Emerging markets hit 17-month highs on Chinese PMI data

Emerging market equities are hovering near highs last seen in January 2013, after China posted stronger-than-expected economic data.

The HSBC flash PMI for China in July came in at 52.0 - the highest reading in 18 months and well above the figures forecast by economists. The news pushed the Shanghai Composite index to close at 2,105 on Thursday morning, up 1.3% on the day. The wider MSCI Emerging Markets index was also boosted by the positive number, rising to the highest level in 17 months. Year to date, the index is up 7.5%. Having faced a harsh sell-off at the start of the year, emerging markets have rebounded sharply, with the index on a broadly upward trajectory since March. Its current level of 1,078 po...