Market Update: The S&P/ASX 200 was down 0.3% at 5,293 points following a pullback in the US equity markets overnight after the release of the minutes for US...

Bell Potter

Market Update: The S&P/ASX 200 was down 0.3% at 5,293 points following a pullback in the US equity markets overnight after the release of the minutes for US Federal Reserve's last policy meeting. The minutes implied that the Fed. could scale back its stimulus program in coming months as the labour market improves. Gold stocks were the hardest hit as the physical metal fell 2.5% last night. Newcrest lost 2.9% and St. Barbara tumbled 9.2%. WorleyParsons continued to be under selling pressure falling another 1.3% after yesterday's 25.9% plunge. Financials were also weak with all the major banks down between 0.2% to 0.7%. The AUD is lower to be trading at US$0.9306. The SPI was down 0.1% at 5,305 points on the Sydney Futures Exchange.


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