Market Update: Following another pullback in the US and European equity markets overnight the S&P/ASX 200 opened lower but slowly climbed out of negative...

Market Update: Following another pullback in the US and European equity markets overnight the S&P/ASX 200 opened lower but slowly climbed out of negative territory to be up 0.3% at 5,273 points. Resources were strong with BHP up 0.9% and RIO rising 1.2%. Financials came back from early losses with ANZ and CBA flat and NAB and WBC were higher by 1.0% and 0.1% respectively. The AUD almost dropped US$0.01 from US$0.9135 to a low of US$0.9046 after a weaker-than expected GDP figure was released, signalling the RBA might need to do more to stimulate the economy. The AUD is currently trading at US$0.9066. The SPI was up 0.5% at 5,280 points on the Sydney Futures Exchange.