Investors drive US money market fund assets to records as war-related risk fears multiply

PROVIDENCE, RHODE ISLAND – As the Iran conflict intensifies, the spike in oil prices and rising inflation fears are spurring investors to ditch stocks as too risky and shun traditional safe havens such as gold in favor of money market funds.

The result: assets in those ultra-short-term and ultra-safe Treasury funds are now hovering around USD 8 trillion, according to calculations from providers such as the Investment Company Institute, JPMorgan Chase, and Crane Data, which specializes in tracking money market flows. While their methodology varies and precise calculations range from USD 7.8 trillion to USD 8.1 trillion, the sources agree that assets have hit a record amid the conflict.

“When you have times of dislocation and times of fear, cash is the only thing that makes sense to a lot of people, because there’s the belief that you ‘can’t lose’ by holding it,” said Malcolm Polley, director of strategic market analysis with Stratos Investment Management, a wealth management firm. He added that he is reassuring some of his clients that “the world is not coming to an end just yet.”

“This is the ‘wait-and-see’ money coming from investors who are wary about what’s happening right now,” said Sweta Singh, founding partner at money management firm City Different Investments.

The latest catalyst for the steady flow of assets into money market funds is the impact of soaring crude oil prices on the economy and inflation. Brent crude futures rose 1.2% on Thursday to USD 108.65 a barrel, after trading as much as 10% higher during the day.

“Gold, silver, and currencies are increasingly being driven by oil prices,” said Steven Wieting, co-founder of CIO Group, a wealth management firm. “As all risk assets take on this uncertain path, dependent on oil, it is natural for cash to build on the sidelines.”

The longer prices linger at lofty levels, the greater toll they will take on everything from consumer spending to corporate earnings, market strategists are cautioning investors.

“There are few places to hide from this near-term supply shock,” analysts at the BlackRock BLK.N Investment Institute wrote in a client note published on Monday. “Government bonds and gold are not providing ballast as equities fall.” Treasuries are no safe haven either, given the potential for inflation to climb further and already-high government debt to rise as the cost of conducting the war mounts.

“The elephant in the room is stagflation,” said Jacob Taurel, managing partner at Activest Wealth Management, adding that he believes this combination of inflation and stagnant or negative growth is “a real risk.”

To some, that offers a great case for putting money to one side in a product that currently offers yields north of 3% and, in a handful of cases, approaching 4%, depending on the financial institution. In the first few days of the Iran war, Deborah Cunningham, chief investment officer of global liquidity markets at Federated Hermes, said in an analysis published earlier this month that the “collective negative vibe often sends investors to safer harbors,” a category she told Reuters includes money market funds.

Cunningham told Reuters she pegs the size of that cash mountain in money markets at USD 8.3 trillion.

Financial advisors, however, are cautioning their clients about being carried away by their risk aversion and putting too much money into money market funds.

“The problem with going to cash is that you have to make two separate decisions correctly: when to get into cash and when to move back into other assets,” said Polley.

“When people are scared, they can be irrational.”

(Reporting by Suzanne McGee in Providence, Rhode Island; Editing by Stephen Coates)

Oil rally puts energy fund inflows on pace for 12-year high

Investors have added to energy-sector funds at the fastest clip in more than a decade, as an oil-price surge prompted by the Iran war is set to deliver windfall profits for oil producers and refiners.

According to LSEG Lipper, global equity funds focused on the energy sector have attracted inflows of USD 2.1 billion so far this month and are on track to surpass the 12-year high of USD 2.2 billion recorded in June 2014.

As rising oil prices pressure most sectors, investors are piling into energy stocks, which stand out as one of the few beneficiaries.

Supported by higher oil prices, the total market capitalization of the top 25 global oil firms has risen about 20% so far this year to USD 5.3 trillion. The MSCI World Energy index has gained about 29.5% over the same period, outperforming the broader MSCI World index, which has fallen 1%.

Flow data showed inflows into energy funds picked up from the start of the year, reversing outflows seen last year, supported by attractive valuations, with persistent inflation and resilient global growth keeping oil demand and prices elevated.

“The boom in energy stocks started as a value play and evolved into a geopolitical risk trade,” said David Russell, global head of market strategy at TradeStation Group.

“The main beneficiaries are production companies, which drill for oil, and refiners, which profit from wider crack spreads as global supply tightens.”

So far this month, Xtrackers MSCI World Energy UCITS ETF has attracted USD 318.8 million, while BGF World Energy Fund A2 USD LP60056151 and iShares S&P 500 Energy Sector UCITS ETF USD (Acc) received USD 315.8 million and USD 241.3 million, respectively, according to the data.

Some analysts said investors are increasingly using energy stocks as a hedge against rising oil prices, but cautioned that any signs of de-escalation, such as a ceasefire or reopening of the Strait of Hormuz, could trigger a rapid reversal in flows.

Grant Meyer, founder and financial adviser at TruMix Advisors, said inflows into energy sector funds could continue in the near term.

“Part of what people forget is that shutting down oil production isn’t like flipping a light switch,” he said.

“Countries without sufficient storage capacity will take time to ramp back up even after a resolution, keeping supply tight for longer than headlines suggest.”

(Reporting By Patturaja Murugaboopathy, with additional reporting by Gaurav Dogra in Bengaluru; editing by Colin Barr and Krishna Chandra Eluri)

Dollar gains as Fed leaves rates unchanged

NEW YORK – The US dollar strengthened against other major currencies on Wednesday, on track to claw back losses from the past two sessions after the US Federal Reserve left interest rates unchanged.

The Fed projected higher inflation as well as one interest rate cut for the year as officials weighed the economic impact of the US and Israeli war on Iran.

The dollar has strengthened overall since the Middle East conflict almost three weeks ago, reaching a 10-month high late last week as the conflict and rising oil prices drove investors into safe-haven US assets.

“The consistent tone, paired with a fresh set of projections showing lower growth, weaker employment, and higher inflation than in December, marks the clearest signal yet that Chair Jay Powell’s Fed sees higher energy prices playing a temporary, but demand-destructive role in the US economy,” said Karl Schamotta, chief market strategist at Corpay in Toronto.

The dollar strengthened 0.92% to 0.792 against the Swiss franc. The euro was down 0.5% at USD 1.148.

The Fed didn’t change expectations of where rates will be heading or that Treasury markets are headed in the wrong direction, which is positive for the dollar, said Joseph Trevisani, senior analyst at FX Street in New York.

“It’s a hawkish hold and the main reason for that is because the base case going forward was still one rate decrease in 2026 and although that hasn’t changed, treasury rates are higher than they were two or three months ago,” Trevisani said.

The dollar index was up 0.51% to 100.0.

In his press remarks following the Fed decision, Chair Jerome Powell said the central bank will look through the impact of higher oil prices induced by the conflict if there’s more progress this year in bringing down core inflation driven by goods prices.

Prior to the Fed’s decision, data from the US Labor Department showed that the Producer Price Index surged 0.7%, while economists polled by Reuters had forecast a 3% rise.

YEN INCHES TOWARD INTERVENTION ZONE

Other major central banks are poised to announce their rate decisions this week, including the European Central Bank, Bank of England and Bank of Japan.

They are all widely expected to maintain interest rates but traders will look for clues on where borrowing costs are heading amid a potential inflationary shock from the Middle East war.

The Japanese yen weakened 0.43% against the greenback to 159.7 per dollar. The yen is trading near its 2024 intervention zone, triggering worries that Japanese authorities might step in again.

Sterling was down 0.46% at USD 1.3292.

The dollar strengthened 0.19% to 6.894 versus the offshore Chinese yuan.

(Reporting by Chibuike Oguh in New York; Additional reporting by Saqib Ahmed in New York; Editing by Emelia Sithole-Matarise, Chris Reese, and Nick Zieminski)

US yields rise as Fed keeps rates steady, emphasizes resilient growth

NEW YORK – US Treasury yields advanced on Wednesday after the Federal Reserve kept interest rates unchanged, as widely expected, while maintaining its forecast for a single rate reduction in 2026.

The Fed also upgraded growth projections for this year and next, with Chair Jerome Powell noting in comments after the Fed decision that the US economy has remained resilient through a number of challenges. He added that generative artificial intelligence tools were certain to contribute to productivity gains for years to come.

Officials discussed the chance “our next move might be an increase” but “the vast majority of participants don’t see that as their base case,” Powell said at a press conference. But he added: “We don’t take things off the table.”

US two-year yields, which reflect interest rate expectations, were last up 9.1 basis points (bps) at 3.762%.

The benchmark 10-year yield rose 5.9 bps to 4.261%.

US 30-year yields were up 2.6 bps at 4.878%.

“Implications of developments in the Middle East for the US economy are uncertain,” the Fed said in a policy statement that also noted ongoing stable unemployment. It kept the policy rate in the 3.50%-3.75% range.

The US-Israeli war on Iran is in its third week and the Strait of Hormuz, through which about 20% of global oil and liquefied natural gas flows, remains largely closed off.

New projections from US central bank policymakers showed that the Fed’s benchmark overnight interest rate would fall by just a quarter of a percentage point by the end of this year, with no hint of the timing of such a move. That view was unchanged from previous projections.

“The big takeaway is that the uncertainty is still so high in terms of what’s going to happen with the war, what’s going to happen with the job market, what’s going to happen on inflation that it’s really hard to get a strong view about where the Fed is heading,” said Tony Rodriguez, head of fixed income strategy at Nuveen.

The new rate and economic forecasts showed the Fed, for the time being, largely looked through the oil shock, with policymakers still expecting to cut rates this year and anticipating inflation to be 2.2% by the end of 2027, near the central bank’s 2% target.

GROWTH AND INFLATION PROJECTIONS

Economic growth was raised slightly to 2.4% for 2026 versus 2.3% in December, and the projected unemployment rate was unchanged at 4.4%.

Inflation, as measured by the personal consumption expenditures price index, is now seen at 2.7% by year-end, based on the median policymaker view. In December it had been pegged at 2.4%.

Core PCE inflation, which strips out volatile oil and food prices, is now also seen rising to 2.7%, compared with 2.5% previously.

“The growth numbers are the more kind of surprising element increasing in 2026 by one-tenth and 2027 by three tenths,” Rodriguez said.

“So that to me implies that you get energy prices kind of almost resetting, maybe not back to below USD 60 per barrel, but certainly back to USD 65, a level that really wouldn’t impact growth very much and inflation will pass through relatively quickly.”

Post-Fed, US rate futures pared back easing bets for 2026, now showing just 20 bps of rate cuts this year, versus 26 bps late on Tuesday, according to LSEG data. The next rate cut is not likely until December or January next year.

Following the Fed statement, the yield curve steepened a touch, with the spread between two-year and 10-year yields at 51.4 bps. It was at 50.8 bps just before.

Earlier in the session, the curve narrowed to 48.8 bps from 52 bps late on Tuesday. Wednesday’s curve was the flattest since late November.

The curve showed a bear-flattening pattern, with short-term interest rates rising faster than long-dated ones. This scenario likely reflects expectations that the Fed could continue the pause of its rate-cutting cycle as it looks to tamp down rising inflation.

Earlier in the session, data showed stronger-than-expected producer price data for the month of February, which kicked off the rise in Treasury yields.

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu Nomiyama, Nia Williams, and Edmund Klamann)

Oil prices drop as US crude inventories show an increase

BEIJING – Oil prices fell slightly on Wednesday morning after sources citing American Petroleum Institute figures showed an increase in US crude inventories.

Brent futures dropped USD 1.15, or 1.11%, to USD 102.27 a barrel by 0108 GMT, while US West Texas Intermediate crude dropped USD 1.54, or 1.6%, to USD 94.67.

US crude stocks rose by 6.56 million barrels in the week ended March 13, market sources said, citing API figures on Tuesday.

A Reuters poll showed that US crude oil stockpiles were expected to have risen by about 380,000 barrels in the week to March 13.

In terms of supply, Iraq’s oil minister said on Tuesday that the Iraqi government and the Kurdistan Regional Government reached an agreement to resume oil exports to Turkey’s Ceyhan energy hub starting on Wednesday.

Oil flow from Ceyhan port is expected to start at 10 a.m. local time (0700 GMT) on Wednesday.

Libya’s National Oil Corporation said early on Wednesday that flows from the Sharara oilfield were gradually redirected through alternative pipelines after a fire broke out, adding that production remains on tap and there were no casualties.

Iran’s security chief Ali Larijani was killed by Israel, Tehran confirmed on Tuesday, the most senior figure targeted since the US-Israeli war’s first day, while a senior Iranian official said Iran’s new supreme leader rejected de-escalation offers conveyed by intermediary countries.

The United States military said Tuesday it had targeted sites along Iran’s coastline near the Strait of Hormuz because Iranian anti-ship missiles posed a risk to international shipping there.

Iranian power broker Larijani’s death and the US military’s strikes on Iranian coastal positions near the Strait of Hormuz have raised hopes that the conflict could end sooner, said Mingyu Gao, chief researcher for energy and chemicals at China Futures.

(Reporting by Sam Li and Lewis Jackson; Editing by Stephen Coates)

Dollar holds losses as risk appetite flickers ahead of central bank meetings

TOKYO – The dollar held losses on Wednesday as a glimmer of risk appetite came back to markets ahead of a slate of key central bank decisions.

The yen rallied from levels that conjured concerns of intervention in markets by Tokyo ahead of Japanese Prime Minister Sanae Takaichi’s meeting in Washington with President Donald Trump. The euro was stable after two days of gains ahead of the European Central Bank’s meeting later in the day.

The greenback has gained as the only remaining haven currency during the Middle East crisis that is now in its third week. Overnight, Tehran confirmed Iran’s security chief Ali Larijani was killed by Israel, the most senior figure targeted since the US-Israeli war’s first day.

“Volatility has settled largely due to relatively benign price action in energy markets overnight. But the risks haven’t diminished at all,” said Kyle Rodda, a senior analyst at capital.com. “If anything, it could cause a rapid risk-on move in the markets, it’s the US seemingly wresting control of the Strait from the Iranians.”

The dollar index, which measures the greenback against a basket of currencies, traded at 99.56 after a two-day decline. The euro was little changed at USD 1.1538.

The yen strengthened 0.06% to 158.91 per dollar. Sterling held steady to USD 1.3353.

The dollar reached a 10-month high at the end of last week as the Middle East conflict and rising oil prices prompted investors to seek safety in US assets.

In a sign of how the crisis is upending diplomacy and trade, Trump on Tuesday said he was postponing a highly anticipated trip to Beijing to meet with Chinese President Xi Jinping. Trump had been set to travel to Beijing from March 31 to April 2 for the first trip there of his 14-month-old second term.

Japanese PM Takaichi is due to depart for her meeting with Trump on Wednesday evening.

The US Federal Reserve will announce its policy decision on Wednesday, with the ECB, the Bank of England, and the Bank of Japan following a day later. They are all expected to keep rates unchanged, although traders will be looking out for commentary about inflation and economic outlook amid the US-Israeli war with Iran.

Expectations for Federal Reserve easing have also been scaled back, with markets now assigning about 25 basis points of cuts this year. Traders are pricing in almost two European Central Bank rate hikes in 2026, a sharp shift from the roughly 50% chance of a cut seen before the conflict began.

The Australian dollar strengthened 0.06% versus the greenback to USD 0.7106. New Zealand’s kiwi weakened 0.02% to USD 0.5856.

In cryptocurrencies, bitcoin fell 0.48% to USD 74,193.50 and ether declined 0.04% to USD 2,327.66.

(Reporting by Rocky Swift; Editing by Sam Holmes)

US stock market crash fears ease even as Middle East war rages on

NEW YORK – Options traders’ fears of a US stock market crash have pulled back nearly to levels seen before the US-Israeli attacks on Iran that made oil prices soar.

The Nations TailDex Index and the Cboe Skew Index, two separate gauges that measure how much traders are paying for crash protection, have retreated to near where they stood before the February 28 strikes on Iran. The S&P 500 is still down 2% from pre-war levels.

“TDEX is signaling that investors are now less worried about a “tail event,” or a really steep drop in equity prices, than at any point since the war started,” said Scott Nations, president of Nations Indexes, an independent developer of volatility and option strategy index products.

“Given the muted response from the S&P 500, this outlook makes sense, but it’s an important metric to watch,” he said.

On Monday, the TailDex index was at 18.84, just below its closing level of 19.01 on February 27. The Cboe SKEW index finished at 141.49 on Monday, down from 146.67 prior to the air strikes.

Both indexes soared to multi-month highs as soaring oil prices unleashed fear of a sizeable pullback in markets.

The cost of deep out-of-the-money S&P 500 puts – contracts that would offer protection against a 20% drop in the market over the next three months – stands just slightly higher than it was immediately prior to the strikes, according to Susquehanna Financial Group strategist Christopher Jacobson.

“After hitting multi-year highs at times last week, S&P skew levels have declined incrementally as some of that downside tail bid has faded alongside,” Jacobson said.

While fear of a market crash has faded, market anxiety levels are still higher than they were in early February. Nor are investors rushing to bet on a sharp rebound in stocks past old highs.

“We haven’t really seen that skew shift back towards the upside tail,” Jacobson said.

(Reporting by Saqib Iqbal Ahmed; editing by Andrei Khalip)

Yields mixed as PCE eases fears but oil keeps markets cautious

NEW YORK – US Treasury yields were mixed on Friday after data showed the Federal Reserve’s preferred inflation measure was in line with economists’ expectations in January, while concerns over oil prices kept investors nervous about an uptick in price pressures.

The Personal Consumption Expenditures price index increased 0.3% in January after rising 0.4% in December. Excluding the volatile food and energy components, the PCE price index rose 0.4% after a similar gain in December.

“The January core PCE wasn’t quite as bad as feared,” said Matt Bush, US economist at Guggenheim Investments.

The two-year note yield, which typically moves in step with Fed interest-rate expectations, fell three basis points to 3.732%. The yield on benchmark US 10-year notes rose one basis point to 4.283%.

The yield curve between two- and 10-year notes steepened by around three basis points to 55 basis points.

Traders this week have pushed back expectations on when the US Fed will cut rates as oil prices jump on supply disruptions caused by the US-Israeli war on Iran.

Crude futures climbed on Friday as the Strait of Hormuz remained closed, but analysts were wary the weekend might bring surprise changes in the status of the war two weeks after it started.

Traders are pricing in 22 basis points of cuts by year-end, down from more than 50 basis points before the war broke out, indicating rising doubts the Fed will make a second 25-basis-point cut by end-2026.

Some analysts and economists view the pricing as potentially having gone too far.

“You would need to see a very large rise in energy sustained for several months to really have a meaningful impact on core inflation,” said Bush, adding, “The second component here is that an energy shock also is negative for economic growth in the labor market.”

“The labor market has already been in a fragile spot. So it’s not clear-cut to me that higher oil prices would necessarily lead to a tighter path for Fed policy, given both sides of their dual mandate are going to be affected,” Bush said.

Concerns over the recent surge in oil prices have largely overshadowed an unexpectedly weak
jobs report for February.

“Front-end USD rates are likely to continue to trade with energy prices over the near term, however a protracted conflict can shift the focus from inflation to growth,” Wells Fargo macro strategists said on Friday in a report.

Other data on Friday showed that US economic growth slowed more sharply in the fourth quarter than initially thought, while US job openings increased in January, though hiring was lackluster.

The Fed is expected to keep interest rates unchanged at the conclusion of its two-day meeting on Wednesday.

Traders will focus on comments from Chair Jerome Powell for clues on how higher oil will impact Fed policy going forward. Policymakers will also update their interest rate and economic forecasts.

However, “The Fed has a relatively high bar to out-hawk market expectations,” Wells Fargo said.

(Reporting by Karen Brettell; Editing by Pooja Desai and Sharon Singleton)

Gold slips and heads for second consecutive weekly fall

Gold prices slipped on Friday and were on track for a second consecutive weekly decline, pressured by a stronger dollar and inflation worries driven by the Iran war, which weighed on rate‑cut expectations.

Spot gold fell 0.5% to USD 5,052.15 per ounce, by 1:44 p.m. ET (1744 GMT), and was down over 2% for the week so far.

US gold futures for April delivery settled 1.3% lower at USD 5,061.70.

“While the market remains strongly bullish gold long term on asset allocation drivers, bullion is grinding towards lows since the Iran conflict started with the dollar at nearly four-month highs,” said Tai Wong, an independent metals trader.

The US dollar was on course for a weekly rise, making greenback-priced bullion less affordable for other currency holders.

Commerzbank in a note said expectations of a more restrictive monetary policy are the main reason why the price of gold has come under pressure.

While gold is prized as a traditional hedge against inflation and periods of uncertainty, elevated rates typically curb its appeal by increasing the cost of holding bullion.

Data showed US consumer spending increased slightly more than expected in January, which together with continued strength in underlying inflation and the war in the Middle East bolstered economists’ views that the Federal Reserve would not resume cutting interest rates for some time.

President Donald Trump said the US was going to be hitting Iran “very hard over the next week”, shortly after issuing a partial 30-day waiver for purchases of sanctioned Russian oil.

Oil prices dipped but were on track for weekly gains as Gulf disruptions due to the conflict broadly persisted.

Elsewhere, resumption of some flights from Dubai has allowed gold flows from this major global trading hub to restart partially this week, three sources told Reuters.

Among other metals, spot silver lost 3.3% to USD 81.00.

Platinum fell 4% to USD 2,047.20 and palladium shed 2.5% to USD 1,569.00. The sister metals are on track to post weekly losses.

(Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Krishna Chandra Eluri and Alan Barona)

Investors await Fed rate outlook as Iran war keeps markets on edge

NEW YORK – Investors will seek clarity in the coming week on how much the Middle East conflict is complicating expectations for interest-rate cuts this year, as they brace for developments in the Iran war that could rattle markets.

US Federal Reserve policymakers meet for the first time since the US and Israel began air strikes on Iran about two weeks ago, setting off a surge in oil prices that has reverberated across assets.

Fed members will grapple in their two-day meeting with questions about the energy shock’s impact on inflation and economic growth. The central bank will release economic projections on Wednesday. Markets are now pricing in tempered hopes for rate cuts in the wake of the conflict, even as expected cuts have been a key source of optimism for bullish stock investors this year.

“The Fed is going to be front and center, especially given the fact that we have seen the market push back… these rate cut expectations,” said Angelo Kourkafas, senior global investment strategist at Edward Jones.

US stock indexes have fallen and equity volatility has ratcheted higher since the Iran war began. Investors are fixated on the massive moves in oil prices, with US crude soaring close to USD 120 a barrel to start the week, and settling on Friday near the closely watched USD 100 level. Iran said the world should be ready for oil at USD 200 as its forces hit merchant ships during the week.

The benchmark S&P 500 ended on Friday, down about 5% from its record closing high from late January, as it posted its third straight weekly decline.

“We’re seeing wild swings in the market as traders are latching on to any hint of developments, positive or negative, on the Iran conflict,” said Sid Vaidya, chief investment strategist at TD Wealth.

FED ON HOLD FOR LONGER?

The Fed is widely expected to hold interest rates steady for a second straight meeting when it gives its policy statement on Wednesday. The central bank lowered rates last year to shore up a weakening labor market, but paused its easing cycle in January as it noted risks to employment and inflation had diminished.

Investors have been assuming more rate cuts are coming this year, which would be expected to support prices for stocks and other assets. Those expectations have been dialed back due to fears that the surge in energy prices will push up inflation.

“We believe this will just keep the Fed in a holding pattern for longer,” Vaidya said.

At the same time, a surprisingly weak jobs report for February could encourage the Fed to maintain a bias toward easing.

Fed funds futures on Friday were pricing in slightly less than one standard quarter-percentage point cut by December, down from two such cuts as of late February before the war began, according to LSEG data.

FED PROJECTIONS, POWELL COMMENTS IN FOCUS

As part of its meeting, the Fed will release updated projections from policymakers on their future expectations for rates, as well as for inflation and the labor market. Fed Chair Jerome Powell’s press conference on Wednesday, following the central bank’s policy statement, also could shed light on how Fed members are viewing the impact of the conflict.

“I think it’s going to set the table for the year and how to look at inflation being induced by oil prices,” said Paul Nolte, senior wealth adviser and market strategist at Murphy & Sylvest Wealth Management.

For Powell, it will be his second-to-last meeting before his term as chair expires in May. The next rate move may not come until President Donald Trump’s nominee for Fed chair, former Fed Governor Kevin Warsh, is expected to have taken over the helm of the central bank.

In the coming week, Nvidia’s annual developer conference also could bring renewed focus to the artificial-intelligence trade, which sparked volatility for technology and other shares earlier in the year.

But investors expect Iran-related news will remain prominent.

“Headlines continue to drive market movements as investors wait for greater clarity on the timing of a US exit strategy,” Adam Turnquist, chief technical strategist for LPL Financial, said in a written commentary on Thursday.

(Reporting by Lewis Krauskopf; Editing by David Gregorio)

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