Jittery ASX struggles for purchase; AMP up 9% on takeover detail

Summary

• The ASX200 started the week slightly higher but its early trajectory was far from convincing amid volatile global sentiment
• On Friday the Nasdaq fell 2.5%, Dow Jones dropped 0.6%, and the S&P 500 dropped 1.2%
• Westpac has reported a 62% fall in cash earnings for the year and will pay shareholders a sharply reduced dividend of 31 cents. The bank's share opened 1% higher before dipping into the red
• American investment firm Ares has offered to buy 100% of AMP's shares for $1.85 per share - a $6.4 billion deal that far surpasses analyst predictions. Shares in AMP were up 9%