Aust stocks open little changed

Local market flatas iron ore price continues to slide, weighing on miners.

The Australian sharemarket has opened flat after upbeat Chinese manufacturing data as continued weakness in the iron ore price weighs on miners.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index added 0.9 points, or 0.02%, to 5,493.4 points, while the broader All Ordinaries index edged up 1.1 points, or 0.02%, to 5,474.9 points.

IG market strategist Stan Shamu said iron ore pure plays will be in focus in today's trade.

"Iron ore will be a huge concern for today’s session after a 4% drop to $US91.80 per tonne," Mr Shamu said.

"There is also a lot of talk around Twiggy Forest’s comments suggesting we could see $US80 per tonne tested over the next 12 months.

"However, it is also important to note that he gave quite a broad range with an upper limit of $US140 per tonne."

In economic news, the bureau of statistics releases business indicators for the March quarter, as well as building approvals data.

TD Securities and the Melbourne Institute release their inflation gauge for May, and the Australian Industry Group releases its performance of manufacturing index for May.

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