Market Update: The ASX 200 opened higher following the rebound in the US equity markets overnight but slowly drifted lower to be down 0.7% at 5,061 points

Market Update: The ASX 200 opened higher following the rebound in the US equity markets overnight but slowly drifted lower to be down 0.7% at 5,061 points. Financials led the decline with all the major banks falling between 0.9% to 1.3%. They were under pressure after the Federal Court ruled ANZ had been illegally imposing penalties for late payments on credit cards. Resources were mixed with BHP down 1.0% but RIO gained 0.2%. The AUD has given up some of the overnight gain and fallen back below US 0.89. It is currently trading at US 0.8883. The SPI was down 0.8% at 5,010 points on the Sydney Futures Exchange.