Markets Live: ASX on track for 10-year high on BHP

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12:20pm

Amazon.com on Thursday reported a record profit and forecast plowing past analyst estimates, strutting how its lucrative cloud computing and advertising businesses were helping it overcome the high costs of retail.

The e-commerce behemoth's shares rose more than 2 per cent in after-hours trade. The report may come as a relief to investors in US technology stocks, still reeling from a profit warning by Facebook Inc Wednesday that sent its stock down 19 per cent.

Amazon's report shows how the world's largest online retailer has learned to compensate for the high costs of fast package delivery and video streaming, which it has marketed around the globe to huge success. It was the first mover in the business of selling data storage and computing power in the cloud, a bet that continues to pay dividends and give it the leeway to invest in grand projects.

Read the full story here.

11:59am

The Australian sharemarket has lifted further through the morning and has broken through the 6,300 mark.

The S&P/ASX 200 index is 56.1 points, or 0.9 per cent higher at 6300.6.

BHP Billiton is still leading the market although it has softened its gains. The four majors have lifted through the morning.

Afterpay Touch is the index's best performer, up 4.2 per cent while Janus Henderson is up 3.3 per cent.

Treasury Wine Estates in the index's biggest weight with a 2.9 per cent loss. AMP is down 3.7 per cent and also weighing.

St Barbara has fallen 8.4 per cent while Sandfire Resources is down 5.6 per cent.

11:32am

Facebook has racked up plenty of milestones in its pioneering journey. Now the social-media giant has added another one that it would have rather avoided: the biggest stock-market wipeout in American history.

The social media giant's shares tumbled as much as 20 per cent on Wall Street on Thursday as sales and user growth disappointed investors. This translates to a $US124 billion ($168 billion) decline in market capitalisation, which is the largest ever loss of value in one day for a US traded company - and nearly four times the entire market capitalisation of Twitter.

Chief Executive Officer Mark Zuckerberg's fortune took an almost $US16 billion hit in the wipeout as investors dumped the stock after the company forecast years of lower profit margins.

Read the full story here.

11:11am

Shell's groundbreaking Prelude floating LNG plant off Australia's far northwest coast has gone "live" ahead of the start of production later this year, chief executive Ben van Beurden has confirmed.

LNG and liquefied petroleum gas have both been introduced into the plant in preparation for commissioning and testing of processes and systems is now under way before the offshore wells are opened up for production, Mr van Beurden told investors in London.

"The offshore team is preparing for that moment, getting the seven wells tied to the facility and ready to flow," he said.

"So, based on our current commissioning schedule, we are on track to start production this year."

Angela Macdonald-Smith has the full story here.

10:44am

Two years ago, Simon McKeon was forced to make an awkward confession to Shemara Wikramanayake.

The highly regarded Macquarie investment banker had been asked by BOSS Magazine to suggest someone for the magazine's True Leaders list, and he'd nominated the notoriously publicity-shy Wikramanayake.

"Simon, I don't like this, I'm not very happy," she said, after McKeon had explained what he'd done.

"Shemara, I've known you for 30 years, and I knew you wouldn't like it," replied an unrepentant McKeon. "But you're thoroughly deserving of the recognition, and, more importantly, you're going to have to get more used to it."

Karen Maley has the full piece here.

10:20am

The Australian sharemarket has risen sharply at the open and is currently sitting above its 10-year closing high record.

The S&P/ASX 200 index is 52.7 points, or 0.8 per cent, higher at 6297.2.

BHP Billiton is lifting the index following the announcement of the sale of its US shale assets. The major banks and CSL are also lifting.

GWA Group has risen 3.4 per cent, Estia Health is up 3.1 per cent and Wisetech Global is up 3.1 per cent also.

Wesfarmers is the index's biggest weight with a 1 per cent loss while AMP is also weighing.

Treasury Wine Estates is down 3.2 per cent, Evolution Mining is down 3.1 per cent as is St Barbara.

10:02am

SPONSORED POST

Australian shares appear poised to open higher on Friday after a lacklustre performance during Thursday's trading session amid optimism about energy stocks and miners, thanks to a lift in oil prices, easing global growth fears and China's announcement earlier this week of a stimulus package, writes Kyle Rodda.

After Wall Street closed, Amazon reported its first-ever quarterly profit above $US2 billion ever, providing some relief for tech investors spooked by Facebook's historic sell-off on Thursday.

ASX futures were up 27 points at about 7.15am AESTs. The Australian dollar was down 1.1 per cent.

Read the full 8@eight here.

9:38am

Here are the overnight market highlights:

SPI futures up 27 points or 0.4% to 6224 at about 7.25am AEST

AUD -1.1% to 73.77 US cents

On Wall St: Dow +0.4 S&P 500 -0.3% Nasdaq -1%

In New York, BHP -1% Rio -2.2% Atlassian -0.3% Facebook -19%

In after-hours trading, Atlassian +20%

In Europe: Stoxx 50 +1.2% FTSE +0.1% CAC +1% DAX +1.8%

Spot gold -0.6% to $US1223.98 an ounce at 3.11pm New York time

Brent crude +0.7% to $US74.47 a barrel

US oil +0.4% to $US69.57 a barrel

Iron ore +0.4% to $US66.30 a tonne

LME aluminium +0.3% to $US2068 a tonne

LME copper flat at $US6291 a tonne

2-year yield: US 2.68% Australia 2.07%

5-year yield: US 2.86% Australia 2.27%

10-year yield: US 2.98% Australia 2.68% Germany 0.40%

Local data: PPI first quarter; New Zealand ANZ consumer confidence July

Overseas data: China industrial profits June; US second quarter GDP, University of Michigan consumer sentiment July

9:28am

Wealth manager AMP Ltd said on Friday its underlying profit for the first half of 2018 will drop because of capitalised losses in its Australian Wealth Protection business.

Underlying profit for the six months to June 30 will be in the range of $490 million to $500 million, compared to an underlying profit of $553 million a year ago, the company said in a statement.

AMP said it "is targeting a total FY 18 dividend payout at the lower end of its 70-90 per cent guidance range. To retain capital and strategic flexibility over the coming period, it is expected that the interim dividend may be outside this range".

Read the full story here.

9:20am

BHP has completed a faster than expected exit from its US shale oil and gas assets and vowed that the $US10.8 billion in proceeds will be returned to shareholders.

British giant BP has agreed to buy the bulk of the shale portfolio, and will pay $US10.5 billion for all but the gas rich Fayetteville assets.

Those Fayetteville assets will be sold to a subsidiary of Merit Energy for $US300 million, with both transactions expected to close later this year.

"We expect to return the net proceeds from the transactions to shareholders," said chief executive Andrew Mackenzie in a statement on Friday.

Peter Ker has the full story here.