The local share market has closed higher for its fifth straight day, finishing at a three-week high amid moderating US bond yields and reports China is preparing a massive stimulus measure.
The benchmark S&P/ASX200 index on Wednesday rose 47.8 points to 7,088.4, with the 0.68 per cent gain leaving it at its highest level since September 20.
The broader All Ordinaries added 50.2 points to finish at 7,281.2, a 0.69 per cent rise.
In the US, 10-year Treasury yields fell for a second day after hitting a 16-year high of 4.8 per cent on Monday.
J.P. Morgan analysts said in a note that US Treasuries had rallied - which leads to a drop in yields - in response to investors seeking a safe haven given the conflict in Israel as well as more dovish recent comments from Federal Reserve officials.
In Beijing, officials were considering issuing at least a trillion yuan ($A213 billion) in sovereign debt for spending on infrastructure projects to revitalise China's ailing economy, Bloomberg News reported.
"Hope springs eternal when it comes to China," Capital.com market analyst Kyle Rodda said, adding that the reports had given equities and high-beta currencies a "shot in the arm".
The ASX's China-exposed mining sector rose 1.0 per cent on the news, with Fortescue climbing 1.6 per cent to $21.16, Rio Tinto adding 1.4 per cent to $113.79 and BHP up 1.3 per cent to $44.73.
The Big Four banks were mixed, with Westpac down 0.2 per cent to $21.44, ANZ up 0.3 per cent to $25.65, NAB adding 0.5 per cent to $29.29 and CBA dipping 0.1 per cent to $100.64 as Australia's largest bank held its annual general meeting.
Bank of Queensland fell 7.4 per cent to $5.35 as the regional lender announced its full-year statutory net profit after tax had dropped 70 per cent to $124 million, impacted by a $200 million impairment of goodwill.
"We recognise that this has been a difficult year for our shareholders and take accountability for the operational risk failings that led to the two court enforceable undertakings," managing director and chief executive Patrick Allaway said.
"Our results reflect the market cycle and the business in transformation," he said, emphasising the bank had a clear road map.
Telstra gained 0.8 per cent at $3.90 as the telecom announced it would buy Melbourne-based technology consultancy Versent for $267.5 million to help scale its Telstra Purple tech services business.
CSL dipped 0.3 per cent to $254.27 as Paul McKenzie told shareholders at his first AGM as CEO that ongoing cost pressures had hit profits and market value but the underlying performance of Australia's third-largest company remained strong.
It was a busy day for AGMs, with IAG also holding its meeting in Sydney.
The insurance giant rose 0.2 per cent to $5.53 as chief executive Nick Hawkins reaffirmed 2023/24 guidance and told shareholders the financial year was off to a "relatively benign start" from a natural perils perspective.
"To close, we are seeing positive financial signals; we have improved our underlying performance; retention rates remain very strong; we're growing customer numbers; and we have continued to invest in our business and in our people," Mr Hawkins said.
Every sector of the ASX finished at least marginally higher, with tech the biggest gainer, rising 1.7 per cent.
The Australian dollar was buying 64.13 US cents, from 64.12 US cents at Tuesday's ASX close.
ON THE ASX:
* The S&P/ASX200 index finished Wednesday 47.8 points higher at 7,088.4, a gain of 0.68 per cent
* The All Ordinaries rose 50.2 points, or 0.69 per cent, to 7,281.2
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.13 US cents, from 64.12 US cents at Tuesday's ASX close
* 95.49 Japanese yen, from 95.34 Japanese yen
* 60.49 Euro cents, from 60.69 Euro cents
* 52.19 British pence, from 52.42 British pence
* 106.49 NZ cents, from 106.51 NZ cents
