{"id":598434,"date":"2019-05-26T03:59:37","date_gmt":"2019-05-26T03:59:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/em-pmis-best-developed-economies-for-first-time-since-2013\/"},"modified":"2019-05-26T03:59:37","modified_gmt":"2019-05-26T03:59:37","slug":"em-pmis-best-developed-economies-for-first-time-since-2013","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/em-pmis-best-developed-economies-for-first-time-since-2013\/","title":{"rendered":"EM PMIs best developed economies for first time since 2013"},"content":{"rendered":"

<\/a> Emerging markets have pulled ahead of advanced economies for the first time since 2013 on the latest purchasing managers\u2019 indices<\/b> (PMI) for services and manufacturing, the Financial Times<\/a> reports. After a bumpy year, emerging markets\u2019 aggregate reading for the two indices comes in at 52.4 for EMs, suggesting that annual GDP growth will be in the range of 5.5% \u2014 well above the 4.4% recently forecast by the IMF. Meanwhile, developed markets\u2019 readings fell below those of EMs on both indices. A reading above 50.0 tends to show that business activity is expanding, while a figure below this indicates contraction.<\/p>\n

What\u2019s behind the better-than-expected performance?<\/b> Industrial production grew to 3.6% y-o-y in March from 2.1% in December, driven by steady global demand for EM products. Exports appear to be making a \u201cpretty significant recovery,\u201d with the export orders component of the EM manufacturing index having risen to 49.5 from 48.5 between February and April. Others have suggested that the improvement is the result of monetary easing in some EM, including Egypt, as rate hikes resulting from last year\u2019s EM Zombie Apocalypse were reversed. Egypt\u2019s PMI broke the all-important 50.0 mark in April<\/a>, showing that non-oil business activity expanded for the first time in eight months.<\/p>\n

The calm before the storm?<\/b> The PMI data was compiled before the recent intensification of tensions between China and the US, which has sent jitters through emerging markets over the past several weeks and threatens to undo the recent rebound in EM PMIs. Renaissance Capital chief economist Charles Robertson is one of several analysts \u201cexpecting EM PMIs to take a beating in coming months due to the trade war.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Emerging markets have pulled ahead of advanced economies for the first time since 2013 on the latest purchasing managers\u2019 indices (PMI) for services and manufacturing, the Financial Times reports. After a bumpy year, emerging markets\u2019 aggregate reading for the two indices comes in at 52.4 for EMs, suggesting that annual GDP growth will be in […]<\/p>\n","protected":false},"author":1,"featured_media":598435,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[116,115,72,348,185,69,1510,117],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-china","tag-emerging-markets","tag-enterpriseam","tag-gdp","tag-pmi","tag-tax","tag-the-macro-picture","tag-us","wpautop","entry"],"acf":{"mongo_id":"cea4c8df-eac9-42f0-8964-b44bf2f7623e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/5\/537.jpg","photo_position":"above","related_issue":[598419],"teaser":"","voice_url":""},"yoast_head":"\nEM PMIs best developed economies for first time since 2013 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/em-pmis-best-developed-economies-for-first-time-since-2013\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EM PMIs best developed economies for first time since 2013\" \/>\n<meta property=\"og:description\" content=\"Emerging markets have pulled ahead of advanced economies for the first time since 2013 on the latest purchasing managers\u2019 indices (PMI) for services and manufacturing, the Financial Times reports. After a bumpy year, emerging markets\u2019 aggregate reading for the two indices comes in at 52.4 for EMs, suggesting that annual GDP growth will be in […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/em-pmis-best-developed-economies-for-first-time-since-2013\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-26T03:59:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2019\/5\/537.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/em-pmis-best-developed-economies-for-first-time-since-2013\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/em-pmis-best-developed-economies-for-first-time-since-2013\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"EM PMIs best developed economies for first time since 2013\",\"datePublished\":\"2019-05-26T03:59:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/em-pmis-best-developed-economies-for-first-time-since-2013\/\"},\"wordCount\":275,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/em-pmis-best-developed-economies-for-first-time-since-2013\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2019\/5\/537.jpg?fit=%2C&ssl=1\",\"keywords\":[\"China\",\"emerging markets\",\"EnterpriseAM\",\"GDP\",\"PMI\",\"tax\",\"THE MACRO PICTURE\",\"US\"],\"articleSection\":[\"THE MACRO PICTURE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/em-pmis-best-developed-economies-for-first-time-since-2013\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/em-pmis-best-developed-economies-for-first-time-since-2013\/\",\"name\":\"EM PMIs best developed economies for first time since 2013 - 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Positive real interest rates and smaller fiscal deficits are providing emerging market policymakers a range of policy tools with which to combat the global economic slowdown, argues the Financial Times (paywall). In a time where developed\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/9\/2275.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591243,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/01\/can-emerging-markets-still-emerge\/","url_meta":{"origin":598434,"position":2},"title":"Can emerging markets still emerge?","author":"enterpriseam admin","date":"1 December 2019","format":false,"excerpt":"Can emerging markets still emerge? The rapid pace at which jobs are automated and declining birth rates will make it harder for emerging markets to escape the middle income trap and transition to developed country status, writes Christopher Wood, global head of equity strategy at Jefferies. The labor-based, mass manufacturing\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/382.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565098,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/17\/passive-investors-arent-checking-for-ems-right-now\/","url_meta":{"origin":598434,"position":3},"title":"Passive investors aren\u2019t checking for EMs right now","author":"enterpriseam admin","date":"17 March 2021","format":false,"excerpt":"Emerging market bonds are suffering a crisis of visibility, leaving potential passive investors in the dark and intensifying outflow risk by concentrating investment in a small portion of available equities, according to the Financial Times. Despite the fact that asset managers have been unanimous in their praise and bullish outlook\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/500.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570990,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/26\/the-weekend-in-macro-euro-pmis-continue-to-crash-ems-could-face-deeper-recession-diaspora-bonds\/","url_meta":{"origin":598434,"position":4},"title":"The weekend in macro: Euro PMIs continue to crash, EMs could face deeper recession, diaspora bonds","author":"enterpriseam admin","date":"26 April 2020","format":false,"excerpt":"The Weekend in Macro: Surprising no-one, European flash PMIs suggest horrific contraction in April: The IHS Markit Flash Eurozone Composite purchasing managers\u2019 index, which combines the services sector and factory output, reached an all-time low of 13.7 in April, down from 26.4 in March.Europe\u2019s service and manufacturing sectors nearing collapse:\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/214.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565515,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/13\/future-em-growth-will-be-driven-by-tech-adoption-not-exports\/","url_meta":{"origin":598434,"position":5},"title":"Future EM growth will be driven by tech adoption, not exports","author":"enterpriseam admin","date":"13 April 2021","format":false,"excerpt":"Tech adoption will be the biggest driver of future EM growth in a deglobalizing world: As more economies move towards sourcing products locally \u2014 a trend that has accelerated with trade protectionism, followed by the interruption of global supply chains during by covid-19 \u2014 global growth is at risk of\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/408.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=598434"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598434\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598419"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/598435"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598434"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598434"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}