The ASX 200 finished up 30 points at 8887 (0.3%) after giving up the morning gains before the RBA's decision to raise rates. Trading was relatively quiet ahead of the Cup and the RBA decision, with CBA up 1.0%, whilst the other three banks drifted slightly. The Big Bank Basket closed at $285.36 (0.6%). MQG had a good day, up 1.2%, and other financials did well, with SOL up 1.9% and PNI up 3.1%. HUB had a very good day, up 4.8%. AMP continued to stumble around, falling another 9.4%, and insurers were a little weaker. Industrials were strong, with retail doing well on the back of the RBA decision. JBH were up 3.1%, WES up 1.7%, and the tech sector got a boost despite Nasdaq's falls. WTC up 3.2% and NXT up 5.4%. The defensive supermarkets rose, with WOW up 1.1% and COL up 1.7%, together with TLS rising too. In the REITs, we saw good gains, as it may be that rates have peaked, with GMG up 2.4% and SCG up 3.7%.

Meanwhile, it was a mixed picture in resources: BHP, RIO, and FMG not doing much, with the gold miners slightly firmer, with GMD up 0.8% and NEM up 1.2%. Some tentative moves higher in lithium stocks, but rare earths still wallowing. Oil and gas stocks inevitably fell after the crude price fell, with WDS down 3.5% and STO down 1.8%. Uranium stocks remain toxic, and the fallout continues. Even coal stocks had a bad day, with WHC down 5.1% and NHC down 5.4%.

In corporate news, ARF upped its distribution guidance and rose 3.8%. AMP fell again after Barrenjoey cut its rating on the stock to neutral, and CEH unchanged on AGM comments.

In economic news, we saw, once again, consumer confidence fall, and the RBA grasped the nettle and raised rates by 25bps, as Michelle Bullock laid out the case for keeping rates on hold further down the track. Midterms in focus tonight.

Asian markets mixed, Japan closed for Culture Day.

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