Aust stocks rally at the open

Local market rebounds from steep losses in previous session to begin 0.75% higher.

The Australian stock market pushed higher at the open, after better-than-expected earnings at JPMorgan Chase and Wells Fargo buoyed Wall Street overnight.

At the 1015 AEDT official market open, the benchmark S&P/ASX200 index added 0.77% to 5,252.2 points, while the broader All Ordinaries index increased 0.76% to 5,259.5 points.

Locally, in economic news on Wednesday, the Australian Bureau of Statistics is due to release lending finance data for November and new motor vehicle sales figures for December.

The Westpac/Melbourne Institute Survey of Consumer Sentiment is also due out.

No major equities news is expected.

In Australia, the market on Tuesday closed 1.5% lower after a top US central bank official raised the prospect of ongoing reductions in the US's economic stimulus program.

The benchmark S&P/ASX200 index fell 80.1 points, or 1.51%, at 5,212.0 points.

The broader All Ordinaries index was down 77 points, or 1.45%, at 5,219.8 points.