Aust stocks open slightly lower
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The Australian stock market has opened slightly lower after Wall Street dropped on weaker than expected Chinese manufacturing figures.
At the 1015 AEDT official market open, the benchmark S&P/ASX 200 index fell 0.28% at 5,248.3 points, while the broader All Ordinaries index was 0.28% lower at 5,260.9 points.
No major economic news is expected.
In equities news, Telstra is expected to make a rebranding announcement.
In Australia, the market fell yesterday as disappointing Chinese economic data and weak leads from overseas markets prompted investors to sell.
A preliminary HSBC purchasing managers' index suggested Chinese manufacturing looks set to contract in January, for the first time in six months, with a reading of 49.6 points, down from December's 50.5.
The benchmark S&P/ASX200 index was down 56.8 points, or 1.07%, at 5,263 points.
The broader All Ordinaries index was down 55.8 points, or 1.05%, at 5,275.5 points.
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