Reported Earlier, Australia Building Approvals (MoM) Preliminary For January -1.0% Vs. 3.8% Est.; -10.1% (Revised) Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's Building Approvals for January showed a decrease of 1.0% month-over-month, contrasting with the estimated 3.8% increase and a significant revision from the prior -10.1%.
March 04, 2024 | 5:30 am
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NEGATIVE IMPACT
The iShares MSCI Australia ETF (EWA) may experience short-term volatility due to the unexpected decline in Australia's Building Approvals for January.
As EWA tracks the investment results of an index composed of Australian equities, negative economic indicators like a decline in building approvals can impact investor sentiment towards Australian markets, potentially leading to short-term volatility in EWA's price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 80