Reported Earlier, Australia Company Gross Operating Profits (QoQ) For Q1 -2.5% Vs. -0.9% Est.; 7.1% (Revised) Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's company gross operating profits for Q1 fell by 2.5% quarter-over-quarter, missing the estimated decline of 0.9% and significantly down from the revised prior figure of 7.1%.
June 04, 2024 | 5:01 am
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NEGATIVE IMPACT
The iShares MSCI Australia ETF (EWA) may experience short-term pressure due to the larger-than-expected decline in Australia's company gross operating profits for Q1.
The larger-than-expected decline in gross operating profits indicates weaker corporate performance in Australia, which could negatively impact the EWA ETF that tracks Australian equities.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80