Episode Details

The Dow dropped 453 points, the Nasdaq fell 1.5% and the S&P 500 lost 1.3%. The VIX rose 26% to 29. European markets were down again. Bitcoin dropped 4.5%.Overall resources held up. Gold rose 1.8%, silver 2.4% and even industrial metals in London held the line. It didn’t help the related shares though. All were down, some quite sharply, with the exception of energy firms – the only sector in the S&P 500 to stay positive. Also important was the latest US jobs data. The US unexpectedly lost 92,000 jobs in February. It was supposed to be a 55,000 gain. Retail sales declined 0.2%, slightly better than forecast. 

WTI hit its highest level since 2023 and just completed its biggest weekly rise ever. It’s up 36% for the week. US President Trump says there’ll be no deal with Iran except “unconditional surrender”. Qatar’s energy minister warns oil could hit US$150 a barrel. Also of interest is his observation that Qatar’s LNG expansion plans are now postponed. This was supposed to bring down world LNG prices and help sustain the economic expansion. Losing this is not good for the world.

SPI Futures down 156 points. ASX set to open lower on Monday.  

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