Germany Services Purchasing Managers Index Preliminary For May 53.9 Vs. 53.5 Est.; 53.2 Prior
Portfolio Pulse from Benzinga Newsdesk
The preliminary Germany Services Purchasing Managers Index (PMI) for May came in at 53.9, beating the estimated 53.5 and the prior 53.2. This indicates an expansion in the services sector, which could positively impact ETFs with significant exposure to the German market.
May 23, 2024 | 7:33 am
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POSITIVE IMPACT
The iShares MSCI Germany ETF (EWG) is likely to see a positive impact due to the better-than-expected Germany Services PMI for May, which came in at 53.9 compared to the estimated 53.5 and the prior 53.2. This suggests an expansion in the German services sector.
The better-than-expected PMI indicates a stronger services sector in Germany, which is a positive signal for ETFs like EWG that have significant exposure to the German market. This could lead to increased investor confidence and a potential rise in the ETF's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80