Markets Live: ASX opens higher on banks

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10:40am

Western Australia is tipped to produce more than half of the world's lithium supply by the end of this year, as new mines come online and the world's appetite for the materials used to make batteries for electric vehicles grows.

That forecast, made by Citi analyst Clarke Wilkins last week, came on the same day that the managing director of lithium miner Pilbara Minerals, Ken Brinsden, said Australia was in "pole position in lithium raw materials", and described one part of WA as "lithium valley".

Darren Gray has the full story here.

Pilbara Minerals is trading up 2.5 per cent at 91¢.

10:23am

Checking in at the market open and the S&P/ASX 200 index has climbed higher in early trade to be sitting at 5,969.1, up 15.5 points or 0.3 per cent.

Commonwealth, NAB, Westpac and Macquarie are leading the index up this morning as the banks prepare to release their result reports in the coming two weeks.

The miners are dragging the index this morning with BHP Billiton trading down 1 per cent.

G8 Education is up 3.7 per cent this morning following a big fall in last week's trade.

ResMed is down 2.7 per cent in early trade after multiple broker notes this morning recommended either a "neutral" or "sell" position on the stock.

10:00am

Catherine Brenner has resigned as AMP chairman after a horror fortnight of revelations at the Hayne royal commission concerning the wealth giant's poor treatment of financial advice customers and deception of the corporate regulator.

Ms Brenner announced her departure on Monday morning, AMP said in a statement to the market.

Director and former IAG chief executive Mike Wilkins, who has already taken on the role of interim chief executive, will become executive chairman.

Jessica Gardner has the full story here.

9:39am

Here are the market highlights this morning.

SPI futures flat at 5942

AUD +0.4% to 75.81 US cents

On Wall St: Dow -01%, S&P 500 +0.1%, Nasdaq flat (positive)

In New York, BHP -1.9% Rio -1%

In Europe: Stoxx 50 +0.4%, FTSE +1.1%, CAC +0.5%, DAX +0.6%

Spot gold +0.6% to $US1324.00 an ounce at 5pm New York Friday

Brent crude -0.4% to $US74.44 a barrel

US oil -0.3% to $US67.97 a barrel

Iron ore to +0.9% to $US67.67 a tonne

Dalian iron ore -1.4% to 460.50 yuan

LME aluminium -2.2% to $US2225 a tonne

LME copper bid down 2.4% to $US6796 a tonne

10-year bond yield: US 2.96%, Germany 0.57%, UK 1.44%, Australia 2.82%

9:20am

SPONSORED POST

Australian shares are poised to open little changed to start the week, as investors await a wave of corporate results and annual meetings, writes Tyler Yell and Timothy Moore.

AMP will be in the spotlight on Monday, with chairman Catherine Brenner expected to resign as big investors call for the financial services giant to limit further scandals by changing the way senior executives are paid.

Rate decisions from the Reserve Bank of Australia and the US Federal Reserve will put monetary policy in focus again this week.