Aust stocks open flat

Local market begins little changed after weak earnings reports weighed on Wall Street.

The Australian sharemarket opened little changed after Wall Street tumbled at the end of last week on some disappointing earnings reports.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 fell down 9.7 points, or 0.17%, to 5,573.8 points, while the broader All Ordinaries index slipped 8.3 points, or 0.15%, to 5,565.9 points.

The weak lead from the US had set a soft tone for Monday morning, CMC Markets chief market analyst Ric Spooner said.

"Investors are waiting to take cues from the local profit reporting season," Mr Spooner said.

"Forecast results are positive enough, with general expectations that earnings will grow around eight per cent."

On the local market, financial stocks weighed on the local market falling 0.25% as a sector.

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