HCOB Eurozone Composite Purchasing Managers Index Preliminary For October 46.5 Vs. 47.4 Est.; 47.2 Prior
Portfolio Pulse from Benzinga Newsdesk
The HCOB Eurozone Composite Purchasing Managers Index (PMI) for October came in at 46.5, lower than the estimated 47.4 and the prior figure of 47.2. This indicates a contraction in the Eurozone's manufacturing and service sectors.
October 24, 2023 | 8:01 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' views on business conditions. A lower than expected PMI suggests a contraction in the manufacturing and service sectors, which could lead to a decrease in the value of VGK, as it tracks the performance of the European stock market.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80