Eurozone Services Purchasing Managers Index Preliminary For June 52.6 Vs. 53.5 Est.; 53.2 Prior
Portfolio Pulse from Benzinga Newsdesk
The Eurozone Services Purchasing Managers Index (PMI) for June came in at 52.6, below the estimated 53.5 and the prior month's 53.2. This indicates a slower expansion in the services sector.
June 21, 2024 | 8:04 am
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NEGATIVE IMPACT
The Eurozone Services PMI for June fell to 52.6, missing estimates and the previous month's figure. This slower expansion in the services sector could negatively impact the Vanguard FTSE Europe ETF (VGK), which is exposed to European markets.
The lower-than-expected PMI indicates a slower expansion in the Eurozone services sector, which could lead to reduced investor confidence in European markets. As VGK is an ETF that tracks European stocks, it is likely to be negatively impacted in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80