The country seems optimistic about its economy, but the numbers don’t reveal much cause for it.
iShares MSCI Australia (EWA) has been among the hardest-hit among single-country and regional ETFs. It’s 64.4% off its Oct. 31, 2007, high. Most other global economies are in the 50% to 60% range off their highs (Russia and China have been hit harder, notably). Even in the last two weeks, it has been one of the worst performers, down 20.5%. Few others have fared worse.
Is Australia in denial and are they dealing with the crisis realistically?
Australia’s ETFs that experienced the downward spiral include:
- iShares MSCI Australia Index (EWA): down 53.2% year-to-date