Market Update: The S&P/ASX 200 was directionless throughout the morning as U.S

Market Update: The S&P/ASX 200 was directionless throughout the morning as U.S. markets were closed last night for Martin Luther King holiday but moved up 0.5% to 5,319 points after China's central bank injected 255 bn yuan to the financial system. Traders switched out of resources into financials with all the major banks up between 0.7% to 1.0%. Miners retreated after recent strength with BHP 0.5% lower and RIO falling 1.1%. The AUD recovered after recent lows to be trading at US$0.8818. The SPI was up 0.5% at 5,283 points on the Sydney Futures Exchange.