Markets Live: ASX rises as A2, Bellamy's fall

Loading Chart...

10:21am

The Australian market has opened in the green this morning although market sweethearts Bellamy's and a2 Milk have tumbled.

The S&P/ASX 200 index is up 10.3 points, or 0.2 per cent, to 6,108.1.

a2 Milk investors have not reacted favourably to a trading update despite group revenue increasing by 70 per cent. The increase appears to have come in below expectation for investors. Shares are trading down 16.9 per cent.

It appears Bellamy's investors have reacted too as the company's shares have fallen 10.2 per cent.

BHP Billiton is leading the market with a 1.5 per cent gain.

Invocare is up 5 per cent, the index's best performer, while Whitehaven Coal is up 3 per cent.

Telstra is also weighing the index today, dropping a further 1.4 per cent to $2.83.

CYBG is down 5.7 per cent.

10:00am

BREAKING: Scandal-torn wealth giant AMP's former chairman Catherine Brenner is retreating further from corporate life, announcing she will leave the board of Coca-Cola Amatil next year.

CCA's chairman Ilana Atlas said that after being a director at the company for 10 years, Ms Brenner would not seek re-election at next year's annual general meeting.

Ms Brenner quit as AMP chairman after revelations at the banking royal commission that the company stole from customers by charging them for services they did not receive, and then misled the corporate regulator about its misbehaviour.

Patrick Hatch has the full story here.

9:41am

Here are the overnight market highlights:

SPI futures down 5 points at 6095

AUD trading at 74.71 US cents

On Wall St: Dow -1%, S&P 500 -0.9%, Nasdaq -1%

In Europe: Stoxx 50 unchanged, FTSE +0.2%, CAC +0.2%, DAX -0.1%

Spot gold -1.7% at $US1291.43 an ounce

Brent crude unchanged at $US78.26 a barrel

West Texas Intermediate crude +0.3% at $US71.14 a barrel

Iron ore -2.4% at $US67.28 a tonne

9:18am

SPONSORED POST

After starting the week tentatively, Wall Street slid on Tuesday, setting up the ASX for a negative start to the day, writes Ilya Spivak & John Kicklighter.

The US indices started off this week with a clear sense of hesitation with extending the robust recovery forged last week. Through this past session, restraint turned into genuine loss.

The S&P 500, Dow and Nasdaq (speculative favorite, blue chip stalwart and leveraged tech index) all gapped lower on the open and went on to lose further ground as the session wore on.

The retreat highlights in US shares markets is not presenting as a wholesale risk aversion – as European and other regional equities weren't party to it – but there was certainly a wider concern than just those found in the local markets.

The US 10-year Treasury yield charged above 3 per cent to a near 7-year high while the Dollar rallied and emerging market currencies suffered an intense retreat.

Usually these factors align in monetary policy from the Fed – concern that 'free money' is being reined in and higher returns are to be found in foreign investment in the US – but it is too early and uneven to project a trend out of this theme.

Read the full 8@eight here.

9:02am

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

Your editor today is William McInnes.

This blog is not intended as investment advice.

Fairfax Media with wires.