Reported Earlier, Australia Retail Sales (MoM) Preliminary For July 0.0% Vs. 0.3% Est.; 0.5% Prior
Portfolio Pulse from Benzinga Newsdesk
Australia's retail sales for July showed no growth, coming in at 0.0% month-over-month, missing the estimated 0.3% and down from the previous 0.5%. This could impact ETFs like EWA, which track Australian markets.
August 30, 2024 | 5:15 am
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NEGATIVE IMPACT
The iShares MSCI Australia ETF (EWA) may be impacted by the flat retail sales data from Australia, as it suggests weaker consumer spending and economic activity.
EWA tracks the performance of the Australian stock market, and flat retail sales indicate weaker consumer spending, which could negatively impact the ETF's performance in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80