Reported Earlier, Australia Retail Sales (MoM) For December -2.7% Vs. 0.1% Est.; 1.6% Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's Retail Sales for December showed a significant decline of -2.7%, compared to the estimated 0.1% increase and the previous month's 1.6% growth. This unexpected drop could have implications for market expectations and investor sentiment towards Australian markets.
February 06, 2024 | 5:30 am
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NEGATIVE IMPACT
The iShares MSCI Australia ETF (EWA) could see short-term price movements due to the unexpected drop in Australia's Retail Sales for December.
Given that EWA tracks the investment results of an index composed of Australian equities, a significant decline in retail sales suggests a potential slowdown in the Australian economy. This could lead to decreased investor confidence in Australian markets, negatively impacting EWA's price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80