Aust stocks fall at noon

Local market slips as ABS data shows housing finance falls more than forecast.

The Australian stock market was lower at noon after Australian Bureau of Statistics data showed housing finance fell more than forecast in August.

At 1205 AEDT, the benchmark S&P/ASX200 index fell 0.75% to 5,191.5 points, while the broader All Ordinaries index slipped 0.72% to 5,191.4 points.

The market has shrugged off strong leads from Wall Street at the end of last week on rising optimism about a deal to avoid a United States debt default.

IG market strategist Evan Lucas said the release of trade balance data out of China over the weekend had the potential to give the market a short-term bounce, but he warned of the unknown affect the ongoing US budget negotiations would have.

"The impact to the ASX is still unclear at this point: the US leads are hard to judge considering the optimism around the political impasse," he said.

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