Market Update: Following a selloff in the U.S

Market Update: Following a selloff in the U.S. equity markets overnight the S&P/ASX 200 retreated 1.3% to 5,222 points on broad-based decline as last week's weak jobs data from the U.S. continued to undermine sentiment. All major banks fell between 1.3% and 1.8% while BHP and RIO both declined 1.1% and 0.6% respectively. Forge Group tumbled 17.8% after issuing another profit warning. The AUD is taking a breather after yesterday's strong run, it is currently trading at US$0.9037. The SPI was down 1.5% at 5,183 points on the Sydney Futures Exchange.