Aust stocks set to open flat

Local market tipped to begin little changed after downward revision to EU growth.

The Australian stock market looks set to open flat after international markets retreated after downward revisions of eurozone growth and unemployment.

At 0645 AEDT on Wednesday, the December share price index futures contract was up four points at 5,421.

The European Union cut its 2014 forecast for the 17-member single currency to 1.1% growth next year, down from the 1.2% 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 equities news, Commonwealth Bank of Australia (CBA) is expected to post its quarterly trading update, while Downer EDI (DOW) has its annual general meeting scheduled.

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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