Australian shares bounce back with gains across board

The Australian share market has returned to its winning ways, with every sector gaining ground as traders shrugged off US president-elect Donald Trump's tariff threats, which led to Tuesday's selloff.

At noon AEDT on Wednesday, the benchmark S&P/ASX200 was up 43.8 points, or 0.52 per cent, to 8,403.2, while the broader All Ordinaries had gained 44.8 points, or 0.52 per cent, to 8,657.6.

A domestic consumer price index readout from the Australian Bureau of Statistics had little impact on the market.

The ABS reported that the Reserve Bank's preferred metric of inflation, trimmed mean inflation, was 3.5 per cent in October, up from 3.2 per cent in September.

Alex Joiner, chief economist at IFM Investors, tweeted that the slight uptick in inflation was "nothing for the RBA to be too concerned about".

The ASX's consumer discretionary sector was the biggest gainer at midday, up 0.7 per cent.

Web Travel Group had soared 13.7 per cent as the business-to-business travel industry platform said it would spend up to $150 million buying back shares.

Flight Centre had added 4.5 per cent and Harvey Norman had gained 2.2 per cent as the electronics and homewares retailer held its annual general meeting.

All of the big four banks were higher, with CBA up 1.3 per cent, Westpac adding 0.6 per cent, ANZ climbing 0.5 per cent and NAB rising 0.3 per cent.

In the heavyweight mining sector, goldminers were doing well as the precious metal traded at $US2,631 an ounce.

Northern Star was up 2.1 per cent, Evolution had climbed 1.1 per cent and Genesis Minerals had added 4.1 per cent.

Elsewhere in the sector, BHP had edged 0.1 per cent lower while Rio Tinto had gained 0.2 per cent and Fortescue had risen 1.8 per cent.

The Australian dollar was buying 64.77 US cents, from 64.89 US cents at Tuesday's ASX close.