Australian shares rebounded in afternoon trade following dips in the morning with the benchmark S&P ASX200 closing up 17.7 points, or 0.3%, to 5,273.8 points.
U.S. stocks had fallen for the third straight session on Tuesday as investors weighed reports on car and retail sales.
Energy and mining stocks lead the way with the Energy Index up 1% to 13,370 points while the Materials Index rose 0.8% to 9,837.5 points.
Oil and gas players were some of the big gainers with Woodside Petroleum (ASX: WPL) putting on $0.67, or 1.81%, to $37.69.
Santos (ASX: STO) was up $0.11, or 0.77%, to $14.41 while Oil Search (ASX: OSH) climbed $0.05, or 0.61%, to $8.31.
The major miners trailed closely behind with BHP Billiton (ASX: BHP) gaining $0.35, or 0.96%, to $36.80 and Rio Tinto (ASX: RIO) zipping past with a $0.80, or 1.22%, rise to $66.29.
Fortescue Metals Group (ASX: FMG) jumped $0.16, or 2.93%, to $5.63 while Newcrest (ASX: NCM) shed $0.09, or 1.24%, to $7.16.
Financial stocks also made gains with all four major banks posting modest gains today.
Westpac (ASX: WBC) was up $0.05, or 0.16%, to close at $32.35, National Australia Bank (ASX: NAB) gained $0.19, or 0.56%, to $34.38, Commonwealth Bank (ASX: CBA) put on $0.25, or 0.33%, to $76.80 while ANZ Bank (ASX: ANZ) climbed up $0.05, or 0.16%, to $31.76.
Second tier banks were mostly negative with Suncorp (ASX: SUN) shedding $0.08, or 0.62%, to $12.92 while Bank of Queensland (ASX: BOQ) dropped $0.17, or 1.4%, to $12.01.
Bendigo and Adelaide Bank (ASX: BEN) headed the other direction, rising $0.03, or 0.27%, to $11.12.
Investment bank Macquarie Group (ASX: MQG) slipped $0.11, or 0.21%, to $53.50.
Juniors and Mid-Caps
KGL Resources (ASX: KGL) rose 10.53% to $0.084 after drilling at its Jervois project in the Northern Territory intersected 18 metres at 0.88% copper, 15.66% lead, 3.77% zinc, 726.1g/t silver, 0.61g/t gold from 287 metres.
This supports the continuation of the resource at depth and has the potential to add to the overall resources.
Asian markets were generally negative as U.S. stocks continued sliding with the Nikkei down 1.85% to close at 15,459.07 points while the Hang Seng Index shed 0.4% to 23,815.12 points.
The Shanghai Stock Exchange Composite Index is up 1.58% to 2,257.83.
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