U.K. Composite Purchasing Managers' Index Preliminary 48.6 Vs. 48.7 Est.; 48.5 Prior
Portfolio Pulse from Benzinga Newsdesk
The U.K. Composite Purchasing Managers' Index (PMI) preliminary reading came in at 48.6, slightly below the estimated 48.7 and slightly above the prior reading of 48.5.
October 24, 2023 | 8:35 am
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NEUTRAL IMPACT
The U.K. Composite PMI preliminary reading, which is slightly below estimates, may have a neutral to slightly negative impact on the iShares MSCI United Kingdom ETF (EWU).
The PMI is a key indicator of economic health, reflecting purchasing managers' views on business conditions. A reading below 50 indicates contraction. While the PMI is slightly below estimates, it is also slightly above the prior reading, suggesting a mixed impact. As EWU tracks the investment results of an index composed of U.K. equities, it may be affected by these economic indicators.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75