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The Australian share market is expected to open higher after a positive lead from overseas following indications of easing Chinese-US trade tensions.

The SPI200 futures contract was up 39 points, or 0.59 per cent, at 6,614.0 at 0800 AEST, suggesting an early bounce for the benchmark S&P/ASX200 on Wednesday.

Wall Street finished higher overnight after US President Donald Trump said he would meet with Chinese President Xi Jinping at the G20 summit this month, with the Dow Jones Industrial Average up 1.35 per cent, the S&P 500 up 0.97 per cent and the tech-heavy Nasdaq Composite up 1.39 per cent.

The Aussie dollar is buying 68.76 US cents from 68.39 US cents on Tuesday.