Half-time wrap:
Australian shares hit an all-time high as investors welcomed US inflation data that strengthened the case for interest rate cuts this year.
The ASX 200 rallied 68 points or 0.87% by mid-session. The market cruised past its April peak of 7910.5 in the opening minutes, trading as high as 7969.1 before shaving its gain to 7958.
The action broadly mirrored overnight events in the US, where rate-sensitive sections of the market out-performed as investors rotated out of high-flying tech stocks. The odds on a September US rate cut neared 100% after consumer prices declined last month for the first time in four years.
Here, gold miners, property stocks and small caps set the pace. The All Ordinaries Gold index popped 2.74%. The XJO REIT sector added 1.92%. The Small Ordinaries gained 1.48%. The Emerging Companies index put on 1.62%. The tech sector dropped 0.9%.
Personal trading: Took WTM at/near the 50% retrace on the fibs for a quick flip. Also took MI6. Hoped KLI would offer a cheaper entry before bouncing, but nope - missed that ride. Same with ASN. Watching OIL - getting close to possible support.
