Aust stocks close lower

Local market drops in light trade as financial stocks fall on debt ceiling worries.

The Australian stock market fell in light trade, with the big four banks dragging on the market as investors worry about debt ceiling negotiations in the United States.

At 1525 AEDT, the benchmark S&P/ASX200 index was 0.9% lower at 5,161.1 points, while the broader All Ordinaries index fell 0.87% to 5,160.6 points.

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