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ASX has best day in seven months
The ASX dodged the US mini-tech-wreck, surging to its best day in seven months, as investors flooded back into beaten-up bank stocks.
Myriam Robin is a markets reporter based in the Financial Review's Melbourne newsroom.
The ASX dodged the US mini-tech-wreck, surging to its best day in seven months, as investors flooded back into beaten-up bank stocks.
Tim Samway of Hyperion Asset Management says fear of missing out has led to high risks for the Australian economy as a whole due to overexposure to the heavyweight banking sector.
The impact of the British election for global investors comes down to one simple question.
For all the talk of a beaten consumer, various service sectors contributed some of the most robust performances in Wednesday's 0.3 per cent GDP figures.
Investors who put their money in exchange traded funds that lack sufficient market buyers and sellers could be forced to dig into gains when they sell out.
Opportunities exist in some ASX-listed small caps but the sentiment-driven nature of the sector means stock-picking is key.
Continued selling in the big banks spread to all other major sectors, just about wiping out the last of this year's gains.
More records on Wall St weren't enough to provide support to the local sharemarket, with the ASX diving sharply thanks to more losses from banks and miners.
Yield-hungry investors have poured into Sydney Airport, Transurban and APA Group, pushing those companies and many other "bond-proxy" stocks to all-time highs.
There's nothing like losses to focus an investor's mind.
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