Aust stocks open weaker

Local market dips slightly in early trade as Fed taper drives Wall Street lower.

The Australian sharemarket opened modestly lower following falls on Wall Street after the Federal Reserve announced it would cut back further on its economic stimulus.

At the 10.15am (AEDT) official market open, the benchmark S&P/ASX200 index fell 14.4 points, or 0.27%, to 5,341.2 points, while the broader All Ordinaries index shed 14.7 points, or 0.27%, at 5,358.3 points.

The Federal Reserve voted to cut its monthly bond purchases from $US65 billion to $US55 billion a month, in line with analysts' expectations.

Super Retail Group chief executive Peter Birtles, Bank of Queensland CEO Stuart Grimshaw and Aurizon head Lance Hockridge are slated to speak at the CEDA Women in Leadership champions of change forum in Brisbane.

In Australia, the market on Wednesday edged higher as investors wait to see how quickly the United States will continue to wind back its economic stimulus measures.

The benchmark S&P/ASX200 index gained 11 points, or 0.21%, to 5,355.6 points.

The broader All Ordinaries index added 12.8 points, or 0.24%, at 5,373 points.