Australian shares rose 14 points, or 0.2%, to 8,739 in early Wednesday trade, breaking a two-day stretch of subdued activity after Wall Street finished mostly higher overnight. Risk appetite improved following comments from President Trump and Secretary of State Marco Rubio, who indicated Washington remained engaged in negotiations with Tehran on a potential agreement to halt the conflict in the Middle East.
Gains were capped, however, by fresh data showing Australian industry conditions remained weak in May, underscoring the impact of the energy crisis and broader economic uncertainty. Investors also adopted a cautious stance ahead of Q1 GDP figures due later today, with markets bracing for slower growth amid global headwinds and ongoing monetary tightening.
Sector support came from non-energy minerals, producer manufacturing, and process industries, while consumer durables, healthcare, and commercial services lagged. Among notable movers, BHP Group gained 2.3%, Northern Star Resources jumped 4.8%, and Mineral Resources advanced 2.1%.