•US equity markets retreated but settled well off their session lows as concerns around a prolonged U.S.-Iran conflict continued to rattle investor sentiment, although comments from President Trump around ensuring energy supply helped assuage some fears - Dow fell -404-points or -0.83%, paring an earlier decline of over >1,250-points. Caterpillar Inc fell -4.03% to be the worst performer in the 30-stock index. Nvidia Corp fell -1.33% despite analysts at Morgan Stanley naming the world’s most valuable company by market capitalisation as its top semiconductor pick, citing an attractive valuation. International Business Machines (IBM) Corp (up +2.47%) was the leading Dow component overnight.