Aust stocks set to open flat

Local market expected to begin little changed despite glut of US data.

The Australian stock market looks set to open flat following modest gains on Wall Street after data showed second-quarter US gross domestic product grew better than had been expected.

US GDP grew 1.7% in the quarter, above the 1.1% pace expected by analysts.

Meanwhile, the Federal Reserve's Federal Open Market Committee (FOMC) concluded a two-day meeting saying economic growth was at a "modest" pace and pledging to maintain its aggressive bond-buying program.

At 0645 AEST, the September share price index futures contract was up one point at 5011.

In economic news on Thursday, the Australian Bureau of Statistics is due to release the International trade price indexes for June quarter, while the Reserve Bank of Australia's index of commodity prices for month just ended is due out.

HIA New home sales figures for June are expected, as is the RP Data Rismark Home Value Index for June.

The Australian Industry Group releases its performance of manufacturing (PMI) index for July and the NAB releases its online retail sales index for June.

In equities news, NAB chief executive Cameron Clyne is scheduled to speak at an Australia Israel Chamber of Commerce business lunch in Sydney while Deloitte launches its 2013 edition of Queensland Index (a review of Queensland ASX-listed companies).

Meanwhile, Transurban is slated to post full year results.

In Australia, the market on Wednesday closed higher as investors reacted to positive news out of China and uncertainty in the United States.

The benchmark S&P/ASX200 index was up 4.8 points, or 0.1%, at 5,052.0 points, while the broader All Ordinaries index was up 9.4 points, or 0.19%, to 5,035.7 points

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