The Australian sharemarket rose on Wednesday after the US and China said representatives would meet later this week to commence trade talks.
The S&P/ASX 200 edged up 0.1 per cent, or by 6.7 points, to 8158.10 in the first few minutes of trade. The All Ordinaries lifted 0.1 per cent.
US President Donald Trump overnight appeared to move away from back-and-forth negotiations with countries on tariffs, sending equities lower on Wall Street. But US futures rallied on Wednesday morning on news senior Chinese officials will meet with US Treasury Secretary Scott Bessent in Switzerland on Thursday – marking a formal first step toward negotiating down Donald Trump’s sweeping tariffs on China.
Australian banks rebounded from Tuesday’s steep sell-off, even as National Australia Bank’s core earnings and revenue missed expectations. NAB shares rose 3.9 per cent, surging ahead of more modest gains from Commonwealth Bank, Westpac and ANZ.
Traders were also digesting a slew of updates from the second day of the Macquarie Australia Conference in Sydney.
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