Reported Earlier, Australia Retail Sales (MoM) -0.4% Vs. -0.2% Est.; 0.2% Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's Retail Sales for the month showed a decline of 0.4%, underperforming against the estimated -0.2% and the previous month's 0.2% growth. This indicates a contraction in consumer spending in Australia.
May 07, 2024 | 4:34 am
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NEGATIVE IMPACT
The iShares MSCI Australia ETF (EWA) may experience short-term negative impact due to the reported decline in Australia's Retail Sales, indicating weaker 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 the Australian economy, which could negatively affect the performance of Australian stocks and, consequently, the EWA ETF.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80