Local equities rebounded on Wednesday, helped by an improvement in risk appetite across the region and a stronger-than-expected Australian GDP report. After lagging yesterday, materials were the standout performer for the session, jumping over 3% on the back of large gains in bulk and base commodity futures. Financials were also in demand, helped by confirmation Australia’s economy has recovered strongly following the coronavirus pandemic. Those performances were partially offset by declines of more than 1% for consumer staples, healthcare and information technology, weighed down by the increase in bond yields seen in recent weeks. For what it’s worth, there was little movement in either the Australian or US bond curves during Asian trade on Wednesday.

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