US markets finished lower in a late sell-off yesterday but look resilient on the open on Tuesday despite global growth worries emanating out of China. Positive purchasing manager surveys in Europe have sent the euro higher and US dollar lower, alleviating some of the concern that the greenback’s strength is biting into multinational profits. The HSBC Flash China manufacturing PMI indicated contraction within the sector and fell to an eleven month low in a worrying sign for global growth. PMI’s from France were disappointing but this was overshadowed by better results from Germany and the Eurozone as a whole that support ECB President Mario Draghi’s claim that expansionary monetary policy is feeding through into the economy. The strong European data has sent the US dollar lower at the start of US trading but its eventual direction may largely rest on the February consumer price inflation data. CPI is expected to pick up slightly in February showing its first monthly gain in three months. A strong CPI reading would detract from the Fed’s recently lowered inflation target and may spark concerns that the Fed will choose to hike rates as early as June. One of the worst performing sectors yesterday was biotech and it could be volatile again on Tuesday. The biotech sector saw huge gains last week with a number of prominent companies including Biogen, Amgen and Gilead Sciences gaining as much as 8% on Friday. Futures suggest the: S&P 500 will open 3 points higher at 2,107 with the Dow Jones expected to open 35 points higher at 18,151 and the Nasdaq 100 9 points higher at 4,454. CMC Markets is an execution only provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.