CNBC Daily Open: Baltimore port shutdown a major disruption

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe  here .

Yen tumbles
The Japanese currency fell to a 34-year low on Wednesday, while the Nikkei 225 and the Topix gained ground. Hong Kong's Hang Seng and mainland China's CSI 300 slipped as data showed Chinese industrial profits fell 2.3% for the whole of 2023. Overnight, U.S. stocks closed lower as the market rally continued to cool. The S&P 500 fell for its third straight session, down 0.28%. The Nasdaq lost 0.42% as tech stocks struggled, while the Dow slipped 0.08%.

Blackrock on India gold
India's love for gold has done little to boost the economy and benefit investors, BlackRock's Larry Fink said in his annual letter to shareholders. While gold can be a good store of value, it "just sits in a safe," said the founder and chairman of the world's largest asset manager. India is one of the biggest markets for gold, which plays a key role in its culture.

Scramble over port shutdown
Logistics firms are left scrambling after the closure of the Port of Baltimore, one of the busiest ports in the U.S. Early Tuesday, the city's Francis Scott Key Bridge collapsed after a large container ship slammed into a bridge pillar — six people are presumed dead. "There will be dozens of diversions in the next week and hundreds in the coming months as long as Baltimore is shut down," said Richard Meade, editor-in-chief of the shipping journal Lloyd's List. 

Cocoa prices soar
Cocoa prices are surging and this could impact consumers as the world struggles with a supply deficit. The cocoa futures contract for May delivery rose