Aust stocks open stronger

Local market pushes higher in early trade ahead of US Fed Reserve meeting.

The Australian stock market pushed higher at the open following gains on Wall Street ahead of the Federal Reserve's policy meeting.

At the 1015 AEDT official market open, the benchmark S&P/ASX200 index lifted 0.4% to 5,436.9 points, while the broader All Ordinaries index added 0.39% to 5,410.7 points.

A heavy schedule of US economic indicators showed a 0.1% fall in September retail sales, a 0.1% drop in producer prices, indicating weak inflation, and a 12.8% year-on-year rise in home prices in August, even as many cities saw smaller gains compared with July.

Locally, no major economic news is expected on Wednesday.

In equities news, OceanaGold is expected to release third quarter results while Crown, JB Hi-Fi, Atlas Iron and Flight Centre all have annual general meetings scheduled.

In Australia, the market on Tuesday fell as investors took profits after the recent record highs reached by three of the big four banks.

The benchmark S&P/ASX200 index was down 25.9 points, or 0.48%, to 5,415.5 points.

The broader All Ordinaries index lost 26.6 points, or 0.49%, to 5,410.7.

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