Australian shares climbed alongside Wall Street, fueled by expectations of further US interest rate cuts. Miners also gained ground, buoyed by hopes for additional stimulus from China.
At 11:35am, the S&P/ASX 200 is 0.53 per cent higher at 8,230.90.
Out of the 11 sectors, eight posted gains, with materials and financials leading the way.
The SPI futures are pointing to a rise of 51 points.
Best and worst performersThe best-performing sector is Materials, up 0.84 per cent. The worst-performing sector is Utilities, down 0.61 per cent.
The best-performing large cap is Netwealth Group
(ASX:NWL), trading 3.9 per cent higher at $27.18. It is followed by shares in GQG Partners
(ASX:GQG) and Mineral Resources
(ASX:MIN).
The worst-performing large cap is Spark New Zealand
(ASX:SPK), trading 1.95 per cent lower at $2.765. It is followed by shares in Steadfast Group
(ASX:SDF) and Infratil
(ASX:IFT).
Commodities and the dollarGold is trading at US$2625.10 an ounce.
Iron ore is 0.1 per cent higher at US$104.75 a tonne.
Iron ore futures are pointing to a 0.38 per cent rise.
One Australian dollar is buying 67.18 US cents.