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Markets Live: ASX rises on Westpac, BHP

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The Australian market has opened positively this morning as the miners and banks lift.

The S&P/ASX 200 index is up 37.3 points at 6,100.2, a gain of 0.6 per cent.

BHP Billiton, South32 and Rio Tinto are all helping to advance the index this morning along with Westpac, Macquarie and Commonwealth.

NAB is dragging slightly, down 0.6 per cent this morning.

Seven West Media has risen 3.6 per cent this morning with Independence Group up 2.8 per cent.

Orica has fallen 4.9 per cent this morning with Sims Metal Management the next worst performer, down 3.1 per cent.

Westpac has notched up a first-half cash profit of $4.25 billion, an increase of 6 per cent, helped by wider profit margins and lower charges for bad debts.

The lender will pay an interim dividend of 94¢ a share, unchanged on the previous half.

Westpac's net interest income rose 8 per cent to $8.3 billion, more than offsetting a decline in fee income, while its operating expenses rose 3 per cent.

Clancy Yeates has the full story here.

Here are the market highlights for you:

SPI futures up 38 points or 0.6% to 6092

AUD +0.1% to 75.39 US cents

On Wall St: Dow +1.4%, S&P 500 +1.3%, Nasdaq +1.7%

In New York, BHP +1.3%

In Europe: Stoxx 50 +0.6%, FTSE +0.9%, CAC +0.3%, DAX +1%

Spot gold +0.2% to $US1314.50 an ounce at 4.59pm Friday New York time

Brent crude +1.8% to $US74.93 a barrel at 5pm Friday New York time

US oil +2% to $US69.79 a barrel

Iron ore -0.9 per cent to $US66.28 a tonne

Dalian iron ore flat at 469 yuan

LME aluminium +3.6% to $US2350 a tonne

LME copper flat at $US6826 a tonne

10-year bond yield: US 2.95%, Germany 0.54%, Australia 2.77%, NZ 2.76%

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Local investors appear poised to start the week on a positive note, bolstered by a rally on Wall Street and amid expectations of a federal "election" budget, write Tyler Yell and Ilya Spivak.

ASX futures were up 38 points or 0.6 per cent after all three US benchmarks advanced more than 1 per cent over the weekend. The Australian dollar edged 0.1 per cent higher.

After five straight days of gains, the ASX fell 0.6%, or 35 points, to 6062 on Friday, despite opening the session higher and breaching 6109.7.

Shares closed at the lows of the day, although they remain higher by nearly 5% over the last 20 trading sessions.

Friday's volume leader was South32 while WiseTech continued its stellar week that saw a gain of 23.92%, or $2.37, to $12.28.

Still, 14 stocks hit 52-week highs Friday while only two hit lows for the same period.

Good morning and welcome to the Markets Live blog for Monday.

Hope you've had a good weekend.

Your editor today is William McInnes.

This blog is not intended as investment advice.

Fairfax Media with wires.