Aust stocks slip at open

Local market follows Wall St lower to give up almost three quarters of a per cent.

The Australian stock market opened slightly lower after Wall Street gave up much of the gains made on the Federal Reserve's no-taper decision to finish lower at its last session.

At the 1015 AEST official market open, the benchmark S&P/ASX200 index declined 0.74% to 5,237.7 points, while the broader All Ordinaries index fell 0.74% to 5,231.8 points.

A building showdown in Washington over the United States budget and debt ceiling, which threatens to shut down the government at the end of the month, also cast a shadow on Wall Street trade.

IG market strategist Evan Lucas said the local market would be impacted by global events such as uncertainty in the US over debt ceiling negotiations, as well as the results of the German election.

"China is going to be front and centre in Asian trade today with the release of the HSBC flash manufacturing PMI data," he said.

"Estimates are for the small expansion seen in August to ramp up further; up 0.8 points month-on-month to 50.9."

No major economic or equities news is expected on Monday.

In Australia, the market on Friday closed weaker, with traders unwilling to push stock prices beyond the five-year-plus highs they hit during the week.

The benchmark S&P/ASX200 index was down 18.8 points, or 0.36%, at 5,276.7.

The broader All Ordinaries index was down 17.8 points, or 0.34%, at 5,270.8.

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