End of Day Report – Wednesday 31 July: ASX has huge session up 139 points

ASX 200 has finished the day with a huge rally up 139 points or 1.8% to 8092. It’s best session since November 2022. All major sectors closed in the green after an after-hours chip stock bounce in the US combined with a mid-morning inflation numbers boost (+1% QonQ in line with expectations). Rate-sensitive Technology was the best-performing sector as bond yields took a huge fall. Australian 2Y down 15.9bp and the 10Y down 13.6bp (almost equivalent to one rate cut).

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