Australian shares hit a record high of 7938 points following US deflation data for June, which fueled expectations of impending interest rate cuts by the Federal Reserve. This spurred a shift in investor sentiment towards smaller-cap stocks benefiting from lower rates, reflected in declining US bond yields.
Amidst sector-specific movements, Australia's tech sector saw a slight decline while real estate emerged as the top performer. Additionally, the Australian dollar strengthened to US67.6¢, marking its highest level since January 2, driven by anticipations of US rate cuts.
At 11:40am, the S&P/ASX 200 is 0.86 per cent higher at 7,957.80.
The SPI futures are pointing to a rise of 79 points.
Best and worst performersThe best-performing sector is REITs, up 2.28 per cent. The worst-performing sector is Information Technology, down 1.29 per cent.
The best-performing large cap is James Hardie Industries plc
(ASX:JHX), trading 4.96 per cent higher at $48.90. It is followed by shares in SEEK
(ASX:SEK) and Netwealth Group
(ASX:NWL).
The worst-performing large cap is Pro Medicus
(ASX:PME), trading 3.11 per cent lower at $130.07. It is followed by shares in WiseTech Global
(ASX:WTC) and Computershare
(ASX:CPU).
Commodities and the dollarGold is trading at US$2415.20 an ounce.
Iron ore is 2.5 per cent higher at US$108.15 a tonne.
One Australian dollar is buying 67.58 US cents.
