Australian shares powered higher at the open amid positive local news and offshore leads.

The S&P/ASX200 benchmark index was up 31.8 points, or 0.45 per cent, at 7,087.1 at 1015 AEDT on Wednesday.

The broader All Ordinaries index climbed 33.3 points, or 0.47 per cent, to 7,184.7 with only industrials and info tech marginally in the red.

The local profit reporting season delivered good news on Wednesday from market heavyweights Commonwealth Bank and CSL with their shares lifting more than 2.0 per cent and 0.78 per cent respectively.

There was impetus too from offshore markets with the Dow industrials, S&P 500 and Nasdaq all setting new records and European stocks jumping higher after China’s senior medical adviser suggested the deadly coronavirus may be over by April.

The World Health Organisation, or WHO, characterised the coronavirus as a “very grave” international threat.

The virus has killed more than 1,000 people.

However the assurance from the Chinese medical adviser has eased investors’ minds.

Oil prices lifted on the outlook.

The Aussie dollar is buying 67.15 US cents from 67.16 US cents at Tuesday’s close.