France Services Purchasing Managers Index (Preliminary) For August 46.7 Vs. 47.5 Est.; 47.1 Prior
Portfolio Pulse from Benzinga Newsdesk
The preliminary France Services Purchasing Managers Index (PMI) for August is reported at 46.7, lower than the estimated 47.5 and the prior value of 47.1.
August 23, 2023 | 7:16 am
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NEGATIVE IMPACT
The lower-than-expected PMI could negatively impact the iShares MSCI France ETF (EWQ) as it indicates a contraction in the French service sector.
The Purchasing Managers Index (PMI) is a key indicator of economic health. A PMI below 50 indicates a contraction in the sector. The lower-than-expected PMI for France's service sector could signal a slowdown in the economy, which could negatively impact the performance of the iShares MSCI France ETF (EWQ), which tracks the French market.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100