Reported Earlier, Australia Building Approvals (MoM) Preliminary For September -4.6% Vs. 1.3% Est.; 8.1% (Revised) Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's Building Approvals for September have been reported at -4.6%, lower than the estimated 1.3% and the revised prior of 8.1%.
November 01, 2023 | 4:46 am
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The lower than expected Building Approvals in Australia may negatively impact the iShares MSCI Australia ETF (EWA) in the short term.
EWA, which tracks the investment results of an index composed of Australian equities, may be negatively impacted by the lower than expected Building Approvals. This is because the construction sector is a significant part of the Australian economy and a decrease in building approvals could indicate a slowdown in the sector, which could negatively affect the overall economy and, consequently, the performance of Australian equities.
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