Market Update: The ASX 200 rose to 5,162 points after a strong rebound in the US and European equity markets last night

Market Update: The ASX 200 rose to 5,162 points after a strong rebound in the US and European equity markets last night. Resources led the gain with BHP rising 1.5% and RIO up 0.4%. Aurora Oil & Gas was 56.1% higher following a takeover bid from Baytex Energy. Financials were mixed with CBA, NAB and WBC up between 0.2% to 1.6% while ANZ was flat. Elsewhere the RBA released its quarterly statement on monetary policy lifting its 2014 GDP forecast from 2.00-3.00% to 2.25-3.25% and core inflation from 2.50% to 3.00% mid-2014. The AUD slipped from last night's high of USD 0.8982 to be trading at USD 0.8942. The SPI was up 0.6% at 5,110 points on the Sydney Futures Exchange.