Australian shares rose on Tuesday after a long weekend, gains in energy and technology stocks outweighing losses in the mining sub-index while markets were on edge about the talks between the U.S. and China regarding the ongoing trade dispute.

The S&P/ASX 200 index XJO rose 0.4% to 8,549.1 points as of 0032 GMT. The benchmark closed 0.3% lower on Friday.

The discussions, which aim to reduce the trade tensions between the world’s two biggest economies, spilled over to a second day in London.

The dispute has expanded beyond tit-for-tat tariffs to restrictions over rare earths, threatening to cripple supply chains and slow global growth.

A favourable outcome could boost the economic activity in China, Australia’s biggest export partner, and subsequently help the local miners in Sydney.

However, miners XXMM inched 0.1% lower during the session, courtesy of weaker iron ore prices after China’s producer deflation deepened to its worst level in almost two years in May.

BHP BHP slipped 0.1% whereas Rio Tinto RIO and Fortescue FMG were up 0.4% and 0.5%, respectively.

Boosting the benchmark, energy stocks XEJ advanced as much as 2% to their strongest level in more than three months as oil prices hit multi-week highs on a weaker dollar, among other factors.

Sector giants Woodside WDS and Santos STO climbed 1.5% and 1.9% respectively.

Tracking Wall Street peers, technology stocks XXIJ rose 0.6%, with WiseTech Global WTC adding 0.5% and ASX-listed shares of Xero XRO rising 0.9%.

Banks XFJ gained 0.4%, with only the top lender, Commonwealth Bank of Australia CBA, in the negative territory, falling 0.5%.

Meanwhile, gold stocks XGD were a drag on the benchmark with their 2.2% decline, on track for their fourth consecutive loss.

The sub-index was at an over one-week low.

Northern Star Resources NST slipped 0.5% while Evolution Mining EVN shed 4.4%.

New Zealand’s benchmark S&P/NZX 50 index NZ50G rose 0.3% to 12,577.11 points.