Aust stocks open weaker

Local market edges lower in early trade as global bourses digest EU growth downgrade.

The Australian stock market opened lower after international markets retreated after downward revisions of eurozone growth and unemployment.

At the 1015 AEDT official market open, the benchmark S&P/ASX200 index fell 0.77% to 5,409.5 points, while the broader All Ordinaries index decreased 0.39% to 5,404.8 points.

The European Union cut its 2014 forecast for the 17-member single currency to 1.1% growth next year, down from the 1.2 per cent it forecast in May, and a 12.2% unemployment rate, up from the previous 12.1%.

In economic news on Wednesday, the Australian Bureau of Statistics releases September international trade in goods and services figures.

CEDA launches a research report entitled Australia Adjusting: Optimising national prosperity.

In Australia, the market on Tuesday enjoyed a strong finish on Melbourne Cup day, with the big miners leading the way.

The benchmark S&P/ASX200 index was up 41.5 points, or 0.77%, at 5,432.

The broader All Ordinaries index was up 41.5 points, or 0.77%, at 5,425.7.

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