Aust stocks open lower

Local market weakens in early trade following falls on global bourses.

The Australian stock market opened weaker following falls on international markets overnight.

At the 1015 AEDT official market open, the benchmark S&P/ASX200 index lowered 0.33% to 5,335.4 points, while the broader All Ordinaries index fell 0.31% to 5,331.2 points

In economic news on Wednesday, Reserve Bank of Australia assistant governor (financial markets) Guy Debelle is slated to be a panel discussant at the Centre for International Finance and Regulation (CIFR) Forum on Perspectives on Financial Markets in Sydney.

The Australian Bureau of Statistics releases October international merchandise imports data and the Westpac-Melbourne Institute Leading Indexes of Economic Activity is due out, as is the Commonwealth Bank business sales indicator for October.

In equities news, Virgin Australia, Myer Holdings, Lynas Corporation, Cabcharge Australia, Kathmandu Holdings, Drillsearch Energy and PMP have annual general meetings scheduled.

In Australia, the market on Tuesday closed lower for a second straight day as investors sold banking shares on fears that US stocks are overpriced.

The benchmark S&P/ASX200 index was down 31.8 points, or 0.59%, at 5,352.9.

The broader All Ordinaries index was down 30.1 points, or 0.56%, at 5,347.8.

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