ASX up 0.23% near noon: A-REIT is best performing sector

At 11:40am, the S&P/ASX 200 is 0.23 per cent higher at 8,140.50.

This comes amid expectations of a significant 50 basis point interest rate cut by the Federal Reserve later this week, with JPMorgan predicting the move and CME Futures data indicating a 67% probability. The Dow and equal-weight S&P 500 also hit record highs overnight, though gains were modest.

Notable stock movements include a 15.5% rise in Platinum Asset Management following a buyout bid from Regal Partners, a 4% increase in New Hope shares after a dividend announcement, and a 6% gain in Pacific Smiles due to a revised acquisition offer.

The SPI futures are pointing to a rise of 22 points.

Best and worst performers

The best-performing sector is A-REIT, up 0.72 per cent. The worst-performing sector is Consumer Staples, down 0.32 per cent.

The best-performing large cap is Telix Pharmaceuticals (ASX:TLX), trading 4.32 per cent higher at $18.59. It is followed by shares in Pro Medicus (ASX:PME) and Incitec Pivot (ASX:IPL).

The worst-performing large cap is Harvey Norman Holdings (ASX:HVN), trading 1.83 per cent lower at $4.84. It is followed by shares in Auckland International Airport (ASX:AIA) and Pilbara Minerals (ASX:PLS).

Commodities and the dollar

Gold is trading at US$2607.20 an ounce.

One Australian dollar is buying 67.52 US cents.