Local stocks to open lower
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The Australian market is set to open lower, the day after hitting new five-year highs due to the surprise decision by the United States central bank to maintain its stimulus program.
Wall Street, which had also rallied on the decision, fell back overnight.
At 0711 AEST, the December share price index futures contract was down 14 points at 5,293.
In economic news, business spending bounced in August, according to the latest Commonwealth Bank Business Sales Indicator.
In equities news, Sydney Airport is expected to release its latest traffic report.
The market yesterday hit a five year high after the US central bank decided to continue its stimulus program.
The benchmark S&P/ASX200 index added 57.4 points, or 1.1 per cent, to 5,295.5 and the broader All Ordinaries index gained 58.2 points, or 1.1 per cent, to 5,288.6.
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