By Daniel Hunter

The HSBC Emerging Markets Index (EMI), a monthly indicator derived from the PMITM surveys, fell to a new post-crisis low of 49.4 in July, down from 50.6 in June. The latest figure was the first sub-50.0 reading since April 2009, and indicated an overall contraction of output in global emerging economies.

Output fell across the four largest emerging economies, the first broad-based contraction since March 2009. Chinese output fell for the second month running, mainly reflecting a contraction in goods production.

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