China Manufacturing Purchasing Managers Index (July) 49.3 Vs. 49.2 Est.; 49 Prior
Portfolio Pulse from Benzinga Newsdesk
China's Manufacturing Purchasing Managers Index (PMI) for July was reported at 49.3, slightly above the estimated 49.2 and the previous month's 49. This indicates a slight improvement in the manufacturing sector, but still below the 50 threshold indicating contraction.
July 31, 2023 | 5:13 am
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NEUTRAL IMPACT
The iShares China Large-Cap ETF (FXI) could be impacted by the slight improvement in China's Manufacturing PMI. However, the index is still below 50, indicating contraction, which may limit any positive impact.
The FXI ETF tracks large-cap Chinese companies, many of which are in the manufacturing sector. Therefore, any changes in the Manufacturing PMI can impact the ETF. However, as the PMI is still below 50, indicating contraction, any positive impact may be limited.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80