Reported Earlier, Australia Retail Sales (MoM) For March -0.4% Vs. 0.2% Est.; 0.2% (Revised) Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's retail sales for March showed a decline of 0.4%, underperforming against the estimated 0.2% increase and a revision of the previous month's 0.2% gain. This indicates a contraction in consumer spending in Australia for the month.
April 30, 2024 | 4:40 am
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NEGATIVE IMPACT
The iShares MSCI Australia ETF (EWA) could see short-term price fluctuations due to the unexpected decline in Australia's March retail sales, indicating a potential slowdown in consumer spending.
As EWA tracks the investment results of an index composed of Australian equities, a decline in retail sales suggests a potential slowdown in consumer spending, which could negatively impact the Australian economy and, consequently, the performance of EWA in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80