ASX 200 rose 32 points with a late spurt to 7982 (+0.4%). Gains were modest as Michele Bullock poured yet more cold water on any rate cuts this year in a speech. Banks were again the strength. CBA up 1.0%, NAB up 1.5% and the Big Bank Basket up to $242.68 (+1.3%). MQG rallied 1.3% with other financials doing well. CGF dropped 11.0% on news Apollo was selling down its stake. Insurers eased back, QBE down 1.2% and SUN dimmed by 0.9%. REITs firm again, GMG up 1.6% and GPT racing ahead up 2.9%. Industrials mixed, WES off 1.3%, ALL down 0.5% and CPU falling 0.8%. REA rose 2.2% and TPG up 1.8% after being cleared by the ACCC. Tech better, WTC up 1.3% and the All-Tech Index up 1.5%. Resources a mixed bag, with some signs of life in BHP up 0.7% and RIO rallying 1.3% with FMG off 0.4%. MIN was whacked again, down another 5.9%, with PLS hanging in. Just. Gold miners were modestly better, oil and gas majors slid, WDS down 6.8% on ex-dividend and crude weakness. In corporate news, Optus and TPG got ACCC clearance, CRN fell 16.0% on rain-interrupting play in QLD. On the economic front, Bullock gave a hawkish speech on the risks of inflation and recessions. Asian markets weaker, with Japan down 0.5%, HK off 0.6% and China -0.1%.10Y yields steady at 3.92%.

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