Australian shares mark best week in a month as data drives rebound hopes [Reuters]
Westpac Banking Corporation (WBK)
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Source: Reuters
Australian shares mark best week in a month as data drives rebound hopes (Updates to close) By Pranav A K July 3 (Reuters) - Australian shares closed higher on Friday, boosted by healthcare stocks, and notched their biggest weekly gain in nearly a month as strong U.S. jobs data and a record surge in domestic retail sales raised hopes for a recovery in the economic environment. The S&P/ASX 200 index rose up to 1.1% before paring early gains to close 0.4% higher at 6,057.90, its fourth straight session of gains and the strongest close since June 11. It added 2.6% in its best weekly gain since June 5. Following a surge in U.S. payrolls for June, data showed Australia’s retail sales jumped a record 16.9% in May, recovering from an historic plunge in April and suggesting consumer spending will not be nearly as weak in the June quarter as initially feared. James Tao, market analyst at CommSec said the data at home was a good sign that there are “green shoots” for the economy. “We’ve had a p
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