HCOB Eurozone Composite Purchasing Managers Index For August 46.7 Vs. 47 Est.; 48.6 Prior
Portfolio Pulse from Benzinga Newsdesk
The HCOB Eurozone Composite Purchasing Managers Index (PMI) for August was reported at 46.7, lower than the estimated 47 and the prior figure of 48.6.
September 05, 2023 | 8:02 am
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NEGATIVE IMPACT
The lower than expected PMI could negatively impact the Vanguard FTSE Europe ETF (VGK), which tracks the performance of the European stock market.
The PMI is a key indicator of economic health, reflecting purchasing managers' acquisition of goods and services. A lower than expected PMI suggests a slowdown in the European economy, which could negatively impact the performance of the European stock market and, consequently, VGK.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80