Australian shares rose 0.7% at midday, buoyed by a surge in U.S. tech stocks and Canada’s central bank cutting its cash rate, enhancing global rate cut expectations. All 11 sectors on the S&P/ASX 200 advanced, with Commonwealth Bank leading, climbing over 2% to a record $125.97. The local tech sector, inspired by AI enthusiasm on Wall Street, added 1.7%, with WiseTech, Xero, and Pro Medicus each gaining more than 1.8%.

In commodities, iron ore fell 0.3% to $107.10 per tonne amid uncertainty over Chinese demand, despite Beijing’s recent support measures.

Key stock movements included IDP Education, which plummeted 10.6% to $14.02 following warnings of significant business reductions due to restrictive international student policies. SkyCity Entertainment slashed its profit guidance, citing New Zealand’s recession and hotel project delays, causing shares to drop 18.4% to $1.31. Magellan Financial rose 1.3% to $8.45 as funds under management increased to $36.7 billion despite $100 million in net outflows.