Aust stocks open slightly higher

Local market begins marginally stronger despite Fed warning tech stocks are overvalued.

The Australian sharemarket opened slightly higher despite Wall Street closing mostly lower after the Federal Reserve warned that some technology stocks appear to be overvalued.

At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index rose 13.8 points, or 0.25%, to 5,525.1 points, while the broader All Ordinaries index gained 13.2 points, or 0.24%, at 5,508.9 points.

This morning, mining giant Rio Tinto posted a lift in second-quarter iron ore production.

In local economic news, the Westpac-Melbourne Institute Leading Indexes of Economic Activity is due out.

In Australia, the market yesterday closed flat as investors wait for a sufficient catalyst to make a stronger push beyond the 5,500-point mark.

The benchmark S&P/ASX200 index was down 0.1 points at 5,511.3 points.

The broader All Ordinaries index was down 0.1 points at 5,495.7 points.

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