Aust stocks unchanged at noon

Local market flat in subdued trade as investors await direction from US Fed meeting.

The Australian stock market remained relatively subdued at noon, as global markets await this week's United States Federal Reserve meeting.

At 1205 AEST, the benchmark index was 0.1% higher at 5,042.6 points, while the broader All Ordinaries index also edged up 0.1% to 5024.3 points.

Australian Competition and Consumer Commission chairman Rod Sims is slated to speak at at the Australian Institute of Company Directors Leaders' Edge lunch in Melbourne.

No major equities news is expected.

In Australia, the market on Friday closed higher thanks to a rally by banking shares that helped offset weaker resources stocks.

The benchmark S&P/ASX200 index was up 6.4 points, or 0.13%, at 5,042.0 points, while the broader All Ordinaries index was up 5.5 points, or 0.11%, to 5023.8 points.

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