Market Update: The S&P/ASX 200 was higher by 0.4% at 5,378 points despite the U.S

Market Update: The S&P/ASX 200 was higher by 0.4% at 5,378 points despite the U.S. and European equity markets falling overnight. Financials were among the major contributors holding up the market with all major banks rising between 0.7% to 1.0%. Miners were mixed after all base metals losing 0.5% to 1.5% last night. BHP was down 0.2% while RIO was up 0.3%. The AUD climbed after China released a better-than-expected PMI to be trading at US$0.9652.The SPI was up 0.4% at 5,366 points on the Sydney Futures Exchange