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February 3, 2023 17 min

 ASX 200 closes up 47 points to 7558 (0.6%) as 10-year yields tumble and rate sensitive stocks rally. Banks leading the charge higher with CBA hitting records, ANZ screaming ahead up 2.3% and the Big Bank Basket up to $192.72 (1.5). ASX up 2.5% and fund managers cheering up, even MFG up 1.4%. MQG lagging a little. Insurers under a little pressure after IAG warning on margins. Industrials doing very well, TLS up 0.7%, WOW up 0.7% and WES rallying 1.3% with TCL up 0.9%. Tech better in places, CPU rallied 3.8% as traders squared books, WTC fell 2.4% and XRO down 0.7% with the All Tech Index up 0.8%. REITS doing well, GMG the star up 2.8% with SGP in the frame too up 3.0%. Healthcare soared led by CSL which is trying to break out from 4 years of slumber. Positive numbers from competitor helping up 3.0%. Resources were in a world of pain as sector rotation continues, BHP off 1.9% and RIO down 2.0% with FMG falling 1.3%, lithium stocks better, PLS up 1.9% and AKE up 0.8% with gold miners playing Duke of York marching up and then back down again. NCM down 2.9% and NST off 4.0%. Oil and gas finding support with STO up 0.9% and WDS up 0.7%. Coal stocks slightly better. In corporate news, JHG doing well up 12.9% in latest FUM numbers. On the economic front we got some lending numbers and Asian markets slipped on tech woes in HK. 10-year yields falling to 3.37%.

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