Australian Market Closed Lower for 7th Time Out of Past 8 Sessions

• Australian market closed lower for seventh time out of past eight sessions as investors traded cautiously ahead of Fed's two-days meeting starting tomorrow. The benchmark S&P/ASX200 index fell 8.8 points, or 0.2 per cent, to 5089.6, while the broader All Ords lost 8.4 points, or 0.2 per cent, to 5093.1.

• Sectors ended mixed, with consumer discretionary sector rising 0.9 per cent and industrials sector ended up by 0.8 per cent, while financials fell 0.5 per cent and materials slipped 0.1 per cent.

• Regional markets are also feeling pressure because of two reasons: fall in Chinese manufacturing and Fed's two-days meeting to cut the stimulus. Here's how regional markets are trading today:

• Japan (Nikkei): -1.2%
• Hong Kong: -0.7%
• Shanghai: -1.4%
• Taiwan: -0.5%
• Korea: -0.1%
• ASX200: -0.4%
• Singapore: -0.5%
• New Zealand: +0.3%

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