Market Update: The Australian share market is giving back yesterday's gains amid continuing worries in emerging markets and disappointing earnings results

Market Update: The Australian share market is giving back yesterday's gains amid continuing worries in emerging markets and disappointing earnings results. The market was also affected by the US Federal Reserve's decision to further taper its stimulus program by another US$10 billion a month, to US$65 billion a month, starting from February. The S&P/ASX200 was down 0.9% to 5,182 points at 12.00 pm today. All 10 of the S&P/ASX200's sectors posted losses. The worst performing sector was Consumer Goods with Treasury Wines falling 17.8% after lowering its earnings guidance. By contrast, gold stocks were stronger after gold prices gained 0.8% overnight. Beadell Resource jumped 5.0% and Newcrest Mining gained 0.7%. The Australian dollar is currently trading at US$0.8717. The SPI was down 0.8% at 5,131 points on the Sydney Futures Exchange.