Market Update: The S&P/ASX 200 opened higher by as much as 0.7% following a strong rebound in the US equity markets last Friday night but drifted lower during...

Market Update: The S&P/ASX 200 opened higher by as much as 0.7% following a strong rebound in the US equity markets last Friday night but drifted lower during the session to be down 0.5% at 5,373 points on increasing concern that stronger-than-expected US data might trigger the Fed to start tapering its bond buying program sooner than expected. Financials led the decline with all major banks lower between 0.7% to 2.0%. Resources were also weak on the back of lower metal prices with BHP and RIO both down 0.5%. Orica bucked the trend, advancing 10.5%, after its full year results with better than expected outlook statement. The AUD is currently trading at US$0.9381. The SPI was down 0.3% at 5,392 points on the Sydney Futures Exchange.