Reported Earlier, Australia Building Approvals (MoM) For March 1.9% Vs. 3.5% Est.; -0.9% (Revised) Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's Building Approvals for March increased by 1.9%, falling short of the estimated 3.5% growth, but improving from the previous month's revised decline of -0.9%.
May 02, 2024 | 5:13 am
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NEUTRAL IMPACT
The iShares MSCI Australia ETF (EWA) may see short-term impact due to the lower-than-expected building approvals in Australia for March.
While the building approvals data is a key economic indicator, its impact on EWA may be moderate. The data shows improvement from the previous month, which could mitigate negative perceptions. However, missing the forecast might temper optimism about Australia's economic recovery, potentially affecting investor sentiment towards EWA in the short term.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 75