Eurozone Services Purchasing Managers Index Preliminary For October 47.8 Vs. 48.7 Est.; 48.5 Prior
Portfolio Pulse from Benzinga Newsdesk
The Eurozone Services Purchasing Managers Index (PMI) for October was reported at 47.8, lower than the estimated 48.7 and the prior figure of 48.5.
October 24, 2023 | 8:02 am
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NEGATIVE IMPACT
The lower than expected Eurozone Services PMI may negatively impact VGK, an ETF that tracks European stocks.
VGK, an ETF that tracks European stocks, may be negatively impacted by the lower than expected Eurozone Services PMI. This is because a lower PMI indicates a slowdown in the services sector, which could lead to lower corporate earnings and thus lower stock prices.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80