Markets Live: ASX lower in choppy session

Mr Murray, who also chaired the Financial Systems Inquiry that examined how to reform Australia's financial services sector, will join the board after the company's annual general meeting in Melbourne next week.

"We're delighted to welcome a person of David Murray's outstanding calibre to the chairman's role. His appointment brings strong and experienced leadership to the company, strengthening our governance and our commitment to change," Mr Wilkins said.

"David has deep experience of financial services, particularly banking and wealth management, as well as the industry's regulatory environment through his leadership of the Financial System Inquiry. He brings a strong risk mindset and a clear appreciation of community expectations for AMP as well as the wider financial services industry.

"This is part of the reset that is necessary for the company and I look forward to working with David, the board and management to rebuild public confidence in the company and to restore shareholder value."

This situation gives the government the option of moving to a surplus earlier than the current schedule, he says.

However, "recent leaks make clear that this option will not be pursued and the government will use the windfall to boost economic growth via income tax cuts aimed at low and middle income earners."

NAB is looking for a 2018-19 underlying cash balance (UCB) deficit of $13 billion, down from $20.5 billion at MYEFO. This follows an estimated 2017-18 deficit of $17.5 billion, which is around $12 billion lower than at budget time last year, the economist noted.

"Continuing progress toward a return to surplus in 2020-21, along with an easing back in growth in housing credit and house prices should leave S&P somewhat more relaxed about near-term pressure on Australia's AAA rating," he added.

In a step that is likely to lend legitimacy to virtual currencies -- and create new concerns for Goldman -- the bank is about to begin using its own money to trade with clients in a variety of contracts linked to the price of bitcoin.

While Goldman will not initially be buying and selling actual bitcoins, a team at the bank is looking at going in that direction if it can get regulatory approval and figure out how to deal with the additional risks associated with holding the virtual currency.

Rana Yared, one of the Goldman executives overseeing the creation of the trading operation, said the bank is clear-eyed about what it is getting itself into.

"I would not describe myself as a true believer who wakes up thinking bitcoin will take over the world," Yared said. "For almost every person involved there has been personal skepticism brought to the table."

Shares in H&M have lost about 43 per cent since the beginning of last year, and fell as much as 5.6 per cent on Thursday.

The question analysts and investors are asking is whether the chairman's purchases are the only piece of good news out there for H&M stock. Meanwhile, short interest is now at 10.2 per cent, according to data compiled by IHS Markit. That's up from 8.8 per cent at the end of January or 5.2 per cent one year ago. Shorts are bets that share prices will fall.

The latest transactions mean that Persson and his family now hold 43.1 per cent of H&M, according to Bloomberg calculations based on regulatory filings.

"We have had a lot of incoming calls from investors wanting to understand why H&M shares have risen so sharply over the last few weeks and whether this has any implications for our fundamental views on the stock," Morgan Stanley analysts Geoff Ruddell and Amy Curry said in a note to clients on April 29. "It does not."

Having listened to a pair of introductory speeches that sounded a lot like the defence you open before you actually have a bid, Santos chairman Keith Spence was asked why he might open the energy company's books to Harbour Energy when the future suddenly appears to be so bright?

Small shareholder David Hansman introduced himself to the AGM by announcing disappointment that Spence led the board to engagement with Harbour "at a time when things are looking up".

"We have heard in commendable detail just how good things are," he said before drawing peals of applause in offering a "sincere hope that we will remain an independent company".

Gross profit was $36.8 million for the second half of 2016, after which Uber Australia switched to calendar year reporting to align with its parent, whose losses widened from $3.7 billion to $6 billion from 2016 to 2017.

Uber Australia recorded an 'administrative expense' of $89 million, a marketing expense of $26.6 million,and paid $7.4 million of company tax in calendar 2017. Gross assets were $86.3 million.

Members essentially become their own one-person firms, even firms within firms, by gaining a seal of approval to deal in the complex products typically reserved for institutions that manage hundreds of billions of dollars. And all without drawing the attention of Wall Street's everyday millionaires.

Their ranks are getting more selective. While no one keeps count, people in the industry guesstimate that the total peaked at no more than 3000 a decade ago and has shrunk considerably since the financial crisis. Months of interviews have yielded the identities of just 12 individuals who held the prize: an ISDA master agreement.

They have included hedge fund titans Chris Rokos and Michael Platt, as well as whales at Deutsche Bank and Goldman Sachs Group, which became clients of their own employers.

In the $US542-trillion market for over-the-counter derivatives, ISDA agreements set out the trading terms between two parties.

In the vernacular of Adam McKay's adaptation of Michael Lewis's The Big Short, they represent "a hunting licence" that lets an investor sit at the "big boy table and make high-level trades not available to stupid amateurs". The firms that hand them out gain access to the most desirable customers possible.

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US futures are trading slightly weaker as investors brace for the release of monthly jobs data in the US trading session.

Banks are still weighing on the Australian market, with CBA down 0.7 per cent and NAB down 0.8 per cent.

Transurban shares are down 1.1 per cent and Sydney Airport is lower by 1.4 per cent.

On the plus side, Macquarie shares are up 1.6 per cent at $109.50 as investors reward the investment bank's latest results. The firm hit an all-time high of $110.95 earlier in the session.

The current accommodative stance of monetary policy has assisted this outcome. Further progress on both inflation and unemployment is expected over the period ahead, although this progress is expected to be only gradual.

For some time the Reserve Bank Board's view has been that holding the cash rate steady at 1.5 per cent would assist that progress, with steady monetary policy promoting stability and confidence.

If the economy continues to perform as expected, higher interest rates are, however, likely to be appropriate at some point.

Notwithstanding this, the Board does not see a strong case for a near-term adjustment in the cash rate