Aussie shares rise as investors shrug off tariff fears
At noon on Thursday the benchmark S&P/ASX200 index was up 49.1 points, or 0.58 per cent, to 8,587.7, while the broader All Ordinaries had gained 47 points, or 0.54 per cent, to 8,824.9.
Overnight, minutes from the June meeting of the Federal Reserve's rate-setting committee showed most participants judged a rate cut would be appropriate this year, with a couple favouring one as soon as this month.
Barclays said it remained of the view the Fed would trim rates in December, while Citi analysts projected the US central bank would cut in September.
Also overnight, German Chancellor Friedrich Merz said he was "cautiously optimistic" the European Union could reach a trade deal with the US in coming days.
US stocks rose, with the S&P500 climbing 0.6 per cent and the tech-heavy Nasdaq rising 0.9 per cent, and that momentum has carried over to the Australian session.
Seven of the ASX's 11 sectors were higher at midday with energy, health care, technology and utilities lower.
The property sector was the biggest mover, climbing 1.2 per cent, with Charter Hall adding 1.7 per cent and GPT rising 1.6 per cent.
In the heavyweight mining sector, goldminers were bouncing back from Wednesday's sharp selloff as the precious metal traded for $US3,330 an ounce, up $30 from a day before.
Evolution rose 3.2 per cent, Newmont added 3.1 per cent and West African Resources had climbed 4.2 per cent.
As for the iron ore giants, Fortescue was up 1.5 per cent, while BHP and Rio Tinto had both added 0.9 per cent.
In the financial sector, all of the big four banks were higher.
ANZ and Westpac were both up 1.0 per cent, NAB had climbed 1.4 per cent and CBA had added 1.1 per cent.
In health care, Imrico Medical Systems had sunk 18.3 per cent to a three-month low of $1.27 after the cardiac catheter company indicated regulatory approval for one of its products in the US had fallen behind schedule.
The Australian dollar meanwhile was trading for 65.48 US cents, from 65.20 US cents at midday on Wednesday.
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