Australian stocks open lower

The Australian share market has opened lower.

At the open on Wednesday, the benchmark S&P/ASX200 index was down 31 points, or 0.56 per cent, at 5,453, while the broader All Ordinaries index was down 31.1 points, or also 0.56 per cent, at 5,538.8.

CMC Markets chief market analyst Ric Spooner in a research note said the significant moves in bond yields, gold and the U.S. Dollar on Tuesday night meant that the local stock market was less likely to repeat Tuesday's performance where it recovered from a weak opening.

"Last night's (Tuesday's night) moves may see investors remain cautious about the possibility of follow through selling in bonds, gold and stocks over coming days," Spooner said.

"Judging by yesterday's (Tuesday's) lack lustre trading in CBA (Commonwealth Bank of Australia's) shares, it seems there was precious little in the way of tangible outcomes from yesterday's (Tuesday's) banking inquiry to influence investor thinking on the operating environment for the banking industry," he said.

At the open, ANZ was down 0.68 percent, the National Australia Bank fell 0.32 percent, the Commonwealth Bank of Australia shed 0.08 percent while Westpac was 0.10 percent lower.

BHP Billiton retreated 0.48 percent, rival Rio Tinto declined 1.64 percent, while gold miner Newcrest surged 0.95 percent.

Oil Search tumbled 0.35percent, Santos increased 2.70 percent and Woodside Petroleum rose 0.69 percent.

Woolworths sank 0.43 percent while rival Wesfarmers jumped 0.50 percent.

Qantas climbed 0.31 percent and telecom giant Telstra was unchanged at Wednesday's open. Enditem