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The local share market has rallied to a five-week high as traders bet that an upcoming report will show inflation has peaked in the United States, paving the way for a dovish pivot from the world's biggest central bank.
At noon on Thursday the benchmark S&P/ASX200 index was up 74.9 points, or 1.04 per cent, to 7269.9, its highest level since December 5.
The broader All Ordinaries has risen 73.1 points, or 0.99 per cent, to 7478.5.
Barring an afternoon reversal, Thursday will be the ASX's sixth winning session out of the past seven.
The US inflation readout will be released at 12.30am AEDT on Friday, and consensus expectations are it will show US consumer prices rose 6.5 per cent in the 12 months to December, its third straight month of declines after a print of 7.7 per cent in October and 7.1 per cent in November.
Cooling inflation could in turn lead to the US Federal Reserve to hike interest rates less aggressively when it next meets January 31 to February 1.
The Fed hiked raised a total of 425 basis points (4.25 percentage points) over 2022, its most aggressive tightening campaign in three decades.
The higher rates made equities less attractive, given the safe returns available in bonds and bank deposits, leading to last year's poor sharemarket returns.
Every sector except for utilities was in the green at midday with materials the biggest gainer, climbing 1.5 per cent as iron ore prices hit a fresh six-month high of $US121 a tonne amid optimism over China's reopening.
BHP was up 1.9 per cent to $49.45, and had hit a fresh all-time high of $49.46.
Fortescue had gained 2.2 per cent to an 11-month high of $22.80, Rio Tinto was up 1.7 per cent to a nine-month high of $121.42 and South32 was up 2.1 per cent to $4.595.
In the energy sector, Woodside was up 2.0 per cent to $36.22 but coalminers New Hope, Whitehaven and Yancoal were all down, by between 1.6 and 3.3 per cent.
The big banks were all higher with CBA and NAB both up by 1.2 per cent, to $104.76 and $30.425 respectively. Westpac had gained 0.9 per cent to $23.51 and ANZ was up 0.8 per cent to $24.19.
The Australian dollar meanwhile was buying 69.19 US cents, little changed from 69.18 cents at Wednesday's ASX close.