Mo’ war, no problems for the big end of town, as the ASX 200 posted its second straight day of gains to start the week on Tuesday.

The index was dragged higher by a big rally for large cap tech stocks (details below) — possibly due to some revisions in the interest rates outlook as the Russia-Ukraine crisis continues to intensify.

ASX 200 banking and energy stocks also outperformed, while large cap gold stocks fell back.

For its part, the RBA said today that the conflict in Europe is a “major new source of uncertainty” for the global economy.

While domestic inflation “has picked up, it is too early to conclude that it is sustainably within the target range”, the RBA said.

In addition, “there are uncertainties about how persistent the pick-up in inflation will be given recent developments in global energy markets and ongoing supply-side problems”.

“The Board is prepared to be patient as it monitors how the various factors affecting inflation in Australia evolve.”

Despite that fairly cautious approach, CBA economists are holding to their view that the RBA will kick off its rate-hike cycle in June.

BIG CAP WINNERS

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Despite the global clean energy shift, a number of ASX coal stocks have quietly outperformed over the last 12 months, taking advantage of the run-up in prices stemming from undersupply as new investment dries up.

$4.5bn coal play Yancoal (ASX:YAL) has been one such beneficiary, as the Chinese-Australian company rewarded shareholders with a monster 2021 dividend payout of $930 million today.

The company reckons its 2022 outlook is pretty strong as well, with prices for thermal and met coal products potentially set to increase this year.

Elsewhere, Afterpay’s new parent Block Inc (ASX:SQ2) is absolutely surging. After slumping heavily in the wake of its January ASX debut, the stock has now recouped those losses following a 32% rally last Friday following its quarterly US trading update.

BIG CAP LOSERS

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While Block Inc is marching higher, fellow +$1bn BNPl player Zip Co (ASX:Z1P) fell back in Tuesday trade, a day after announcing a fully-underwritten $150m share placement to acquire US competitor Sezzle (ASX:SZL).