Australian shares opened slightly higher as the resources sector posts gains after Rio Tinto predicted China would have a quick recovery in its pace of growth.
At 1014 AEST on Wednesday, the benchmark S&P/ASX200 index was up 12.8 points, or 0.3 per cent, at 4,325.4, while the broader All Ordinaries index was up 12.4 points, or 0.29 per cent, at 4,345.3.
On the ASX 24, the September share price index futures contract was four points higher at 4,284, with 6,497 contracts traded.
Cameron Securities adviser Henry Jennings said resources were performing well at the open after Rio Tinto on Wednesday provided a bullish outlook for China.
"We've had some numbers out from Rio that's really propelling the resource sector, the numbers were slightly better than expected and more importantly they've raised the dividend which is going to put pressure on BHP to do the same," he said.
"We're seeing good gains in resource stocks."
Rio Tinto was $1.36, or 2.49 per cent, higher at $56.25, BHP Billiton was 39 cents, or 1.21 per cent higher at $32.67 and Fortescue was up five cents, or 1.11 per cent, to $4.57.
A three-day US stocks rally petered out after mixed company news and disappointing European economic data renewed concerns about economic growth.
The blue-chip Dow Jones Industrial Average closed at 13,175.64, a gain of 7.04 points, or 0.05 per cent.
European stock markets turned in mixed results as investors booked profits following three days of gains, though the scandal-hit bank Standard Chartered rebounded from heavy losses.
London's benchmark FTSE 100 index of top companies managed to add a slight 0.08 per cent to 5,845.92 points despite the Bank of England lowering its forecast for growth this year to near zero.
In economic news on Thursday, the Australian Bureau of Statistics (ABS) is due to release July's Labour force figures.
In equities news, Telstra shares fell nine cents, or 2.27 per cent, to $3.88 after its full year profit of $3.4 billion was slightly lower than expected.
At 1025 national turnover was 199 million shares worth $543 million, with 280 up, 191 down and 217 unchanged.