ASX jumps on US rate bets; Credit Corp soars 14pc

The Australian sharemarket rallied at the open as global sentiment turned upwards at the prospect of sooner-and-deeper US rate cuts, offsetting concerns about the slowdown stemming from Friday's weak jobs report.
That sentiment saw the S&P 500 rally to its best day since May, with the US interest rate market now fully priced for a quarter of one percentage point cut in September, with 0.63 percentage points expected between now and the end of the year, according to IG.
The S&P/ASX 200 was up 0.9 per cent, or by 73.70 points, to 8737.40 at 10.15am AEST . All 11 sectors were higher, led by interest rate-sensitive technology and miners buoyed by gains in commodity prices. Heavyweight WiseTech Global rose 1.6 per cent, while Xero added 0.8 per cent and US-based Life360 by 2.1 per cent.
Expectations of an American rate reduction saw gold rise for a third session, rising 0.4 per cent to $US3375.65 an ounce at the open - its highest since July 24. Newmont soared 4.1 per cent and Northern Star firmed 2.3 per cent.
BHP and Fortescue Metals were up 0.8 per cent and Rio Tinto by 0.7 per cent as iron ore prices rebounded from traders betting that China's efforts to rein in steel overcapacity would support long-term demand.
Financials bounced back from selling on Monday as ANZ lifted 1 per cent, National Australia Bank by 0.8 per cent, and Westpac lifted 0.6 per cent. Commonwealth Bank rose 0.4 per cent as it said it had taken $130 million in second-half provisions, preparing to transition Bankwest to a fully digital brand and absorbing its business banking into the broader group.

Sumber : AFR