Market Close 03 Feb 26: ASX shrugs off rate hike with strong gains

Aussie stocks staged a robust recovery today, reclaiming most of Monday’s losses despite the Reserve Bank of Australia handing down its first rate hike in over two years. The board unanimously lifted the cash rate to 3.85%, citing a material pick-up in inflation. Governor Michele Bullock maintained a cautious tone, refusing to rule further moves in or out while monitoring a tight labor market. The Materials sector spearheaded the rebound as gold and silver stabilised. Newmont surged after yesterday's heavy sell-off, while CBA rose despite flagging a multi-million dollar customer provision. Attention overnight turns to US earnings from Amazon and Alphabet. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.See omnystudio.com/listener for privacy information.