Rio Tinto has cut iron ore production guidance and faces ongoing problems with getting ships in and out of one of its key port facilities in Western Australia damaged by a cyclone more than a month ago.

The mining giant, also hit by two recent fires at its Pilbara operations in WA, now expects to produce 333-343 million tonnes of iron ore this year, down from earlier guidance of 338-350 million tonnes.

The downgrade will add to global shortages in the wake of Vale's mine closures in Brazil that have already sent iron ore prices soaring.

Rio chief executive JS Jacques said the iron ore business faced several challenges in the first quarter of 2019, including Cyclone Veronica in March, and port damage from the wild weather was still being assessed

Brad Thompson has the full story here.

Australian shares have opened flat on Tuesday as positive qaurterly results offset losses from the energy sector.

The S&P/ASX 200 Index was up 0.4 points at 6251.8.

Rio Tinto led the market, up 1.6 per cent, Cochlear is up 4.2 per cent and Commonwealth Bank is up 0.3 per cent.

Eclipx Group is up 2.4 per cent, Regis Resources has risen 2.1 per cent and Lynas Corp is up 2 per cent

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Wall Street resumes its sluggish trading, setting up the ASX for a negative start to the day, writes Kyle Rodda.

Financial market participants curbed their enthusiasm yesterday. Friday's brief excitement on Wall Street relating to a handful of earnings beats from some of the US's big banks failed to translate into meaningful momentum to begin the new trading week. Such a dynamic was also evident throughout the Asian session.

The ASX200 closed flat for the day, and Chinese stocks rallied and retraced all in the space of a few hours. The Nikkei was higher for the day; however, that was largely due to a markedly weaker Japanese Yen, with that currency unable to reclaim its losses after Friday's risk-on move.

Read the full 8@eight here.

Here are the overnight market highlights:

SPI futures down 18 points to 6222
AUD +0.1% to 71.8 US cents
On Wall St at 1.12pm in New York: Dow -0.1% S&P 500 -0.1% Nasdaq -0.1%
In New York, BHP -1.7% Rio -0.5% Atlassian +1.6%
In Europe: Stoxx 50 +0.1% FTSE unchanged CAC +0.1% DAX+0.2%
Spot gold -0.2% to $US1287.39 an ounce
Brent crude -0.5%to $US71.22 a barrel
US oil -0.9% to $US63.33 a barrel
Iron ore -1.1% to $US95.42 a tonne
Dalian iron ore -0.1% to 653 yuan
LME aluminium +0.1% to $US1865 a tonne
LME copper flat to $US$6480 a tonne
2-year yield: US 2.40% Australia 1.52%
5-year yield: US 2.37% Australia 1.56%
10-year yield: US 2.56% Australia 1.95% Germany 0.05%
US-Australia 10-year yield gap: 61 basis points

Goldman Sachs offered new tidbits about its sweeping operational overhaul when reporting first-quarter results, but investors focused on revenue declines across nearly all its main businesses, sending its shares lower.

Goldman, the fifth-largest US bank by assets, was once considered a black box of profits, disclosing little about management's goals or how its core units functioned. Investors and analysts generally accepted that secrecy, since Goldman routinely generated higher returns than peers.

But regulations imposed after the 2007-2009 financial crisis, combined with changing market trends, put some of its core businesses in peril.

The bank embarked on a plan in 2017 to generate $US5 billion ($6.9 billion) in additional annual revenue, partly by diving into consumer banking, where it had never previously operated. It also promised to disclose more about its progress.

Read the full story here.

Good morning and welcome to Markets Live for Tuesday.

Your editor today is William McInnes.

The RBA Minutes will be the key event for investors today, as market watchers look for any suggestion the central bank's bias is shifting.

This blog is not intended as investment advice.