Germany Services Purchasing Managers Index Preliminary For October 48 Vs. 50 Est.; 50.3 Prior
Portfolio Pulse from Benzinga Newsdesk
The preliminary Purchasing Managers Index (PMI) for services in Germany for October has been reported at 48, lower than the estimated 50 and the prior figure of 50.3.
October 24, 2023 | 7:35 am
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NEGATIVE IMPACT
The iShares MSCI Germany ETF (EWG) may be impacted by the lower than expected PMI for services in Germany.
The PMI is a key indicator of economic health, reflecting purchasing managers' acquisition of goods and services. A PMI below 50 indicates a contraction in the sector, which could negatively impact the performance of the EWG ETF, which tracks the German market.
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