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.

What you need to know today

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 to an all-time intraday high of $10,080 per metric ton Tuesday. "The worst is still yet to come," said Paul Joules, a commodities analyst at Rabobank, adding prices will stay high for some time as there are no easy solutions.

[PRO] ETFs that stand out
Given the market volatility, investors are looking to exchange-traded funds to position their portfolios. Finance experts picked five top ETFs to buy and hold this year. The Vanguard Total World Stock ETF should be core holding for any long-term investor, said Vahan Janjigian, chief investment officer at Greenwich Wealth Management. 

The bottom line

The closure of the Port of Baltimore is a major disruption as it's one of the busiest ports in the U.S.

Early Tuesday, a large cargo ship collided into the city's Francis Scott Key Bridge, causing part of the bridge to collapse. Six people are presumed dead.

"It is the top American port for the import and export of autos and light trucks," President Joe Biden said in remarks about the incident.

"Around 850,000 vehicles go through that port every single year, and we're going to get it up and running again as soon as possible," he added. "Fifteen thousand jobs depend on that port."  

In a commentary, Louis Navellier, chairman and founder of Navellier & Associates, said "the tragic collapse" of the bridge is going to disrupt commerce "big time."

"That is the largest coal export port in America. They also get a lot of vehicles. They also export LNG ... It's a mess." The bridge needs be "out of the water because it's not safe for the boats to go through there and that's going to take a long time," he added.

Baltimore's 50-foot shipping channel and port handle some of the world's largest cargo ships that arrive from Asia and elsewhere since the Panama Canal was expanded in 2016.

Over 52 million tons of foreign cargo, worth around $80 billion were shipped out of the Baltimore port in 2023, according to Maryland Gov. Wes Moore. 

U.S. Secretary of Transportation Pete Buttigieg said the port disruption will have a "major and protracted" effect on supply chains.