Aust stocks open lower

Market pushes almost 0.5% lower as US debt deal hopes subside.

By Staff Reporter ·
16 Oct 2013

The Australian stock market opened lower following falls on Wall Street as optimism of a deal being reached on the US debt ceiling ebbed.

At the 1015 AEDT official market open, the benchmark S&P/ASX200 index lost 0.45% to 5,235.4 points, while the broader All Ordinaries index fell 0.43% to 5,236.6 points.

The latest effort by House Republicans to offer a compromise to resolve an impasse over the federal budget and debt limit was rejected by the White House before any vote in the opposition-led lower chamber of Congress.

Locally, in economic news on Wednesday, the Westpac-Melbourne Institute Leading Indexes of Economic Activity is due out.

In Australia, the market on Tuesday posted strong gains amid signs politicians in the United States may soon reach a deal over the US budget impasse and debt ceiling.

The benchmark S&P/ASX200 index gained 51.2 points, or 0.98%, to 5,259.1.

The broader All Ordinaries index added 52.7 points, or 1.01%, to 5,295.2.