Germany Manufacturing Purchasing Managers Index July 38.8 Vs. 41 Est.; 40.6 Prior
Portfolio Pulse from Benzinga Newsdesk
Germany's Manufacturing Purchasing Managers Index (PMI) for July was reported at 38.8, lower than the estimated 41 and the prior figure of 40.6.
July 24, 2023 | 7:31 am
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NEGATIVE IMPACT
The lower than expected PMI could negatively impact the iShares MSCI Germany ETF (EWG) as it indicates a contraction in the German manufacturing sector.
The PMI is a key indicator of economic health. A lower than expected PMI indicates contraction in the manufacturing sector, which could negatively impact the performance of the iShares MSCI Germany ETF (EWG) as it is heavily weighted towards German equities.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Vanguard FTSE Europe ETF (VGK) could also be negatively impacted by the lower than expected PMI as Germany is a significant part of the European economy.
The PMI is a key indicator of economic health. A lower than expected PMI indicates contraction in the manufacturing sector, which could negatively impact the performance of the Vanguard FTSE Europe ETF (VGK) as Germany is a significant part of the European economy.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60