U.K. Services Purchasing Managers Index Preliminary 47.2 Vs. 49.2 Est.; 49.5 Prior
Portfolio Pulse from Benzinga Newsdesk
The U.K. Services Purchasing Managers Index (PMI) preliminary reading came in at 47.2, lower than the estimated 49.2 and the prior reading of 49.5. This indicates a contraction in the U.K. services sector.
September 22, 2023 | 8:33 am
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NEGATIVE IMPACT
The lower than expected U.K. Services PMI reading may negatively impact the iShares MSCI United Kingdom ETF (EWU), which tracks the performance of the U.K. market.
The U.K. Services PMI is a key indicator of the health of the U.K. services sector. A lower than expected reading indicates a contraction in the sector, which could negatively impact the U.K. market and, by extension, the performance of the EWU ETF, which tracks this market.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100