Aust stocks open lower

Local market falls after mixed close on Wall St as iron ore price slips.

The Australian sharemarket has opened lower after a mixed close on Wall Street after a decline in the iron ore price.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index fell 29.5 points, or 0.54%, to 5,447.3 points, while the broader All Ordinaries index lost 26.4 points, or 0.48%, to 5,429.5 points.

Overnight, US Federal Reserve chair Janet Yellen repeated supportive comments on monetary policy.

But IG market strategist Evan Lucas said Dr Yellen's statements were "already factored in, and left markets flat and unresponsive".

Meanwhile, the iron ore price has continued to fall and is now lower than when it posted a steep one-day drop in March. 

In economic news, the Reserve Bank of Australia releases its latest statement on monetary policy.

RBA assistant governor (financial markets) Guy Debelle is scheduled to participate in a panel discussion at a Women in Banking and Finance (WIBF) Business Series lunch in Sydney.

The market yesterday rose, with the benchmark S&P/ASX200 index adding 41 points to 5,476.8 and the broader All Ordinaries index gaining 36.8 points to 5,455.9.

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