Australian stocks were flat mid-session as the countdown begins to a long-anticipated meeting of the US Federal Reserve tonight.
At 10.00am, the benchmark S&P/ASX200 index was up 0.1 of a point, or 0.00 per cent, at 4315.8 points, while the broader All Ordinaries index was down 1.8 point, or 0.04 per cent to 4338.4 points.
On the ASX 24, the September share price index futures contract was three points higher at 4308 points, with 15,147 contracts traded.
CommSec market analyst Steven Daghlian said the market is treading water in anticipation of the September meeting by the forward markets committee of the US Federal Reserve at Jackson Hole.
"Some people in the market are hoping for (US Federal Reserve chairman) Ben Bernanke to shock everyone and announce some sort of stimulus measure.
"I wouldn't be holding your breath for that."
Mr Daghlian said while market expectations of any clear direction on quantitative easing (QE3) measures was low, it would still be a boost for the Aussie market on Monday's open.
"The Aussie market has had a pretty good run recently, partly in anticipation of QE3 being announced in the US.
"It has improved for three straight months."
In the local market, financial stocks were challenging resources and industrial shares to keep the market at least flat.
Mining giant BHP Billiton was down 18 cents to $31.81, but Rio Tinto, recent values of which have slumped with the drop in the iron ore price, had regained $1.02 to $49.65, while Fortescue Metals shed half a cent at $3.59.
Among the banks, ANZ had gained a cent to $24.87, Westpac was 11 cent stronger at $24.87, NAB was nine cents higher at $25.29 while the Commonwealth Bank was the best performer gaining 46 cents at $54.44.
In local equities news, shares in electrical and homewares retailer Harvey Norman were unchanged after it delivered a 32 per cent plunge in full year profit, of $172.5 million in the year to June 30.National turnover was 268 million securities, valued at $3.36 billion, with 288 stocks up, 444 down, and 297 unchanged.
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