U.K. Manufacturing Purchasing Managers Index (Preliminary) 42.5 Vs. 45 Est.; 45.3 Prior
Portfolio Pulse from Benzinga Newsdesk
The U.K. Manufacturing Purchasing Managers Index (PMI) has dropped to 42.5, lower than the estimated 45 and the prior figure of 45.3. This indicates a contraction in the manufacturing sector.
August 23, 2023 | 8:40 am
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NEGATIVE IMPACT
The lower than expected U.K. Manufacturing PMI may negatively impact the iShares MSCI United Kingdom ETF (EWU), as it indicates a contraction in the manufacturing sector.
The U.K. Manufacturing PMI is a leading indicator of economic health. A lower than expected figure indicates a contraction in the manufacturing sector, which could negatively impact companies within the sector and thus the EWU ETF, which tracks the performance of these companies.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80