Reported Earlier, Australia Retail Sales (MoM) Preliminary For December -2.7% Vs. -1.0% Est.; 1.6% (Revised) Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's retail sales for December showed a preliminary decline of 2.7%, which is significantly lower than the estimated 1.0% decrease. This represents a sharp drop from the revised prior figure of 1.6% growth.
January 30, 2024 | 5:35 am
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NEGATIVE IMPACT
The iShares MSCI Australia ETF (EWA) may experience short-term negative impact due to worse-than-expected retail sales data from Australia for December.
As EWA tracks the investment results of an index composed of Australian equities, the unexpected decline in retail sales suggests a potential slowdown in the Australian economy, which could negatively affect the performance of the ETF in the short term. Investors may react to this negative economic indicator, leading to a possible decrease in EWA's price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80