The Australian sharemarket opened above 8600 points on Wednesday after encouraging news from London where US and Chinese officials are seeking a trade truce.
The S&P/ASX 200 Index rose 45.7 points, or 0.53 per cent, to 8632.9 by 10.10am AEST as eight out of 11 sectors climbed.
Wall Street climbed overnight, pushing the S&P 500 up 0.6 per cent, as Commerce Secretary Howard Lutnick said negotiations with China went well on their second day, and they could extend into a third day.
And after the close of US trade, China said it had agreed in principle with the US to a so-called framework for implementing the consensus that the two countries reached in Geneva. China's trade representative Li Chenggang said he hoped that the progress in talks would be conducive to "building trust".
Stocks in focus
Johns Lyng Group rocketed more than 15 per cent after confirming reports in the Australian Financial Review's Street Talk column of a non-binding indicative offer proposal from Pacific Equity Partners.
Buy now, pay later giant Zip also jumped 16.7 per cent after upgrading its revenue guidance to $370 million from $350 million on the back of growth in the United States.
Qantas held steady, rising 0.3 per cent, after announcing it would close Jetstar Asia, the Singapore-based budget airline that it launched more than two decades ago to capture a lucrative Asian market.
Mortgage insurer Helia rose 1.1 per cent after announcing chief executive and managing director Pauline Blight-Johnston would stand down after more than five years in the role.

Sumber : AFR