Markets Live: ASX opens shy of 10-year high

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10:25am

The Australian sharemarket has opened flat with only very muted movements from most stocks.

The S&P/ASX 200 index is up 2.7 points, or less than 0.1 per cent, at 6300.4.

Only two stocks, Commonwealth Bank and CSL, are adding more than a point to the index this morning.

Domino's Pizza is the index's best performer, up just 2.1 per cent this morning. Crown Resorts is the next best, up 2 per cent.

James Hardie Industries is the index's biggest weight, down 6.7 per cent this morning. Brambles, Suncorp and AGL are also weighing.

10:00am

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SPI futures have the ASX200 edging slightly higher this morning, following a day in which the Australian market challenged the significant 6300-handle once more, writes Kyle Rodda.

The strong activity perhaps came as somewhat of a shock to traders, given the humdrum session on Wall Street the night before, combined with the floating of several geopolitical risks.

Some solid earnings reports set the foundations for the yesterday's run, namely from financials stocks Suncorp and Magellan; but the real catalyst for the stronger ASX was a general boost to sentiment from a rally in Chinese equities, which added 2 per cent according to the blue chip CSI300 index.

So far, reporting season has delivered some respectable results, which — assuming if it continues — will give impetus for pushes higher.

However, considering the vulnerability in bank stocks owing to tightening funding costs and slow credit growth, coupled with flatness in the materials space due to softer commodity prices and trade war fears, a sustainable move higher in the index must questioned and approached carefully.

Read the full 8@eight here.

9:46am

Here are the overnight market highlights:

SPI futures up 10 points or 0.2% at 6249 at about 7.30am AEST

AUD -0.8% to 73.74 US cents

On Wall St: Dow -0.3% S&P 500 -0.1% Nasdaq flat

In New York, BHP -0.3% Rio -0.5% Atlassian +3%

In Europe: Stoxx 50 flat FTSE -0.5% CAC flat DAX +0.3%

Spot gold -0.1% to $US1212.26 an ounce at 2.25pm New York time

Brent crude -0.4% to $US72.01 a barrel

US oil -0.2% to $US66.80 a barrel

Iron ore +0.5% to $US69.78 a tonne

Dalian iron ore +0.6% to 513 yuan

LME aluminium -1.3% to $US2078 a tonne

LME copper +0.8% to $US6225 a tonne

2-year yield: US 2.65% Australia 2.04%

5-year yield: US 2.81% Australia 2.24%

10-year yield: US 2.93% Australia 2.65% Germany 0.37%

10-yr yield gap US-Australia: 28 basis points

Local data: RBA Statement on Monetary Policy; NZ BusinessNZ manufacturing PMI July

9:20am

NAB CEO Andrew Thorburn says the bank did not act honourably but was not guilty of criminal acts in its wealth and superannuation arms, after another punishing day at the Hayne royal commission.

"We do not believe they are criminal acts," Mr Thorburn said. "ASIC has made some claims against us that they suspect we have had some breaches and those are unresolved. They are suspected and not proven."

"The point we are making is that we do not believe they are criminal breaches and we certainly do not believe they are criminal acts."

Mr Thorburn acknowledged the bank did not act honourably following a third day of evidence from the chairman of its superannuation trustee Nicole Smith, where it was revealed the bank was being investigated for more than 100 breaches of the law.

James Frost has the full story here.

8:56am

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

Your editor today is William McInnes.

This blog is not intended as investment advice.

Fairfax Media with wires.