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The Australian sharemarket recorded its strongest day in a month, tracking a rebound on Wall Street after news emerged Beijing and Washington could revive trade talks in the coming days.

The S&P/ASX 200 Index rose 0.6 per cent, or by 52.6 points, to 8466.7 points at the close – its best one-day gain since May 2. Nine of 11 sectors were in the green, with financials leading gains. The All Ordinaries was up 0.6 per cent.

US stocks rallied into the close of trading after the White House said US President Donald Trump and Chinese President Xi Jinping were set to speak this week on reciprocal tariffs.

‘Positive news’

The US Customs and Border Protection agency’s decision to extend its tariff pause on some Chinese goods after Wall Street close has also helped revive some risk-on sentiment in Asian trading hours. The US dollar strengthened against a basket of major currencies and pared Monday’s steep losses.

“We’ve seen positive noise around tariffs today, and I think the market’s already concluded that trade deals are going to happen,” TMS Private Wealth portfolio manager Ben Clark said.

“If Trump starts beating his chest again we might see some selling, but it won’t be anywhere near as extreme as we saw in April – the market will look through it.”

Australian financial stocks helped the bourse’s advance on Tuesday, with Commonwealth Bank rising 1.3 per cent to $178.64 to a fresh record. Westpac was up 1.4 per cent to $32.62 and ANZ 1.3 per cent to $29.36.

Iron ore miners tracked a fall in iron ore futures, spurred by a gauge of China’s manufacturing activity falling to its lowest level in more than two years. BHP retreated 0.6 per cent to $37.56 and Rio Tinto 0.7 per cent to $110.02.

Traders were also awaiting the latest US data on job openings due on Wednesday to help gauge the strength of the world’s largest economy. Consensus is for a fall in job openings in April to 7.11 million, down from 7.19 million the prior month.

Stocks in focus

On the ASX, gold stocks were some of the sharemarket’s best performers as the precious metal held near $US3400, retaining most of Monday’s more than 2.8 per cent advance.

Genesis Minerals jumped 4.6 per cent to $4.98, Newmont was up 4.3 per cent to $85.10 and West African Resources jumped 5 per cent to $3.18.

IDP Education posted the largest loss on the bourse, plunging 48.1 per cent to $3.88 after warning investors that global policy uncertainty had hurt its enrolment pipeline. The company also announced a review of profitability and costs.

Engineering stock Tasmea Limited leapt 8.6 per cent to $3.15 after the company declared a special dividend of 12 cents a share.

Domino’s retreated 2.2 per cent to $21.76 after announcing a slew of leadership changes within its Japanese business in a bid to “strengthen execution” in the region, the company has said.