Australian shares climb modestly as mining lifts market amid US-China summit focus

At midday on Wednesday the S&P/ASX200 rose 9.9 points, or 0.11%, to 8,767.6, marking a third consecutive session of modest gains. The uplift was led by the mining sector, which climbed 1.7% with gold miners such as Evolution, Northern Star and Newmont and iron-ore giants BHP, Rio Tinto and Fortescue all posting gains. Conversely, the four big banks and insurers like IAG and Suncorp fell, while the energy index slipped as Brent crude dropped.

Traders focused on the overnight three-day summit in Washington between US President Donald Trump and Chinese President Xi Jinping, hoping for progress on the trade dispute and broader geopolitical issues. REA Group shares fell after naming former AMP Bank executive Sally Bruce as a non-executive director, and Qantas shares rose 2.2% after confirming ticket sales for its planned Sydney-New York nonstop flights slated for mid-2028. The Australian dollar remained unchanged at 71.05 US cents.