A relief rally in US equities spilled over to the Australian sharemarket after US President Donald Trump pulled back from his trade war with China.

The S&P/ASX 200 rose 0.6 per cent, or by 50 points, in the first few minutes of trade. The All Ordinaries rose 0.7 per cent. Nine of the bourse’s 11 sectors were in the green with healthcare stocks leading gains.

ASX 200 futures predicted the index will rally 1.2 per cent to its best day in almost three months.