The Dow Jones fell 392 points (-1.14%) the NASDAQ finished 0.14% higher and the S&P 500 lost 0.20%. European markets were mostly higher, with STOXX 600 +0.40%, UK FTSE -0.12%, France +0.48%, Italy +0.31%, Greece +0.59%, and German DAX finished +0.35% higher. SPI Futures are up 14 points (+0.19%).
In commodities, Copper rose to a 7-month high on Chinese demand despite data pointing to weak demand in the near term. Aluminium was down 0.1% as data showed China’s aluminium production grew by 4.5%. Zinc and tin were down 0.3% and 0.1%. Nickel and lead were up 1.7% and 0.1%. Gold fell overnight from an 8-month high on hopes the Fed would take a less aggressive stance on interest rates. Iron ore down 1.1% overnight. Goldman-Sachs saying gold could hit $1950/oz in 2023 thanks to the Lunar New Year Holiday in China. Brent Oil and WTI were up 2.97% and 1.73%, the highest level since December on hopes of global demand increasing.
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