Aust stocks open flat

Local market little changed as investors await tapering news from Fed meeting.

The Australian stock market opened flat as investors wait for the United States Federal Reserve's decision on reducing stimulus.

At the 1015 AEST official market open, the benchmark S&P/ASX200 index inched down 0.11% to 5,245.4 points, while the broader All Ordinaries index edged 0.11% lower to 5,239.2 points.

In economic news, Reserve Bank of Australia assistant governor Malcolm Edey (Financial System), is scheduled to be a panel member at the Financial Services Institute of Australasia (FINSIA) Financial Services Conference in Sydney.

The Westpac-Melbourne Institute Leading Indexes of Economic Activity report is due out.

No major equities news is expected.

In Australia, the market yesterday was almost unchanged as strength in the banking sector outweighed weakness among resources stocks.

Cautious investors are biding their time ahead of the outcome of the US Federal Reserve's policy meeting and an expected announcement tomorrow, AEST, on the tapering of its economic stimulus.

The benchmark S&P/ASX200 index was up 3.2 points, or 0.06%, at 5,251.2 points, while the broader All Ordinaries index was up 3.5 points, or 0.07%, to 5,245.2 points.

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