The ASX 200 has surged on Monday, driven by a lift in the United States where investors rallied on hopes of future interest rate cuts after being delivered the first cut of the year.

The index has jumped 0.3 per cent since the market opened about two hours ago.

Plumbing giant Reece has soared 14.5 per cent after it revealed plans for a $250m share buyback as the company boasts of a “strong balance sheet with excess capacity”.

Genesis Minerals and Regis Resources have surged 11 and 8.5 per cent respectively while Viva Energy is down almost 8.9 per cent.

Wall Street was in the green on Friday with the S&P 500 adding 0.5 per cent, the Dow Jones lifting 0.4 per cent and the Nasdaq jumping 0.7 per cent.

It follows the Federal Reserve cutting interest rates by a quarter of a percentage poin

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