Germany Manufacturing Purchasing Managers Index For October 40.8 Vs. 40.7 Est.; 39.6 Prior
Portfolio Pulse from Benzinga Newsdesk
Germany's Manufacturing Purchasing Managers Index (PMI) for October was reported at 40.8, slightly above the estimated 40.7 and significantly higher than the previous month's 39.6.
November 02, 2023 | 8:55 am
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POSITIVE IMPACT
The iShares MSCI Germany ETF (EWG) could be positively impacted by the better-than-expected PMI data, as it suggests an improvement in the German manufacturing sector.
The PMI is a key indicator of economic health, reflecting purchasing managers' acquisition of goods and services. A PMI above 50 represents an expansion when compared to the previous month. While 40.8 is still below 50, indicating contraction, it is higher than the previous month's 39.6 and above estimates, suggesting a slower rate of contraction or potential recovery. As EWG tracks the investment results of an index composed of German equities, positive economic indicators like the PMI could lead to an increase in the ETF's value.
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