It has been a mixed night for global markets, as investors await inflation data out of the United States.
European stocks fell, with losses in Frankfurt, Paris and London trade.
In the UK, inflation remained at 3 per cent in January, unchanged from the previous month and close to its highest level in six years.
The consumer price index had been tipped to fall slightly in the month and the steady result reinforced expectations the Bank of England could raise interest rates in May.
Investors on watch for inflation figures
In the US, the market staged a mid-session turnaround, edging into positive territory after earlier posting losses.
Banks, retailers and tech companies have led the turnaround, with the retail sector boosted by better than expected sales from sportswear company Under Armour.
Under Armour had plunged 50 per cent in 2017, on top of a 30 per cent decline in 2016.
Energy companies traded lower after a fall in US crude oil prices.
Wall Street's attention is now turning to tomorrow's all-important inflation numbers.
Fears of rising inflation and the potential for faster interest rate rises sparked the recent market turbulence.
At a ceremonial swearing-in ceremony, new Federal Reserve chairman Jerome Powell reinforced the central bank's intention to "gradually" raise interest rates.
"We are in the process of gradually normalising both interest rate policy and our balance sheet," he said.
"We will remain alert to any developing risks to financial stability."
Meanwhile, Cleveland Fed president Loretta Mester played down concerns over the volatility in remarks overnight.
"While a deeper and more persistent drop in equity markets could dash confidence and lead to a pullback in risk-taking and spending, the movements we have seen are far away from this scenario," she said.
Earning reports due today: CSL, Woodside, Dominos Pizza
Locally, futures are higher, indicating a positive start could be in store for the Australian share market this session.
Reporting season continues with some market heavyweights set to drop their profit results, including biotechnology company CSL and energy player Woodside.
Dominos Pizza will also post its half-year earnings.
On the economic front, Westpac will release its monthly consumer confidence survey.
