Car sales in emerging markets have jumped sharply in the past two months, raising hopes that the worst of the EM economic slowdown could have passed.
However, the bounce was largely driven by a recovery in China’s auto market, with car sales still in freefall in recession-hit Brazil and weak in India and Indonesia.
Across emerging markets, auto sales rose at a seasonally adjusted 3.7 per cent month-on-month rate in September, building on a 2.7 per cent rise in August, according to country-by-country data collated by JPMorgan.
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