US stocks gained following the Christmas holiday on Wednesday, fueled by a surge in retail shares, while oil posted its strongest daily gain in more than two years.

The local share price index futures rose 0.7 percent, an 80.8-point discount to the underlying S&P/ASX 200 index close. The benchmark had closed 0.5 percent higher on Monday.

New Zealand's benchmark S&P/NZX 50 index edged higher in early trade.