Sharemarkets breakthrough to new highs

As looked likely yesterday the local market broke through to a record high today.

The S&P/ASX 200 index reached 8150.5 earlier and now remains around 8144.

Excitement over a presumed US central bank rate cut is powering a sharemarket surge in Australia and internationally.

"Markets soared to all-time highs overnight as traders grew increasingly confident the US Federal Reserve will deliver a half percent cut in interest rates at its meeting on Wednesday night", said moomoo Australia chief commercial officer Michael McCarthy earlier today.