Overnight, US markets rebounded from their prior session slump following the release of positive economic data.
Investors got a much needed boost from data that showed core US retail sales grew more than expected in December.
The data helped eased concerns over the US economy, which were magnified by the poor December jobs report.
Better-than-expected earnings from banking giants, JP Morgan and Wells Fargo, fuelled the momentum on Wall Street and helped the S&P recoup nearly all of the losses it sustained in the previous session.
It was a mixed bag in the commodities complex, with gold shedding half a percent after two more Fed officials voiced their approval for more aggressive stimulus tapering.
The US dollar rose slightly against other currencies, buoyed by the strong December retail sales numbers.
In economic news, new motor vehicle sales data is due for release at 11:30am, AEDT.