Global investors were bracing for a rough earnings season, but most companies have so far surpassed much-lowered analyst expectations.

Refinitiv data showed that about 60 per cent of the biggest European listed companies have, so far, beaten dramatically lowered estimates.

On Wall Street, about 82 per cent of S&P 500 companies reporting so far have beaten estimates.

Meanwhile, the Australian reporting season continues today with large cap rail company Aurizon Holdings and real estate giant GPT Group both of which nudged higher in early trade.

The ASX more generally is in positive territory, with the benchmark ASX 200 Index up 0.85 per cent to 6,055 points by 11:30am AEST.

Here are the best performing ASX small cap stocks at 12pm Monday August 10:

Swipe or scroll to reveal the full table. Click headings to sort.

Biotech Emerald Clinics (ASX:EMD) jumped +70 per cent after signing a contract with the UK arm of pot giant Canopy Growth.

Secos Group (ASX:SES) locked in a significant supply contract for its compostable pet waste bags with a leading US pet supply company.

The stock was up +25 per cent in morning trade.

And quantum computing stock Archer Materials (ASX:AXE) is progressing through milestones as it aims to build a room-temperature quantum computing qubit processor.

Here are the worst performing ASX small cap stocks at 12pm Monday August 10:

Swipe or scroll to reveal the full table. Click headings to sort.

Farm Pride Foods (ASX:FRM) fell after confirming that the Lethbridge facility in Victoria has tested positive for H7N7 avian influenza virus.

The approximate number of hens lost represents about 30 per cent of the companys productive hen flock, it says.

The full financial impact of this event is still being determined but is considered material.

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ASX Small Cap Lunch Wrap: Who's beating expectations today? - Stockhead