Markets Live: ASX opens flat, ANZ and CBA up

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10:59am

APRA has slammed Commonwealth Bank's board, senior management and culture in a scathing 110 page report that lambasts the bank for its widespread complacency, overconfidence, excessive complexity and insularity.

It has forced CBA to carry an additional $1 billion in regulatory capital and enter into an enforceable undertaking to conduct remedial action.

A scathing independent investigation into CBA's governance, culture and accountability has found the bank had a "widespread sense of complacency" and a "reactive stance in dealing with risks". It described the nation's largest bank as "insular", saying it had not learned from experiences and mistakes and its "continued financial success dulled the senses of the institution".

James Eyers and Jonathan Shapiro will bring you more on this throughout the day here.

10:43am

Shares in ANZ and Commonwealth have risen in early trade.

Commonwealth Bank has hit with a scathing 110 page APRA report that lambasted the bank for its widespread complacency, overconfidence, excessive complexity and insularity.

CBA chief executive officer Matt Comyn responded to the report in a statement to the ASX, saying the bank has "embraced the report as a critical but fair assessment of the issues facing us and we will act on its recommendations".

Commonwealth shares are up 0.6 per cent at $72.28.

Meanwhile, ANZ's first half 2018 results were released this morning and show the company has a weak bottom line according to Deutsche Bank's Anthony Hoo.

The company's first half cash NPAT of was $3,370m was 3.9% lower than Deutsche Bank's forecast.

The company did deliver a cash profit of 4.1 per cent but said that revenue growth would be constrained in the second half of 2018 as regulation and competition increases.

ANZ shares are up 0.9 per cent at $27.08.

10:21am

The Australian market has moved only slightly higher inside early trade with the S&P/ASX 200 index sitting at 5,984.6, up less than 0.1 per cent or 1.9 points.

Woodside Petroleum and Origin Energy are leading the market, up 1 per cent and 1.2 per cent respectively.

The best mover this morning is Wisetech Global, up 3.5 per cent.

Rio Tinto is dragging the market early, down 1 per cent.

Independence Group has fallen 6.2 per cent inside the first few minutes of trade.

9:59am

Some local data releases could have an impact on the markets today.

The RBA cash rate decision will be made at 2:30pm. The market has priced in a zero per cent chance of rates rising.

The Victorian government will release its budget today. Treasurer Tim Pallas has promised that there will be no new taxes as the state banks a $1.4 billion surplus. We'll see upon its release if there are any major surprises.

The AiG performance of manufacturing in April report is out this morning and shows that the Australian Industry Group Australian Performance of Manufacturing Index fell 4.8 points to 58.3 points in April. We'll wait to see what impact that has when the market opens this morning.

CoreLogic's April house prices data is also out today.

9:40am

Here are the overnight market highlights:

SPI futures down 17 points or 0.3% to 5949 at 8.05am AEST

AUD -0.7% to 75.28 US cents (year to date -3.4%)

On Wall St: Dow -0.6%, S&P 500 -0.8%, Nasdaq -0.8%

In New York, BHP +0.5% Rio -0.3%

In Europe: Stoxx 50 +0.5%, FTSE +0.1%, CAC +0.7%, DAX +0.3%

Spot gold -0.4% to $US1318.91 an ounce at 2.33pm New York time

Brent crude +0.8% to $US75.20 a barrel

US oil +0.4% to $US68.40 a barrel

Iron ore -0.4% to $US65.43 a tonne

Dalian iron ore -1.4% to 460.50 yuan

LME aluminium +1.1% to $US2250 a tonne

LME copper +0.2% to $US6807 a tonne

10-year bond yield: US 2.95%, Germany 0.56%, Australia 2.77%, NZ 2.79%

9:19am

SPONSORED POST:

Australian shares appear set to fall at the open after Wall Street slipped overnight and ahead of the Reserve Bank of Australia's interest rate decision, writes John Kicklighter and Ilya Spivak.

ASX futures were pointing to a 19-point weaker start on Tuesday morning.