*Our Daily Notes*

03/14/2024 10:20 *Tesla's 4.5% drop was followed by a nearly 3% increase in crude oil prices... * The raw material side was quite active yesterday. WTI oil: After six weeks of increases, weekly crude oil inventories in the US decreased by 1.5 million barrels yesterday. On the geopolitical side, Ukraine's drone attack on Russian refineries (the largest of the refineries processes +300k crude oil per day) increased prices. WTI oil ended the day with a 2.8% premium. 3.1% premium Copper: Copper prices reached an 11-month high as Chinese producers went to capacity control. Yesterday, COMEX copper contracts and LME copper contracts (3-month maturity) ended trading with a 3.2% premium and 3.1% premium, respectively. Silver: As a reflection of the purchases in industrial metals starting with copper (Bloomberg Industrial Metals Index made a 1% premium yesterday), silver, which remained behind compared to gold prices, separated on the positive side yesterday. While silver ended the day with a 3.6% premium in the spot market, the gold/silver ratio tested below the 87 level, supporting the continuation of the rally in precious metals. Tesla's 4.5% decline with the Wells Fargo report caused a 0.8% decline in the Nasdaq 100 index. While S&P 500 ended the day with a 0.19% decline, the best three sectors were energy (due to the increase in oil prices), raw materials (the effect of copper and silver. Freeport-Mcmoran ended the day with a 7.5% premium yesterday) and infrastructure. Golden dragon index (Chinese companies traded in the US) ended the transactions with a 1% premium and CQQQ (BYF including Chinese technology companies) with a 0.8% premium. Demand in long-term US bond issues was not bad yesterday. We believe that we are nearing the end of the short-term rise in US 10-year yields. The S&P 500 index is in its longest period of “2%-free” trading since 2018… Another reason why we have a cautious stance in stock markets… Today, PPI and retail sales data will be announced at 15:30 GMT on the US side. After the session, there is the balance sheet of Adobe, an important name in the field of artificial intelligence. Bitcoin continues to trade above $73k…