UPDATE 7.45am: Australian shares have bounced back from Tuesday's losses, thanks to a positive lead from Wall Street.
At 7.45am, the benchmark S&P/ASX200 index was up 37.9 points, or 0.7 per cent, at 5249.9 while the broader All Ordinaries index was up 38 points, or 0.7 per cent, at 5257.8.
The market is more than three-quarters of a per cent higher, which partly offsets the previous session's 1.5 per cent slide.
Morgans senior private client adviser Bill Chatterton said a rally on Wall Street, which was buoyed by better-than-expected US retail sales figures, was the main driver of the turnaround.
“Wall Street was quite a bit stronger, so we've followed that,” he said.
He said all major market sectors had started the session higher, with gold miners among the few to go backwards, following a slide in the gold price overnight.
“We're looking pretty good across the board,” he said.
Among the big four banks, the Commonwealth was up 60 cents at $76.40, ANZ had gained 35 cents to $31.14, Westpac had lifted 24 cents to $31.75 and NAB was 32 cents higher at $33.89.
Iron ore miner Fortescue was among the strongest performers, gaining 19 cents to $5.34 after the company moved to pay down its debt levels early.
But gold miner Newcrest was among the weakest, down 35 cents at $8.46.
BHP Billiton lifted 16 cents to $36.30, while Rio Tinto was 96 cents higher at $64.31 but Fortescue lost two cents to $5.12. Gold miner Newcrest was eight cents higher at $8.95.
Telstra was five cents higher at $5.25.