Eurozone Services Purchasing Managers Index For October Unchanged At 47.8 Vs. 47.8 Est.
Portfolio Pulse from Benzinga Newsdesk
The Eurozone Services Purchasing Managers Index (PMI) for October remained unchanged at 47.8, in line with estimates. This indicates a contraction in the services sector, as a PMI below 50 represents a decrease in the industry's size.
November 06, 2023 | 9:18 am
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NEGATIVE IMPACT
The unchanged Eurozone Services PMI may impact VGK, an ETF that tracks European stocks, as it indicates a contraction in the services sector.
The Eurozone Services PMI is a key indicator of economic health in the region. An unchanged and below 50 PMI indicates a contraction in the services sector, which could negatively impact European stocks, and therefore VGK, an ETF that tracks these stocks.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80