What’s driving the ASX higher? | The Business | ABC NEWS
The Australian share market gained 2.6 per cent in July, helped by the banking and energy sectors. That’s according to Shaw and Partners Asset Management investment director, Julia Lee. She’s told The Business host Alicia Barry that without a major tech sector, Australia’s market hasn’t seen the huge upside that the US market has, but it has avoided the volatility experienced on Wall Street and in Asia. She says that’s attractive to global investors, who may look to Australia as a shield from the huge tech related swings being experienced in other markets.
“We have very defensive characteristics and that means when there is a bit of nervousness in terms of the market, we are seen as a bit of a harbour of safety.”
By the end of the week, the ASX 200 had added 2.3 per cent closing at 8,977, its best weekly gain since April.
Julia Lee also discusses Microsoft’s 15.5 per cent one-day gain, Australia’s reporting season, NAB’s announcement about a slump in mortgage applications and the interest rates outlook for the United States and Australia.
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