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10 August 2018

Australian Stocks Benefit From Global Events—Here’s Proof

It can happen on Hong Kong, New York, London or Tokyo. The service sector of the land down under is always prepared for wild changes.

When you have an hyperconnected world like ours, one event at the other part of the world can have a serious impact on another, despite their possible unrelated nature. This happened 7 days ago when Apple Inc. surpassed the $1 trillion market capitalisationn, while at the same time affected the Australian Stock Exchange, when several tech stocks rose with positive numbers.

Xero occupied the first place with a boost of 6 percent, WiseTech Global also did very well with 5 percent, and the bronze medal went up to Altium, who managed to have a 4 percent increase in stock value. On the other hand, mining, finance and banking stocks did not make it, with lower estimations that speak clearly for shareholders.

Since the 1960s, Australia has been a country with a very well-developed and stable economy based on a strong service sector. This industry has been expanding slowly but firmly throughout the year with an index score of 53.6, given by the Australian Industry Group.

To make more sense of these news, Australian Reserve Bank governor Philip Lowe said yesterday that higher immigration levels ensured a promising growth for the economy and also made it one of the youngest populations among advanced nations, just behind Singapore and ahead of countries like the United States, the United Kingdom, China, Germany and the ageing Japan.

With oil stocks also in positive orientation, the Australian dollar gains new domain, opening on Thursday at US$0.74, compared with last week’s mark of $US0.738.

International Investor Magazine is an online publication that provides insights, news and visual informative pieces with topics ranging from world markets, investing opportunities, industry analysis and so much more. All content is dedicated to the global investment community that wants to take a step ahead.

Stock market, Australia, News