Reported Earlier, Australia Building Approvals (MoM) -0.3% Vs. 1.9% Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's building approvals for the month have decreased by 0.3%, compared to a 1.9% increase in the previous month. This decline may impact investments related to the Australian market.
June 06, 2024 | 4:13 am
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NEGATIVE IMPACT
The iShares MSCI Australia ETF (EWA) may experience short-term volatility due to the reported decline in Australia's building approvals, which fell by 0.3% compared to a 1.9% increase in the prior month.
The decline in building approvals is a negative indicator for the Australian economy, which could lead to a decrease in investor confidence in the iShares MSCI Australia ETF (EWA). This ETF is directly tied to the performance of the Australian market, and a slowdown in building approvals could signal broader economic challenges.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80