Aust stocks open lower

Local market begins week more than half a per cent lower on US debt deal.

The Australian stock market opened more than half a per cent lower after the US House of Representatives approved a budget deal.

At the 1015 AEDT, the official benchmark S&P/ASX200 index fell 0.67% to 5,064 points, while the broader All Ordinaries index declined 0.63% to 5,1069.3 points.

The US House or Representatives easily approved a bipartisan budget deal that would repeal some automatic spending cuts while trimming the budget deficit, and should avert another government shutdown.

The deal must win Senate approval.

Locally, in economic news on Monday, the latest DBM Consultants' Business Financial Services Monitor is released.

In Australia, the market on Friday broke a six-day losing streak as bargain hunters picked up the banking and mining stocks that had fallen in value the past week.

But shares still posted their fourth straight weekly fall.

The benchmark S&P/ASX200 index was up 35.9 points, or 0.71%, at 5,098.4.

The broader All Ordinaries index was up 32.3 points, or 0.64%, at 5,101.5.

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