HSBC ends marketing tie-up with Markit for PMI indices
By Pete Sweeney and Michelle Price
SHANGHAI/HONG KONG (Reuters) - HSBC (HSBA.L: Quote)(0005.HK: Quote) has ended its marketing tie-up with financial information firm Markit Ltd MRKT.O, both companies told Reuters on Friday, winding up a five-year relationship.
The two firms said HSBC had ended its sponsorship of the closely watched China Purchasing Managers Index (PMI) and other emerging markets indexes compiled by Markit.
Both described the cooperation as a success, and neither gave a specific reason for ending the arrangement.
"The sponsorship arrangement is now coming to an end and we will announce replacement sponsors soon," said Laura Davis, a Singapore-based spokeswoman for Markit in an emailed statement.
Several banking sources said Markit had been seeking other sponsors around Asia to replace HSBC, but some said the price tag may be too high.
Another disincentive could be the association with an indicator that frequently contradicts the official manufacturing
PMI, they added.
China's economic growth has slowed, and markets are closely watching for any signs of fluctuation in the trajectory of the world's second largest economy. Continued...