Australian shares surged 0.5% by 11:30am, driven by gains in mining stocks due to rising commodity prices and a weakening US dollar, with the S&P 500 Index reaching a record high on Wall Street. Gold miners rebounded as gold prices surpassed $2000 per ounce. Economic data from Japan, the UK, and the US over the past 24 hours indicated weakness, raising expectations for central banks to consider rate cuts.
The SPI futures are pointing to a rise of 45 points.
Best and worst performers
The best-performing sector is Energy, up 1.27 per cent. The worst-performing sector is Consumer Staples, down 0.73 per cent.
The best-performing large cap is GQG Partners (ASX:GQG), trading 7.98 per cent higher at $2.30. It is followed by shares in Pilbara Minerals (ASX:PLS) and Lynas Rare Earths (ASX:LYC).
The worst-performing large cap is Pro Medicus (ASX:PME), trading 5.05 per cent lower at $89.25. It is followed by shares in Insurance Australia Group (ASX:IAG) and QBE Insurance Group (ASX:QBE).
Commodities and the dollar
Gold is trading at US$2014.60 an ounce.
One Australian dollar is buying 65.18 US cents.
