UPDATE 7.45am: The Australian sharemarket is up and approaching five-and-a-half year highs after shares in the US hit all-time highs overnight.
At 7.45am, the benchmark S&P/ASX200 index was 22.5 points, or 0.43 per cent, higher at 5305.6 points while the broader All Ordinaries index was up 22.7 points, or 0.43 per cent, at 5304.6.
The re-opening of the US government and short-term lifting of its debt ceiling has buoyed Australian equities.
Among the reasons for that were a fall in the US dollar boosting some commodities such as gold and feeding through to local equities, IG market strategist Stan Shamu said.
“We are in striking distance of the year's high of 5314 and if we break that that will see us trade at a fresh five-and-a-half year high,” he told AAP.
A focus on Friday will be the release of Chinese data including the important gross domestic product (GDP) growth, which would boost markets if the figure is high.
All sectors on the ASX were higher in early trading, with the gold stocks a standout following solid price rises in the physical metal.
Gold miner Newcrest was 50 cents, or 4.9 per cent, higher at $10.64.
Among other miners, BHP Billiton was seven cents better at $35.87, Rio Tinto was down seven cents to $63.64 and Fortescue Metals Group had lifted three cents to $5.27.Energy group Santos had dropped five cents to $14.84 after warning full-year production will be at the low end of guidance while Woodside Petroleum was 28 cents stronger at $38.28.