The Australian share market surged to a new record high on Thursday, buoyed by the US Federal Reserve’s 50 basis point interest rate cut overnight.
In the first hour of trade, the S&P/ASX 200 index climbed 20.5 points, or 0.3%, to reach 8,160.4.
In the US, major indices eased following Fed Chairman Jerome Powell's statement that the substantial rate cut should not signal the beginning of a more aggressive reduction cycle.
The Dow Jones Industrial Average fell 0.3%, the S&P 500 dipped 0.3%, and the Nasdaq Composite dropped 0.3%. The volatility index increased by 3.5%.
On the ASX, the mining sector led the gains, rising by 1%, and contributing significantly to the benchmark's performance.
BHP, Rio Tinto and Fortescue Metals lifted by 1.5%, 2% and 1.1%, respectively.
Meanwhile, gold prices briefly exceeded $2,600 per ounce, marking a new high, and oil prices saw a minor recovery but ended the day down by over 1%.
The Australian dollar briefly reached 68 US cents.
On the bond markets, 10-year and 2-year rates were at x and y, respectively.