Australian shares are trading higher at the open, led by the major resource stocks.

The S&P/ASX 200 Index is up 29.2 points, or 0.5 per cent, to 6412.2.

BHP Group is leading the advance, up 1.7 per cent, CSL is up 0.9 per cent and Woodside Petroleum has risen 1.5 per cent.

Beach Energy is trading 3.9 per cent higher, Speedcast International is up 3.7 per cent and Emeco Holdings has firmed 3.4 per cent.

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The gloom hanging over markets continues to lift, setting up the ASX for a positive finish to the week, writes Kyle Rodda.

Another day, another headline; this one, this time, has been good for the bulls. Market sentiment, which has been on a knife-edge in the last 24 hours, performed a 180 late in US trade, upon the release of news: "US WEIGHS DELAYING MEXICO TARIFFS". The heightened possibility of some degree of amicability between the US and Mexico gave risk-assets a sugar hit, pushing the S&P500 a little over 0.6 per cent higher for the day.

The technical outlook for the benchmark index is beginning to look a touch more favourable now. A new low, it is being argued, is in.

Read the full 8@eight here.

Here are the overnight market highlights:

ASX futures up 28 points or 0.4% to 6414
AUD +0.1% to 69.75 US cents
On Wall St: Dow +0.7% S&P 500 +0.6% Nasdaq +0.5%
In New York: BHP +0.7% Rio -0.1% Atlassian +1%
In Europe: Stoxx 50 -0.1% FTSE +0.6% CAC -0.3% DAX -0.2%
Spot gold +0.3% to $US1333.93 an ounce at 2.51pm New York
Brent crude +2.1% to $US61.90 a barrel
US oil +1.4% to $US52.83 a barrel
Iron ore +0.2% to $US100.60 a tonne
Dalian iron ore -0.9% to 712.50 yuan
Chinese, Hong Kong markets closed on Friday for a holiday
LME aluminium +0.3% to $US1776 a tonne
LME copper +0.01% to $US5808 a tonne
2-year yield: US 1.89% Australia 1.06%
5-year yield: US 1.89% Australia 1.12%
10-year yield: US 2.13% Australia 1.47% Germany -0.24%
10-year US/Australia yield gap near 6.30am AEST: 66 basis points

The European Central Bank has raised the prospect of cutting rates and buying more bonds as it looks to stimulate the economy in the next year.

The trade war and Brexit is continuing to weigh on the European economy and with monetary policy levers only very limited, the central bank is looking for alternate solutions.

Read the full story here.

Good morning and welcome to Markets Live for Friday.

Your editor today is William McInnes.

The market is set to firm today as central banks continue to signal an accommodative approach.

This blog is not intended as investment advice.