Aust stocks to open flat

After sharp falls in its previous session, the Australian stock market looks set to open flat following gains on US and European bourses on encouraging manufacturing data out of Europe.

After sharp falls in its previous session, the Australian stock market looks set to open flat following gains on US and European bourses on encouraging manufacturing data out of Europe.

At 0647 AEST, the September share price index futures contract was unchanged at 4,688.

In economic news on Tuesday, the Reserve Bank of Australia holds its monthly board meeting and makes its interest rate decision.

In equities news, BHP Billiton Iron Ore president Jimmy Wilson and WA Premier Colin Barnett officially open BHP Billiton Iron Ore's Integrated Remote Operations Centre (IROC) in Perth.

In Australia, the market on Monday started the new financial year on a negative note due to investor concerns about the world's second largest economy, China.

More than $27.5 billion was wiped off the value of the market after manufacturing data released in China showed activity barely growing, down to 50.1 points from 50.8 in May.

The benchmark S&P/ASX200 index was down 92.3 points, or 1.92%, at 4,710.3 points, while the broader All Ordinaries index was down 85.7 points, or 1.79%, to 4,689.7 points.

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