Reported Earlier, Australia Employment Change For January 0.5K Vs. 26.4K Est.; -62.7K (Revised) Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's employment change for January was reported at 0.5K, significantly below the estimated 26.4K and a sharp decline from the previous month's revised figure of -62.7K.
February 15, 2024 | 5:40 am
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NEGATIVE IMPACT
The iShares MSCI Australia ETF (EWA) may experience short-term volatility due to the unexpected low employment change in Australia for January.
Given that EWA tracks the investment results of an index composed of Australian equities, the significantly lower than expected employment change in Australia could negatively impact investor sentiment towards Australian equities, potentially leading to short-term volatility in EWA's price.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80