The Australian share market has soared to a six month high in early trade, following a strong lead from Wall Street which led to the Australian dollar breaching parity against the greenback. Overnight, US share markets closed at two year highs after the Federal Reserve announced plans to pump US$600 billion into the economy. The Australian dollar hit a 28 year high of US$1.0063.

On the market, index leader BHP Billiton (BHP) is leading the gains, up 2.6pct to $43.74 in early trade. The Canadian government has rejected the miner's bid for the world's fertiliser company Potash Corp, but at the same time left the door open for further negotiations.

ANZ (ANZ) shares are down 3pct in the financial sector to $24.46 as the lender pays out a dividend to shareholders. The bank has also been subject to a broker downgrade.

Shares in NewsCorp (NWS) have risen 1pct to $16.69 after posting a 36pct rise in 1Q profit to US$775 million, in line with expectations. NWS says a rebound in advertising lifted its profits while its MySpace business dragged.

Shares in ship builder Austral (ASB) have been placed in a trading halt, after rising 18.5pct to $2.95 in early trade on reports the US Navy is in talks to buy coastal warships from the company.

Retail sales rose 0.3pct in September, below expectations.

The Australian dollar is worth US$1.0028, £0.6231 and €71.06c.