Reported Earlier, Australia Unemployment Rate For January 4.1% Vs. 4.0% Est.; 3.9% Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's unemployment rate for January was reported at 4.1%, slightly higher than the estimated 4.0% and up from the previous 3.9%.
February 15, 2024 | 5:41 am
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The iShares MSCI Australia ETF (EWA) may experience short-term volatility due to the unexpected rise in Australia's unemployment rate.
The iShares MSCI Australia ETF (EWA), which tracks the investment results of an index composed of Australian equities, is likely to be impacted by the higher than expected unemployment rate. This is because higher unemployment can signal weaker economic conditions, potentially leading to decreased consumer spending and affecting companies within the ETF. The unexpected nature of the report may cause short-term volatility as investors reassess the economic outlook for Australia.
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