U.K. Services Purchasing Managers Index Preliminary 51.2 Vs. 53.0 Est.; 52.9 Prior
Portfolio Pulse from Benzinga Newsdesk
The U.K. Services Purchasing Managers Index (PMI) for the preliminary reading came in at 51.2, which is below the estimated 53.0 and the prior reading of 52.9. This indicates a slower growth in the U.K. services sector than expected.
June 21, 2024 | 8:33 am
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NEGATIVE IMPACT
The iShares MSCI United Kingdom ETF (EWU) may be impacted by the lower-than-expected U.K. Services PMI, which indicates slower growth in the U.K. services sector.
The U.K. Services PMI is a key indicator of economic health in the services sector. A lower-than-expected reading suggests slower growth, which could negatively impact the performance of the iShares MSCI United Kingdom ETF (EWU) in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80