Eurozone S&P Global Composite Purchasing Managers Index July 48.9 Vs. 49.7 Est.; 49.9 Prior
Portfolio Pulse from Benzinga Newsdesk
The Eurozone S&P Global Composite Purchasing Managers Index (PMI) for July was reported at 48.9, lower than the estimated 49.7 and the prior figure of 49.9.
July 24, 2023 | 8:01 am
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NEGATIVE IMPACT
The lower than expected PMI could negatively impact the Vanguard FTSE Europe ETF (VGK) as it indicates a contraction in the Eurozone economy.
The Purchasing Managers Index (PMI) is a key indicator of economic health. A PMI below 50 indicates a contraction in the economy. The lower than expected PMI for the Eurozone could lead to a decrease in the value of assets related to the region, such as the Vanguard FTSE Europe ETF (VGK).
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80