U.K. Composite Purchasing Managers' Index For August 48.6 Vs. 47.9 Est.; 50.8 Prior
Portfolio Pulse from Benzinga Newsdesk
The U.K. Composite Purchasing Managers' Index (PMI) for August was reported at 48.6, lower than the estimated 47.9 and the prior figure of 50.8. This indicates a contraction in the U.K. economy.
September 05, 2023 | 8:30 am
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The lower than expected PMI may negatively impact the iShares MSCI United Kingdom ETF (EWU) as it indicates a contraction in the U.K. economy.
The PMI is a key indicator of economic health. A reading below 50 indicates contraction. The lower than expected PMI suggests that the U.K. economy is contracting, which could negatively impact U.K. stocks and ETFs like EWU.
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