China Non-Manufacturing Purchasing Managers Index (July) 51.5 Vs. 52.9 Est.; 53.2 Prior
Portfolio Pulse from Benzinga Newsdesk
China's Non-Manufacturing Purchasing Managers Index (PMI) for July came in at 51.5, lower than the estimated 52.9 and the prior figure of 53.2.
July 31, 2023 | 5:14 am
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NEGATIVE IMPACT
The lower than expected PMI could negatively impact the iShares China Large-Cap ETF (FXI) as it indicates a slowdown in China's non-manufacturing sector.
The PMI is a key indicator of economic health, reflecting purchasing managers' acquisition of goods and services. A lower than expected PMI indicates a slowdown in the non-manufacturing sector, which could negatively impact companies within the FXI ETF, leading to a potential decrease in its value.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80