The ASX 200 rallied hard despite negative US futures with a 82-point gain to 7925 (+1.0%). The RBA left rates on hold as expected. Banks were the turn around story with CBA up % and the Big Bank Basket up to $248.66 (1.2%). REITs also in demand as GMG bounced 2.7% and SCG up 1.8%. Financials services still under some pressure, IFT down 1.4% and ASX off 3.0%. Industrials generally firmed, WES up 1.3% and WOW and COL better; Retail was back in demand, as retail sales numbers were released, JBH up 1.1% and PMV up 0.9%. Tech was better, WTC up 2.3% and XRO up 1.2% with ORG rallying 2.7% on news from Earring power station. JHX remained under pressure as the recent acquisition plan continues to spur selling, down 3.9%. Resources were back in demand, BHP bouncing % and FMG up %. Gold miners limped higher, NEM up 1.1% and RMS better by 0.8%. EVN doing well up 1.7%. PLS crumbled 5.5% again as shorts took control, MIN fell 0.8% and LTR down 6.4%.  Oil and gas positive as crude rose, WDS up 1.7% and STO up 1.7%. Uranium under pressure again. In corporate news, AVJ gained 8.3% as it agreed terms with AVID. Looks like Virgin is heading for a June listing. On the economic front, retail sales rose 0.2% slightly below forecasts. Asian markets better across the board, Japan up 0.2%, China up 0.3% and HK up 1.1%. 10-year yields steady at 4.41%.

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