Aust stocks close lower

Local market falls as hoped-for US debt ceiling deal fails to materialise.

The Australian stock market closed lower after a United States debt ceiling deal that markets had hoped for late last week failed to materialise.

At the 1615 AEDT official market close, the benchmark S&P/ASX200 index fell 0.44% to 5,207.9 points, while the broader All Ordinaries index slipped 0.43% to 5,206.5 points.

In data releases today, demand for home loans in Australia fell more than expected in August, while Chinese inflation lifted more than expected in September.

IG market analyst Chris Weston the eyes of financial markets are firmly on the US Senate as negotiations continue.

"The market certainly got quite excited late last week that we would see agreement," Mr Weston said.

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