Reported Earlier, Australia Building Approvals (MoM) -9.5% Vs. -9.5% Est.; 0.3% (Revised) Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's Building Approvals for the month showed a significant decline of 9.5%, aligning with the estimated forecasts. This represents a sharp decrease from the previous month's revised figure of 0.3% growth.
February 08, 2024 | 6:03 am
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NEGATIVE IMPACT
The iShares MSCI Australia ETF (EWA) may experience short-term volatility due to the significant decline in Australia's Building Approvals, indicating potential economic slowdown.
The sharp decline in Building Approvals is a key economic indicator that can signal a slowing economy, which may negatively impact investor sentiment towards Australian markets, including ETFs like EWA that track the Australian market.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80