Treasury Wine Estates has defied a slowdown in Asia and wildfires in California to post better-than-expected earnings for the first half of 2018-19 in a surprise update on Thursday.

First-half earnings covering the six months to December 31 came in between $335 million and $340 million, versus the $332 million that Treasury identifies as the market's consensus forecast. Its statutory profit results will be disclosed on February 14.

Treasury also stood by its full-year guidance for 25 per cent growth in EBITS, or earnings before interest, tax, SGARA (self-generating and regenerating assets used in agricultural accounting) and material items, which chief executive Michael Clarke reiterated at October's annual meeting. The 2018-19 guidance was issued at the company's interim 2017-18 results announcement in January last year.

Vesna Poljak with the story here.

The S&P/ASX 200 is up 0.14 per cent out the gate this morning, or 7.8 points to 5803.1

The biggest winner from the opening of trade was Treasury Wine Estates, rising 6.49 per cent.

Ansell Limited rose 3.31 per cent, and Costa Group up 2.66 per cent after a tough day's trade yesterday due to the company issuing a profit downgrade.

Sims Metal Management fell the furthest, slipping 3.53 per cent, closely followed by Regis Resources which fell 3.44 per cent.

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Sentiment is cooling and the drivers that have sustained global equity's recovery are subsiding. It's no cause for alarm (yet) by any means. The markets are demonstrating a level of short-term exhaustion after its chaotic December. The same risks remain; traders have just shifted their views. The concerns regarding a slow-down in global growth have abated somewhat, though the issue is still simmering, writes Kyle Rodda.

Markets remain at odds about what 2019 will hold for the US economy, interest rates, and the equity market.

The outlook for how the Fed will approach policy is being judged as more-dovish, however it remains an ambiguous matter. The US and China appear to be pushing for a trade-deal, but it's known that it will be a protracted process to arrive at one. The US government shut down is down the list of worries for markets for now, although it is gradually gaining greater significance.

Read the full 8@eight here.

Here are the overnight market highlights:

SPI futures up 14 points or 0.2% at about 8.10am AEDT

AUD +0.2% to 71.84 US cents (Overnight peak: 71.98)

On Wall St near 4pm: Dow +0.5% S&P 500 +0.5% Nasdaq +0.4%

Good morning and welcome to Markets Live for Friday.

Your editor today is Tim Boyd.

This blog is not intended as investment advice.

Fairfax Media with wires.