Reported Earlier, China Manufacturing Purchasing Managers Index For October 49.5 Vs. 50.2 Est.; 50.2 Prior
Portfolio Pulse from Benzinga Newsdesk
China's Manufacturing Purchasing Managers Index (PMI) for October has been reported at 49.5, lower than the estimated 50.2 and the prior figure of 50.2.
October 31, 2023 | 4:58 am
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NEGATIVE IMPACT
The lower than expected PMI in China may negatively impact the iShares China Large-Cap ETF (FXI), as it indicates a contraction in the manufacturing sector.
The PMI is a key indicator of economic health in the manufacturing sector. A PMI below 50 indicates contraction, which could lead to a decrease in the value of assets related to the Chinese economy, such as FXI. Therefore, the lower than expected PMI could negatively impact FXI in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80