Aust stocks open slightly lower

Local market falls after Wall Street dropped one per cent on weak China data.

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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