Dow Jones down 91 points (-0.28%). Dow up 331 at best. Down 285 at worst. S&P 500 down 0.15%. NASDAQ up +0.45%. In Europe, STOXX 50 -3.1% FTSE -2.6% CAC -2.9% DAX -3%. SPI Futures are down 132 points (-1.86%).

• Gold rose 2.51% overnight as a safe-haven asset following the collapse of Silicon Valley Bank, which also sparked hopes that the US Federal Reserve would have to slow down its aggressive monetary policy.
• Copper prices rose 0.78% in volatile trading as the sudden collapse of SVB created risk aversion in financial markets. A weaker dollar also supported prices, as did signs of improving copper demand in China.
• Nickel +2.53%, Aluminium +0.84%, Zinc +0.51%, Lead +0.48%, Tin 2.07%.
• WTI crude fell 2.44% and Brent fell 2.63% overnight, the lowest level since early December, due to financial contagion fears and concerns about risks to banks.

ON THE CALENDAR

• Domestic data: NAB Business Confidence
• UK data: Unemployment rate, Claimant Count Change, Employment Change, Average Earnings.
• US data: n/a

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