U.K. Composite Purchasing Managers' Index (Preliminary) 47.9 Vs. 50.3 Est.; 50.8 Prior
Portfolio Pulse from Benzinga Newsdesk
The U.K. Composite Purchasing Managers' Index (PMI) has dropped to 47.9, lower than the estimated 50.3 and the previous figure of 50.8. This indicates a contraction in the U.K. economy.
August 23, 2023 | 8:39 am
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NEGATIVE IMPACT
The iShares MSCI United Kingdom ETF (EWU) could be negatively impacted by the contraction in the U.K. economy as indicated by the lower PMI.
The U.K. Composite PMI is a key economic indicator. A lower PMI indicates a contraction in the economy, which could negatively impact the performance of U.K. stocks and ETFs like EWU that track them.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100