Australian shares opened higher, with the S&P/ASX 200 Index rising 0.7% to 7815.2, driven by a rally in blue-chip tech stocks that also pushed the S&P 500 to a new record high. On the ASX, communication services led gains, with Telstra up over 2% and REA Group up 1.1%, while tech stocks followed the Nasdaq's positive trend. Meanwhile, European markets closed lower following a parliamentary deadlock in the French election, and investors are eyeing upcoming US inflation data and the start of the US reporting season. Notably, Bapcor declined 2.6% after rejecting a buyout offer, and Resimac's CEO Scott McWilliam resigned, leading to a 2.3% drop in its shares.
At 11:40am, the S&P/ASX 200 is 0.8 per cent higher at 7,825.30.
The SPI futures are pointing to a rise of 62 points.
Best and worst performers
All sectors are in the black. The best-performing sector is Communication Services, up 1.45 per cent. The sector with the fewest gains is Utilities, up 0.31 per cent.
The best-performing large cap is BlueScope Steel (ASX:BSL), trading 2.63 per cent higher at $20.30. It is followed by shares in Telstra Group (ASX:TLS) and NEXTDC (ASX:NXT).
The worst-performing large cap is EBOS Group (ASX:EBO), trading 2.15 per cent lower at $29.55. It is followed by shares in Treasury Wine Estates (ASX:TWE) and Auckland International Airport (ASX:AIA).
Commodities and the dollar
Gold is trading at US$2371.50 an ounce.
Iron ore is 1.7 per cent lower at US$108.65 a tonne.
Iron ore futures are pointing to a 0.5 per cent fall.
One Australian dollar is buying 67.37 US cents.
