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ABC News
ABC News
Business
business reporter Sue Lannin, wires

ASX and Wall Street rally after UK backflip on tax cuts, RBA to keep increasing rates

Australian shares have more than recouped Monday's losses after Wall Street surged overnight after the UK's reversed course on its mini budget, which had caused chaos in financial markets.

The market rallied with nearly all sectors higher on the ASX 200 index, aside from energy stocks. 

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