Baltimore port closure causes major damage | Wilnesh News

This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see?You can subscribe here.

Japanese yen plummets
The yen fell to It hit a 34-year low on Wednesday, while the Nikkei 225 and Topix gained. Hong Kong’s Hang Seng Index and mainland China’s CSI 300 Index fell as data showed that China’s industrial profits fell 2.3% for the whole of 2023. Overnight, U.S. stocks closed lower as market gains continued to cool.this S&P 500 Index It fell for the third consecutive trading day, with a decrease of 0.28%.this Nasdaq Stocks fall 0.42% as tech stocks struggle Dow Chemical down 0.08%.

BlackRock Gold in India
BlackRock’s Larry Fink said in his report that India’s love affair with gold will do little to boost the economy and benefit investors. annual letter to shareholders. The founder and chairman of the world’s largest asset management company said that while gold can be a good store of value, it “just sits in a safe.” India is one of the largest gold markets and gold plays a key role in its culture.

Fighting for port closing
Logistics companies are struggling after the closure of the Port of Baltimore, one of the busiest ports in the United States. The city’s Francis Scott Key Bridge collapsed early Tuesday, killing six people after a large container ship struck a pillar. “As long as Baltimore is closed, there will be dozens of diversions next week and hundreds more in the coming months,” said Richard Mead, editor-in-chief of shipping magazine Lloyd’s List.

Cocoa prices soar
Soaring cocoa prices could affect consumers at a time when the world faces supply shortages. Cocoa futures contracts for May delivery rose to an all-time intraday high of $10,080 a ton on Tuesday. “The worst is yet to come,” said Rabobank commodities analyst Paul Joles, adding that with no easy solutions, prices will remain high for some time.

(Professional version) ETFs that stand out
Given market volatility, investors are looking to exchange-traded funds to position their portfolios. Financial experts pick five of the top ETFs to buy and hold this year. Vanguard Total World Stock ETF should be a core holding for any long-term investor, Vanguard Total World Stock ETF should be a core holding for any long-term investor, Greenwich Wealth Management.

this The closure of the Port of Baltimore is a major disruption as it is one of the busiest ports in the United States

“This is the largest port in the United States for the import and export of cars and light trucks,” President Biden The note says about the event.

“About 850,000 vehicles pass through the port every year and we will get it back up and running as soon as possible,” he added. “Fifteen thousand jobs depend on that port.”

in commentsLouis Navellier, chairman and founder of Navellier Associates, said the bridge’s “tragic collapse” would seriously disrupt business activity.

“That’s the largest coal export port in the United States. They also have a lot of vehicles. They also export liquefied natural gas… It’s a mess.” He added that the bridge needs to be “out of the water because it’s not safe for ships to go through there, and it would take a lot of “for a long time”.

Since the expansion of the Panama Canal in 2016, Baltimore’s 50-foot-long channel and port have hosted some of the world’s largest cargo ships from Asia and elsewhere.

Maryland Governor Wes Moore said that in 2023, the Port of Baltimore will transport more than 52 million tons of foreign cargo worth approximately $80 billion.

U.S. Transportation Secretary Pete Buttigieg said port disruptions would have a “significant and lasting” impact on supply chains.