Reported Earlier, Australia Full Employment Change For December -106.6K Vs. 57.0K (Prior)
Portfolio Pulse from Benzinga Newsdesk
Australia reported a significant drop in employment change for December, with a loss of 106.6K jobs compared to the prior gain of 57.0K. This unexpected decrease could signal economic challenges for the country.
January 18, 2024 | 5:20 am
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NEGATIVE IMPACT
The iShares MSCI Australia ETF (EWA) may face short-term negative impact due to the unexpected drop in Australia's employment, indicating potential economic slowdown.
As EWA tracks the investment results of an index composed of Australian equities, the reported job losses in Australia could lead to a bearish outlook for the Australian economy, potentially reducing investor confidence in Australian stocks and negatively impacting EWA's performance in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80