The market is being buoyed entirely by BHP this morning - 1 point down. The SFE Futures suggest a 45 point rise in the market this morning.

Dow Jones down 36. Traded below its open all session and fell 87 at its lowest. Financials down 1.7% . The earnings results season has got off to a wobbly start. Alcoa missed EPS forecasts and Advanced Micro Devices advising on lower quarter earnings. March 18 FOMC minutes said most Fed officials agreed that economic contraction was "likely" and that some feared a "prolonged and severe" economic downturn. Only two Fed members were concerned over inflation and voted against the 0.75% rate cut – the biggest singular cut in 25 years.

Fed economists have "substantially revised down" their forecasts for GDP this half, and estimate a "slow rise" in the 2Q, with growth trending "somewhat above" the economy's long-term potential pace in 2009. The IMF said losses from subprime could amount to $945 billion, a lot more than the current $232 billion. Overall though, the market behaved more calmly and didn't react with frenzied selling. All 15 homebuilders down with larger than expected decline in pending home sales. Sector down 4.3%.

Both BHP and RIO up in ADR form overnight, 5.24% and 3.28% respectively. BHP carrying the market, up 182c to 4222c. RIO up 152c to 13892c.

Metals all down – Copper down 2.2%, Zinc down 2.8% and Nickel down 0.5%. Aluminium down 0.4%. Zinefex up 15c to 1000c. Oil price down 37c to $108.54 – The head of ConocoPhillips said the oil price will be supported despite the US going into recession because developing nations such as India, China and the Middle East will continue to demand oil. Woodside down 125c to 5545c. Gold down $8.80 to $918.00. Newcrest down 64c to 3385c. US Bonds down with the 10 year yield up to 3.56% from 3.54%