Market update: HSBC purchasing managers’ data for China misses forecasts 23.04.2013

Source: Henderson Global Investors

Overnight, Wall Street closed higher (S&P 500 +0.5%, Dow Jones +0.1%). Fresh housing market data released on Monday showed that sales of previously owned homes fell slightly last month as inventories remained limited and home prices continued to rise. In stock news, manufacturing equipment maker Caterpillar gained 2.7% despite announcing profit figures below analysts’ forecasts as demand slipped for its mining products. Elsewhere, Netflix rose 6.7% and surged a further 18.5% in after-market trading as the home DVD delivery and online media streaming company revealed that it had added more US subscribers than expected in the most recent quarter.

In Europe, the FTSE 100 and the FTSE Eurofirst 300 have opened up this morning, gaining 0.3% and 0.5% respectively despite the HSBC purchasing managers’ data for China missing forecasts and reinforcing concerns about a potential slowdown in the world’s biggest destination market for metals. Arm Holdings was the strongest performer, rising 7.2%, after reporting a 31% rise in first-quarter pre-tax profits. Sugar and sweetener maker, Associated British Foods, also gained after earnings beat forecasts due to a strong showing at Primark, its budget clothing chain.