The Australian share market has opened higher, with broad-based gains, after US markets lifted to further record highs.
On the local bourse, the benchmark S&P/ASX200 index was up 20.7 points, or 0.36 per cent, at 5,741.3 points at 1030 AEST on Tuesday, with the heavyweight financial and resources sectors in positive territory.
Phillip Capital senior client adviser Michael Heffernan said investors were feeling positive, and there was some anticipation that the US Federal Reserve will have encouraging forecasts for US economic growth when it meets this week.
"Overall, there's a mood of buoyancy at the moment in the absence of negativity, and there's no major economic event on the horizon," Mr Heffernan said.
"And, I think there could be some anticipation of what the American central bank will do."
Mr Heffernan also said commodity prices were holding up, which had also boosted sentiment.
Among the major banks,ANZ, Westpac, Commonwealth Bank and National Australia Bank were between 0.5 per cent and 0.9 per cent higher, led by Westpac.
In the mining sector, BHP Billiton had lifted 1.2 per cent to $26.59, Rio Tinto climbed one per cent to $67.31, and Fortescue Metals gained 1.6 per cent to $5.485.
Oil and gas producer Woodside Petroleum was up 0.4 per cent at $28.62, but Santos was off 0.1 per cent at $3.965.
TPG Telecom ascended 17 cents, or 3.26 per cent, to $5.39 after it boosted full-year profit nine per cent to $413.8 million but cut its final dividend as it prepares to spend on the rollout of its mobile services.
Cattle exporter Wellard improved 2.5 cents, or 20 per cent, to 15 cents after it agreed terms for its long-awaited first shipment of beef cattle to China.
Locally, in economic news on Tuesday, the Reserve Bank of Australia releases the minutes of its September monetary policy.
Also, the Australian Bureau of Statistics' Residential Property Price Indexes: Eight Capital Cities for the June quarter is due out, as is the ANZ-Roy Morgan Consumer Confidence weekly survey.
On Wall Street overnight, rising Treasury yields boosted financial stocks ahead of the Federal Reserve's two-day meeting, starting on Tuesday (US time), that is expected to give an insight into how the central bank will unwind its $US4.2 trillion portfolio of Treasuries and mortgage-backed securities.
The Dow Jones Industrial Average rose 0.28 per cent.
Meanwhile, the Australian dollar has eased against the greenback along with fellow commodities-linked currency, the Canadian dollar.
The Aussie was trading at 79.75 US cents at 1030 AEST on Tuesday, from 80.18 US cents on Monday.
ON THE ASX:
* At 1030 AEST, the benchmark S&P/ASX200 was up 20.7 points, or 0.36 per cent, at 5,741.3 points.
* The broader All Ordinaries index was up 19.9 points, or 0.34 per cent, at 5,798.9 points.
* The September SPI200 futures contract was up 20 points, or 0.35 per cent, at 5,740 points.
* National turnover was 588.1 million securities traded worth $424.3 million.