Germany Services Purchasing Managers Index Preliminary For October 51.4 Vs. 50.6 Est.; 50.6 Prior
Portfolio Pulse from Benzinga Newsdesk
The Germany Services Purchasing Managers Index (PMI) for October came in at 51.4, surpassing the estimated 50.6 and matching the prior month's figure of 50.6. This indicates a slight expansion in the services sector.
October 24, 2024 | 7:33 am
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POSITIVE IMPACT
The Germany Services PMI for October exceeded expectations, which could positively impact the iShares MSCI Germany ETF (EWG) as it reflects growth in Germany's services sector.
The better-than-expected PMI suggests growth in Germany's services sector, which is a positive indicator for the German economy. As EWG is an ETF that tracks the German market, this news could lead to a positive short-term impact on its price.
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