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After a five–year relationship, HSBC has ended its marketing/ sponsorship tie-up with Markit Ltd (Markit) for the latter’s Asia Purchasing Managers’ Index (PMI) series, which will now be sponsored by Japan–based Nikkei Inc.
Besides sponsoring the India Manufacturing PMI and India Services PMI, the sponsorship will also include PMI surveys in the Asia Pacific (Asia-Pac) region with Nikkei branding the existing Hong Kong Whole Economy PMI; Indonesia Manufacturing PMI; Japan Manufacturing PMI and Japan Services PMI; South Korea Manufacturing PMI; Taiwan Manufacturing PMI; Vietnam Manufacturing PMI and Asia Sector PMI series. Besides, they also plan to launch two new PMI surveys for Malaysia Manufacturing and Singapore Whole Economy.
Recently, Markit had accounted Emirates NBD as sponsor of the Saudi Arabia, United Arab Emirates, Egypt and Dubai PMIs.
“Nikkei and Markit will partner to create additional PMI surveys for the region. The two companies also plan to collaborate on other index initiatives as well as digital content,” Markit said in a release.
The PMI data for manufacturing in India, released Wednesday, was the first after Nikkei took over the sponsorship. The index fell from 52.6 in May to 51.3 in June as slower increase in both output and new orders weighed. CLICK HERE FOR THE STORY
Compiled by Markit, the Asia PMI series are based on data collected monthly from 5,000 purchasing or other senior managers in the region. The PMI surveys provide advance indications of economic developments by tracking variables such as new orders, employment and prices based on first hand interviews with panels of companies that closely represent economic sectors.
Commenting on the development, Kevin Gould, president of Markit, said: “The Markit PMI surveys are among the most closely watched macroeconomic indicators in the world. As part of our partnership, we will continue to provide high quality data on the global economy, while leveraging Nikkei’s strong brand in the Asia Pacific region.”
In another development, Caixin Media Co was signed on as the new sponsor for Markit’s China Purchasing Managers’ Index (PMI), which since the past five years was also sponsored by HSBC. Before HSBC, CLSA had sponsored the Markit China PMI. In its new avatar, the index will be renamed the Caixin China PMI and will be released in August. The Caixin China PMI, including the Caixin China Manufacturing PMI and Caixin China Services PMI, will be released on a monthly basis.
