In times of uncertainty, many find comfort in historically reliable names.
And who can blame investors? Australia has just been through seven consecutive rate rises, with four of those jumbo 50-basis point leaps.
For those looking for familiar names, here are two ASX shares tipped as a buy this week:
Ready to break out after going sideways for 2 years
When it comes to big names on the ASX, they don't come much bigger than CSL Limited (ASX: CSL).
Shares for this biotechnology giant had made many investors very wealthy for more than a quarter of a century until the COVID-19 pandemic hit.
Its lacklustre performance since then has caught the eye of Fairmont Equities managing director Michael Gable.
"The share price of this blood products company has been relatively flat in the past two years," Gable told The Bull.
"Because CSL is a growth stock, interest rate rises have kept a lid on the share price."
But with interest rate rises poised to slow or even cease in the new year, Gable feels like CSl shares have a fighting chance to return to glory.
"The recent acquisition of Vifor Pharma should add to CSL's earnings next year, and a topping out in interest rates should also assist a share price recovery."
His peers are in broad agreement, with 15 out of 18 analysts currently surveyed on CMC Markets rating CSL as a buy.
Cloud computing ain't going anywhere
Unlike CSL, data centre operator NextDC Ltd (ASX: NXT)'s shares went absolutely gangbusters once the coronavirus struck the world.
As the world utilised cloud computing at record levels to enable working from home, the stock price rocketed up about 80% during the 2020 calendar year.
However, the general sell-off of technology and growth shares in 2022 has struck its fortunes hard, with the stock down around 33% for the year.
Sequoia Wealth Management senior wealth manager Peter Day feels like that's opened up a buying opportunity.
"Data centre services revenue of $291 million in fiscal year 2022 rose 18% on the prior corresponding period," he said.
"Underlying EBITDA was up 26% to $169 million."
Despite the return to the office for many workers in the post-COVID era, the long-term outlook for cloud computing remains bright.
"Investment in cloud computing should remain robust," he said.
"We expect the company's earnings base to remain resilient in a potentially slowing economy."
