HSBC ends sponsorship of key emerging market indexes

Banking giant HSBC has ended its five-year sponsorship of a closely watched series of business activity surveys, financial research group Markit, which compiles the data, said Friday. The HSBC Markit Emerging Markets monthly purchasing managers' indexes (PMI) are seen by economists as a key gauge of manufacturing activity in China and other developing countries, with the results frequently shaking world stock markets. "HSBC's sponsorship of Markit's Emerging Market PMIs has b