Germany Services Purchasing Managers Index July 52 Vs. 53.1 Est.; 54.1 Prior
Portfolio Pulse from Benzinga Newsdesk
Germany's Services Purchasing Managers Index (PMI) for July came in at 52, lower than the estimated 53.1 and the prior figure of 54.1.
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), which tracks the performance of the German market.
The PMI is a key indicator of economic health. A lower-than-expected PMI suggests a slowdown in the services sector, which could negatively impact the overall German market and, by extension, the EWG ETF.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Vanguard FTSE Europe ETF (VGK), which includes German stocks, could also be negatively impacted by the lower-than-expected PMI.
The PMI is a key indicator of economic health. A lower-than-expected PMI suggests a slowdown in the services sector, which could negatively impact the overall German market and, by extension, the VGK ETF, which includes German stocks.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60