Aust stocks open more than 1.5% higher

The Australian stock market opened more than 1.5% higher after sharp falls in its previous session, following gains on US and European bourses on encouraging manufacturing data out of Europe.

The Australian stock market opened more than 1.5% higher after sharp falls in its previous session, following gains on US and European bourses on encouraging manufacturing data out of Europe.

At the 1015 AEST official market open, the benchmark S&P/ASX200 index rose 1.54% to 4783 points, while the broader All Ordinaries index was 1.49% higher at 4759.6 points.

In economic news today, the Reserve Bank of Australia holds its monthly board meeting and makes its interest rate decision.

In equities news, BHP Billiton Iron Ore president Jimmy Wilson and Western Australian Premier Colin Barnett officially open BHP Billiton Iron Ore's Integrated Remote Operations Centre (IROC) in Perth.

In the previous session, Australian stocks started the new financial year on a negative note due to investor concerns about the world's second largest economy, China.

More than $27.5 billion was wiped off the value of the market after manufacturing data released in China showed activity barely growing, down to 50.1 points from 50.8 in May.

The benchmark S&P/ASX200 index was down 92.3 points, or 1.92%, at 4,710.3 points, while the broader All Ordinaries index was down 85.7 points, or 1.79%, to 4,689.7 points.