End of Day – Wed 2 Feb

• The ASX 200 jumped out of the blocks and held up 82 points to 7088 (+1.2%). The US results helping sentiment after hours. RBA takes rate rise off the table and Lowe knows how much a litre of milk costs. The two driving sectors today were the banks with the Big Bank Basket up to $170.10 (0.95%) ahead of WBC update tomorrow. CBA up 0.9% and MQG doing well up 2.0%. Insurers also in favour with QBE up 3.1% and money managers doing well. MFG up 2.5% and PDL rising 0.6%. The other big winners were the iron ore miners as Port Hedland gets an upgrade with no price action in Asia, BHP rose 1.6% and RIO up 2.3% despite recent culture report. FMG rose 2.5% and base metals and energy chipped in too. PLS up 4.6%, MIN up 2.2% and STO rising 2.9%. 
• Industrials were firm although pockets of red. SQ2 fell 5.6% despite Block pushing higher in normal trade before falling after hours in sympathy with PayPal. The All-Tech Index rose slightly up 0.7%. CPU is now the biggest holding at 10% in the index. CPU up 4.6%. 
• In corporate news, AMC first big cab off the rank. Struggled as cost pressures highlighted down 3.5% on results. BET had a great rebound on news of how the Tom Waterhouse collaboration is going, closing up 14.8%. BRN rallied another 6.3% on a US patent and GMA did well on an update up 4.0%. On the economic front, Phil Lowe was talking rates and rises at the Press Club. No surprises. Patience is the mantra. US futures doing better on after hour tech results. 10-year yield steady at 1.90% AUD steady at 71.33c on Lowe.

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