Business conditions in emerging-market countries improved in July after reaching the worst in three years in the second quarter, suggesting growth will pick up in coming months, according to Bank of America Corp.
Eight of the 10 largest developing nations posted gains in the bank’s Economic Conditions Index, Bank of America said in a report, without providing details. The momentum of the index has turned positive, suggesting continued improvement in the coming three months, the Charlotte, North Carolina-based bank said.
Brazil, Russia, India and China led the gains, the report said.
The economic conditions index tracks data including industrial production, retail sales, bank credit, employment and stock indexes.