 53.8 in January to 52.3 in February. That was the lowest figure since August 2012 and indicated a moderation in economic growth in global emerging markets.

Data broken down by broad sector showed that the slowdown in the pace of expansion was broad-based across service providers and manufacturers. Goods production rose at the slowest rate since November, while services activity growth eased to a six-month low.

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