The Australian share market bounced back on Wednesday, recouping some of the losses from the previous day amid hopes that a deal was still within reach amid the US-China trade war.
The benchmark S&P/ASX200 index closed up 44.3 points, or 0.71 per cent, to 6,284.2 points, while the broader All Ordinaries was up 43.7 points, or 0.69 per cent, to 6,370.9.
The energy sector led gains, collectively up 1.56 per cent, with Santos up 2.4 per cent to $7.13, Woodside Petroleum up 1.5 per cent to $36.21 and Origin Energy up 2.5 per cent to $7.44.
The miners, health care, and tech sectors were also all up more than one per cent and every sector was in the black.
BHP gained 1.9 per cent to $37.20 and Rio Tinto was up 2.2 per cent to $98.31.
Among the big banks, ANZ was up 19 cents, or 0.73 per cent, to $26.29 while the other three didn't move much.
NAB was up four cents, Westpac was down one cent and Commonwealth was down three cents.
Shares of gold miner St Barbara were placed in a trading halt at $3.32 after it announced plans to buy Canada's Atlantic Gold Corporation for $C802 million ($A854 million).
Coca-Coca Amatil shares were up 1.7 per cent to $8.99 after chairwoman Ilana Atlas told investors at the company's general meeting that executives planned for the business to return to mid-single-digit growth in earnings per share from 2020.
Dulux Group said it would pay a special dividend despite a 14 per cent first-half profit slide, but with investors focused on its possible acquisition by Nippon Paint, its shares didn't budge much. They were up a penny to $9.74.
CSL gained 1.5 per cent to $200.84.
Trading volumes were light, with $5.71 billion in value traded, which Ms Lee said did show a lack of conviction in the rally.
But that was understandable given the volatility of recent days and the looming federal election on Saturday.
The market had also seemed to shrug off the news that growth in China's industrial output had slowed more than expected.
In Australia, the Australian Bureau of Statistics reported that wage growth had remained flat, with a 0.5 per cent lift for the March quarter, undershooting expectations and adding further weight to the case for a rate cut.
Jobs data is set to be released on Thursday, and economists expect the unemployment rate to tick up to 5.1 per cent for April, with about 15,000 new jobs created in the month.
The Aussie dollar is buying 69.30 US cents, from 69.76 US cents on Tuesday.
All three major US indexes saw their second straight day of gains following Monday's steep sell-off, but the S&P 500 remained more than 3 per cent below its all-time high reached just over two weeks ago.
The prospect of a six-month postponement of tariffs on imported autos and auto parts, along with Treasury Secretary Steven Mnuchin's remarks that he expects trade talks to resume soon in China, was welcome news to investors, who started the session in a selling mood after the underwhelming economic reports.
Retail sales posted a surprise drop in April as consumers pulled back on their spending, according to the US Commerce Department. A separate report from the Labor Department showed US industrial production also unexpectedly dipped in April.
The Dow Jones Industrial Average rose 115.97 points, or 0.45 per cent, to 25,648.02, the S&P 500 gained 16.55 points, or 0.58 per cent, to 2,850.96 and the Nasdaq Composite added 87.65 points, or 1.13 per cent, to 7,822.15.
Of the 11 major sectors in the S&P 500, eight ended the session in positive territory, with communications services enjoying the largest percentage gain, led by Alphabet Inc and Facebook.
With 455 of S&P 500 companies having posted results, first-quarter earnings season is winding down. Of those who have reported, 75.2 per cent have bested expectations.
Analysts now see first-quarter earnings growth of 1.2 per cent, a significant turnaround from the 2 per cent loss seen on 1 April.
Macy's dipped 0.5 per cent after the department store beat quarterly expectations but said the recent tariff hikes on Chinese goods will hurt its furniture business.
Agilent Technologies was the worst performer of the S&P 500, falling 11 per cent after the medical equipment maker reported quarterly profit that fell short of consensus estimates.
Ride-hailing rivals Uber Technologies and Lyft saw their second straight day of gains following their underwhelming post-debut performances. Their shares advanced 3.3 per cent and 7 per cent, respectively.
Cisco Systems shares rose more than 3 per cent in after-market trading following the company's earnings release.