Local stocks to open flat

A lacklustre session on Wall Street and the Melbourne Cup holiday should ensure a quiet trading day

The Australian stock market looks set to open flat after Wall Street made modest gains ahead of a busy week of economic indicators.

At 0645 AEDT, the December share price index futures contract was up five points at 5,385.

The first reading on US third-quarter gross domestic product is due out on Thursday, monthly US jobs report for October on Friday and US factory orders figures on Monday.

Locally, in economic news on Tuesday, the Reserve Bank of Australia holds its November board meeting and decides on its cash rate position.

The Australian Bureau of Statistics releases overseas arrivals and departure figures for September, while the Australian Industry Group/Commonwealth Bank Australian Performance of Services Index (PSI) for month just ended is due out.

No major equities news is expected.

In Australia, shares on Monday closed moderately higher with surprisingly strong retail sales figures boosting department store stocks but failing to inject extra momentum into the overall market.

The benchmark S&P/ASX200 index was up 7.3 points, or 0.13 per cent, at 5,418.4.

The broader All Ordinaries index was up 5.7 points, or 0.11 per cent, at 5,412.2.