Aust stocks flat at noon

Local market little changed as Australia's manufacturing sector expands

The Australian stock market was flat at noon after Australia's manufacturing sector expanded for the second consecutive month.

At 1205 AEDT, the benchmark S&P/ASX200 index was 0.03% lower at 5,423.9 points, while the broader All Ordinaries index declined 0.05% to 5,417.5 points.

The market recovered morning losses after falls on Wall Street and European bourses as eurozone employment figures disappointed.

Eurozone unemployment is back flirting with the 20-million mark, after what analysts said was a stark "revising away" of a tourism-led summer breather.

The key unemployment rate across the 17-country currency area hit a record 12.2% in September, with about 19.5 million people classed as jobless by European Union data agency Eurostat.

In Australia, the market yesterday closed slightly lower with falls by most major banks but gains among industrial stocks.

The benchmark S&P/ASX200 index was down 5.4 points, or 0.1%, at 5,425.5.

The broader All Ordinaries index was down 5.1 points, or 0.1%, at 5,420.3.

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