Australian shares rose at the open after a rally in the materials sector, following an agreement between Australia and the US to invest a combined $US3 billion ($4.6 billion) in critical minerals projects.
The benchmark S&P/ASX 200 added 0.5 per cent, 43.3 points to 9075.2 at the start of trade, buoyed by a 1.8 per cent rally in the miners.
On the ASX, the miners were among the best performers, with Alcoa rallying 9 per cent and Arafura Rare Earths jumping 26 per cent. The US and Australia will pump $US1 billion each into Australian and US projects over the next six months, including a $US200 million equity investment in a West Australian gallium plant owned by Alcoa and a $US100 million stake in the Gina Rinehart-backed Arafura Nolans rare earths mine.
Index heavyweight BHP added 2 per cent after the miner underlined its faith in global demand for iron ore remaining solid. The mining giant mined a record amount of the commodity in the three months to September 30. Full-year production guidance remained unchanged.
Elsewhere in commodities, gold advanced to a fresh record high as investors piled into the precious metal despite easing trade tensions. Traders instead took advantage of a selloff on Friday to buy more bullion, sending the metal to an all-time high of $US4381.52 an ounce. Gold miner Evolution Mining added 4.9 per cent and Regis Resources rose 3.4 per cent.
The climb locally tracked overnight movements in the US after positive tech earnings pushed Wall Street sharply higher. A broad rally sent all three major Wall Street indexes to a sharply higher close. The S&P 500 and Dow Jones Industrial were both up 1.1 per cent and the Nasdaq composite rose 1.4 per cent.
Apple shares jumped 3.9 per cent and hit their first record of 2025 after Loop Capital upgraded the stock to buy from hold, becoming the latest firm to cite positive iPhone demand trends. Shares rose as much as 3.1 per cent to $US260.20 ($400), taking out an all-time high that had stood since December.
With the earnings season well underway, about 85 per cent of the companies in the S&P 500 reporting results so far have beaten profit expectations.
Stocks in focus
Super Retail rose 2.1 per cent after appointing BCF managing director Paul Bradshaw as chief executive. Bradshaw is currently managing director of the boating, camping and fishing gear chain, which is a subsidiary of Super Retail and has been with the wider company since 2019. He is set to begin his new role on November 1.
Cleanaway Waste Management lost 2.8 per cent even as it reaffirmed its FY26 earnings guidance and says a cost reduction program at the company is currently underway. The ASX-listed rubbish collector is expected to deliver underlying earnings before interest and taxes in FY26 of between $470 million and $500 million.
Investment platform business Hub24 climbed 7.2 per cent after its platform funds under administration has increased 8 per cent over the September quarter to $122 billion, up 33 per cent from a year earlier.
