Market Update: The S&P/ASX 200 opened higher following a strong rebound in the US and European equity markets last Friday night after the release of a...

Market Update: The S&P/ASX 200 opened higher following a strong rebound in the US and European equity markets last Friday night after the release of a better-than-expected non-farm payroll and unemployment figure and China's strong trade balance and exports data over the weekend. This gain was brief with the market falling 0.9% to 5,138 points with financials weighed down by a 20.0% plunge in QBE Insurance after a profit warning. The major banks continued to be under pressure, down between 0.7% and 1.3%. Resources were mixed with BHP down 0.5% while RIO added 0.1%. The AUD initially bounced a little after China's strong economic data over the weekend but lost the gain after their weaker than estimated CPI released today, currently trading at US$0.9107. The SPI was down 0.9% at 5,140 points on the Sydney Futures Exchange.