Market Update: The S&P/ASX 200 fell 0.2% to 5,190pts on the back of weakness in the US and European equity markets

Market Update: The S&P/ASX 200 fell 0.2% to 5,190pts on the back of weakness in the US and European equity markets. Stronger-than-expected US GDP data and better than expected reduction in the number of initial jobless claims heightened concerns that the US Federal Reserve may bring forward tapering of its stimulus program. All major banks were down between 0.4% to 0.7%, excluding WBC which was up 0.3%. Resources were mixed with BHP flat while RIO added 0.4%. The AUD is currently trading at US$0.9060. The SPI was down 0.4% at 5,190pts on the Sydney Futures Exchange.