Market Update: The S&P/ASX 200 opened steadily after a selloff in the US equity markets last night

Market Update: The S&P/ASX 200 opened steadily after a selloff in the US equity markets last night. It was a red sea across the board with the index 1.2% lower at 5,043 points. Resources were again leading the decline with BHP dropping 2.0% and RIO falling 1.8%. OZ Minerals recovered some lost ground to be up 10.4%. Financials continued their recent weakness with all major banks down between 0.7% to 2.3%. The AUD slipped below US$0.91 overnight and selling persisted after the unemployment data. It is currently trading at US$0.9025. The SPI was down 1.4% at 5,043 points on the Sydney Futures Exchange.