Eurozone S&P Global Composite Purchasing Managers Index For July 48.6 Vs. 48.9 Est.; 49.9 Prior
Portfolio Pulse from Benzinga Newsdesk
The Eurozone S&P Global Composite Purchasing Managers Index (PMI) for July was reported at 48.6, lower than the estimated 48.9 and the prior figure of 49.9.
August 04, 2023 | 12:37 pm
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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's 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 suggests a contraction in the economy, which could negatively impact the performance of VGK, an ETF that tracks European stocks.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80