Markets Live: ASX opens higher ahead of RBA decision

As administrators McGrathNicol work through the possibilities presented by the sudden liquidation of former tech startup high flyer Unlockd, Street Talk understands it has received the first of what it hopes will be many acquisition approaches.

The Lachlan Murdoch-backed advertising technology company entered administration in June, after a legal dispute with Google caused it to pull well-advanced IPO plans.

It isn't easy trying to work out an appropriate pay packet for a rock star stock picker like Magellan Financial Group's Hamish Douglass.

The good news for Magellan investors is that the investment group is having another crack at the tricky problem.

Following a review in 2016, the Magellan board decided to move Douglass' base pay from a fixed amount of $1.25 million "to an amount equal to 1.5 per cent of the average annual operating profit before income tax expense from the Group's funds management business". Easy.

Colin Kruger has the full story here.

Have you ever seen anything quite as melodramatic in corporate Australia as the shitstorm that has engulfed AMP's boardroom for the two years since chairman Simon McKeon was rolled and Catherine Brenner – who had, until conceding her desire for his job, been leading the board's 360 performance review of McKeon – installed in his place?

Thousands of words of analysis – fair and unfair – has been written on this affair through the lens of Brenner's gender, and of her fellow directors Holly Kramer, Vanessa Wallace and Patty Akopiantz (and indeed their respective roles in the McKeon putsch). In the space of eight days in April and May, all four women resigned their directorships (Akopiantz with notice) of the shrinking wealth giant after Kenneth Hayne's royal commission lanced AMP's operational practices and its governance.

InvoCare has announced this morning that it has entered into a conditional sales agreement to acquire Albury Wodonga based funeral and cremation services business Lester & Son.

Martin Earp, InvoCare's CEO and managing director said: "Lester & Son provides us with an exciting opportunity to build on our regional strategy by providing us with significant access to a highly attractive market through a well-recognised and market leading brand. The Lester & Son team have established a strong business in the area and we are delighted to have the opportunity to build on their success in Albury-Wodonga and surrounding areas. We warmly welcome the team and the local community into our business."

The Lester & Son acquisition is the fifth acquisition for the calender year and is likely to be competed by the end of July.

InvoCare shares are trading 0.8 per cent higher at $13.81.

The Australian sharemarket has advanced at the open, despite the major miners dragging.

The S&P/ASX 200 index is 6.8 points, or 0.1 per cent higher at 6184.6.

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Market jitters remain but Wall Street built momentum in the final hour of trade to finish in positive territroy, setting up the ASX for gains at the open.

Here are the overnight market highlights:

SPI futures up 21 points or 0.3% to 6158 at 7.30am AEST

Top economists are turning more bearish on the housing market at the same time as fund managers fear house price declinescould trigger a "nasty cycle" in the economy and more downside for the Australian dollar.

The more downbeat expectations on housing emerged as economists scaled back their expectations for the first interest rate hike from the Reserve Bank of Australia since it cut rates to 1.5 per cent in August 2016.

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

Your editor today is William McInnes.

This blog is not intended as investment advice.

Fairfax Media with wires.