The Australian sharemarket is up 1.4pct or 61.7 to 4454.2 at lunch with all sectors trading in the black. The miners, energy stocks and financials are all lifting the market into positive territory after easing by around 0.6pct yesterday.

America's largest computer chipmaker, Intel Corporation (INTC) gained more than 7pct in afterhours US trade after exceeding profit expectations with 2nd quarter profit coming in at close to US$3 billion. This is seeing Asian markets on the rise with large technology sectors in both Japan and South Korea leading their respective sharemarkets higher.

South Korea's unemployment rate rose for the first time in 5 months to 3.5pct. Singapore's economy also expanded at a staggering annual pace of 26pct.

Australia's 2nd largest miner, RIO Tinto (RIO) is up 1.13pct or 75cents to $67.31 ahead of their June quarter update out later today. Its competitor BHP Billiton (BHP) is up 1.67pct or 63cents to $38.25. Commodity prices gained overnight with the both gold and oil prices rising strongly.

Our largest banks are on the rise off the back of strong gains from both US and European banks overnight. Westpac (WBC) and Commonwealth Bank of Australia (CBA) are currently the best performers up over 2pct.

The retailers are gaining broadly in line with our market today.

On the economic front, consumer confidence has risen in July by an impressive 11.1pct, making up for the big falls we have seen over the last couple of months.

The Australian dollar (AUD) also gained overnight and is currently buying US88.26c.

Provided by Comsec.com.au