Chief executive of AP Eagers, Martin Ward, has warned of lower profits at today's annual general meeting that trading conditions in the car retail sector remain challenging with new vehicle sales declining 8.1 per cent to the end of April 2019.

"AP Eagers is not immune to the prevailing market conditions and as a result, expects first half operating profit before tax to be between 7 per cent to 10 per cent lower than the previous half year period."

Shares have dropped 3.3 per cent in early trading to $8.60, a four week low.

"AP Eagers is confident of being able to continue to deliver strong returns for shareholders through the cycle while taking advantage of the opportunities it presents," he said, adding the balance sheet is strong and the company is managing its cost base.

AP Eagers is currently in the middle of a scrip offer to takeover Automotive Holdings Group, which yesterday downgraded its earnings guidance due to weak market conditions.

Mr Martin said the combing companies "will be better placed to respond to the rapidly evolving motor vehicle retailing market".

Bitcoin is proving to be the one true thing for digital-asset enthusiasts during the sudden resurgence in cryptocurrency prices. As the value of the original crypto coin surged more than 30 per cent to beyond $US8,000 ($11,500) since Friday, Bitcoin's market share as a percentage of the entire crypto universal increased to about 60 per cent from 53 per cent per cent on January 1, according to data provider CoinMarketCap.com.

'Bitcoin's recent dominance amidst bullish conditions is quite interesting since in traditional asset classes we typically see a flight-to-quality amidst bearish conditions,' Josh Gnaizda, chief executive officer of Crypto Fund Research, said in an email.

"That Bitcoin, which is clearly the quality asset in the space, has outperformed in this recent rally is likely the result of it not only breaching the psychologically important $US6,000 level, but also some significant institutional and/or sovereign buying. These buyers would be expected to invest disproportionately in the most established and vetted asset - and that asset is clearly Bitcoin.'

Read the full story from Bloomberg here

St Barbara announced this morning it will buy Canadian miner Atlantic Gold Corporation through its subsidiary Nord Pacific for $C2.90 per share.

St Barbara's price values Atlantic Gold at $854 million. To pay for it St Barbara plans to raise $490 million through an entitlement offer, use its cash reserves, and has secured a $200 million three year loan from Westpac. The company is briefing analysts and investors at 10am this morning, so more information will be available later today.

IG MARKETS SPONSORED POST

ASX futures up 25 points or 0.4% near 7am AEST

AUD flat at 69.44 US cents
On Wall St: Dow +0.8% S&P 500 +0.8% Nasdaq +1.1%
In New York, BHP +1.2% Rio +2.3% Atlassian+2.5%
In Europe: Stoxx 50 +1.3% FTSE 1.1% CAC 1.5% DAX +1%
Spot gold -0.3% to $US1296.12 an ounce at 3.15pm New York time
Brent crude +1.5% to $US71.28 a barrel
US oil +1.2% to $US61.76 a barrel
Iron ore -1.8% to $US94.34 a tonne
Dalian iron ore -0.9% to $US646 yuan
LME aluminium +2% to $US1845 a tonne
LME copper +0.3% to $US6027 a tonne
2-year yields: US 2.20% Australia 1.27%
5-year yields: US 2.19% Australia 1.31%
10-year yields: US 2.41% Australia 1.70%
Gap in 10-year yields as of 7am AEST: 71 basis points

IG MARKETS SPONSORED POST

Wall Street rebounded from Monday's horror day to finish sharply higher. Futures are pointing to a 25-point gain for the ASX at the open. Financial markets have thawed somewhat following Monday's big drawdown in global equities. The VIX has pulled back once again from its highs, to be trading within an 18 figure currently, and risk assets have climbed overnight.

Stocks throughout Asia still registered losses in yesterday's session, but European and US equities rallied – the S&P500 closed up by 1 per cent, the Euro Stoxx 50 closed up by 1.31 per cent, and the FTSE100 closed up 1.09 per cent. Amidst all the noise of a freshly volatile market, the core issue is this: whether global equities have put in a new short-term low, or whether the sell-off ought to continue.

Good morning and welcome to today's Markets Live blog.

Your editor today is Lucy Battersby (lbattersby@theage.com.au) with help from Josh Dye.

This blog is not intended as financial advice.