Australia’s economic growth is expanding and there is increased confidence across most sectors for the first quarter 2006 earnings. This is reflected in the Australian exchange traded fund. iShares MSCI Australia (EWA) is up 10% for the year. The top holding in this ETF, BHP Billiton, is an industry leader in major commodity businesses, such as aluminum, coal and gas. It makes up 13% of EWA. The next four top holdings are financial companies, collectively making up 27% of the ETF. These companies include National Australia Bank, Commonwealth Bank of Australia, Australia & New Zealand Banking Group and Westpac Banking.
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