Reported Earlier, Australia Employment Change For December -65.1K Vs. 17.6K Est.; 72.6K (Revised) Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's Employment Change for December 2022 showed a decrease of 65.1K jobs, significantly underperforming against the estimated increase of 17.6K. This is a stark contrast to the prior month's revised figure of 72.6K job additions.
January 18, 2024 | 5:21 am
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NEGATIVE IMPACT
The iShares MSCI Australia ETF (EWA) may face short-term negative pressure due to the unexpected decline in Australia's employment, indicating potential economic slowdown.
The iShares MSCI Australia ETF (EWA) tracks the performance of the Australian equity market, which can be sensitive to economic indicators such as employment data. The worse-than-expected job figures suggest a potential economic slowdown, which could reduce investor confidence in Australian equities and negatively impact EWA's performance in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80