U.K. Services Purchasing Managers Index Preliminary 49.2 Vs. 49.3 Est.; 49.3 Prior
Portfolio Pulse from Benzinga Newsdesk
The U.K. Services Purchasing Managers Index (PMI) preliminary data came in at 49.2, slightly below the estimated 49.3 and the prior figure of 49.3. This indicates a contraction in the services sector.
October 24, 2023 | 8:37 am
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NEGATIVE IMPACT
The lower than expected U.K. Services PMI could negatively impact the iShares MSCI United Kingdom ETF (EWU), as it indicates a contraction in the services sector.
The U.K. Services PMI is a key indicator of economic health. A lower than expected figure indicates a contraction in the services sector, which could negatively impact companies within the sector and thus the EWU ETF, which tracks the performance of these companies.
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IMPORTANCE 70
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