The Eurozone Manufacturing PMI is a significant economic indicator that can influence investor sentiment towards European markets. Since VGK tracks European stocks, any change in economic indicators like the PMI can have a short-term impact on its performance. The PMI being slightly above estimates suggests a mixed economic outlook, which might lead to cautious optimism among investors. However, since the PMI is still below the growth threshold of 50, the impact on VGK is likely to be neutral in the short term.