Reported Earlier, Australia Company Gross Operating Profits (QoQ) For Q3 -1.3% Vs. -0.3% Est.; -12.1% (Revised) Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's company gross operating profits for Q3 have declined by 1.3%, which is more than the estimated decrease of 0.3%. This also represents a significant drop from the previous quarter's revised figure of -12.1%.
December 04, 2023 | 5:24 am
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NEGATIVE IMPACT
The iShares MSCI Australia ETF (EWA) may experience short-term negative impact due to lower than expected gross operating profits reported for Australian companies in Q3.
As EWA tracks the investment results of an index composed of Australian equities, worse than expected operating profits for Australian companies could lead to decreased investor confidence and potential short-term price decline for the ETF.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80