Gold rallies over 1% as Credit Suisse crisis hits risk appetite

March 15 (Reuters) – Gold prices climbed over 1% to their highest since early February on Wednesday as a fresh crisis in the banking sector turned investors away from seemingly riskier assets and drove them to the safety of bullion.

Spot gold jumped 1.2% to $1,924.63 per ounce by 11:56 a.m. EDT (1556 GMT). U.S. gold futures gained 1.1% to settle at $1,931.30.

Europe’s bank stocks came under pressure again, with Credit Suisse (CSGN) shares sliding after its largest investor said it could not provide the Swiss bank with more financial assistance.

“It’s a total safe-haven trade. There’s a lot of concern about Credit Suisse and now European banks are really coming under quite a bit of pressure. So it’s a complete flight to safety,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

Gold prices in sterling hit a record high while bullion in euros also spiked towards all-time peaks hit last year.

“People are going to the U.S. Treasuries, gold, silver, and the dollar. They’re exiting riskier assets like U.S. equities and economically sensitive metals like copper, platinum and palladium,” Streible said.

Gold rose despite a sharp jump in the dollar. A strong greenback would usually weigh on demand for dollar-priced bullion.

Spot silver added 0.6% to $21.82 per ounce, while platinum fell 2.4% to $958.76, and palladium lost 3.1% to $1,459.79.

Overall focus was still on the Federal Reserve’s next move on interest rates as it assesses data showing elevated inflation in February against the backdrop of the collapse of two regional banks.

Markets put a 57.1% chance on the Fed holding its benchmark rate at current levels at its March 21-22 policy meeting.

Gold is traditionally considered a hedge against inflation, but higher rates increase the opportunity cost of holding the non-yielding asset.

Volatility is expected over the coming days ahead of the Fed meeting, said Craig Erlam, senior market analyst at OANDA.

(Reporting by Bharat Govind Gautam and Ashitha Shivaprasad in Bengaluru; Editing by Mark Potter and Emelia Sithole-Matarise)

Asian shares rise as fears about rapid Fed hikes, bank crisis fade

SINGAPORE, March 15 (Reuters) – Asian equities rose on Wednesday, tracking a relief rally on Wall Street after US inflation data delivered no nasty surprises, reinforcing hopes the Federal Reserve will likely go for a smaller rate hike when it meets next week.

Investors piled back into stocks in US markets overnight as fears eased about contagion in the banking sector following the collapse of Silicon Valley Bank (SVB) last week.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 1% higher, having slid 1.7% on Tuesday after SVB’s collapse triggered heavy selling by investors in the last few trading sessions.

The rally is unlikely to continue in Europe with European stock futures indicating a lower open. Eurostoxx 50 futures were down 0.07%, German DAX futures up 0.01% and FTSE futures down 0.04%.

“It’s clearly dominated by a relief rally rather than any inflation angst,” said Robert Carnell, regional head of research, Asia Pacific at ING.

“I suppose what we’ve got is the banking sector in the US returning to stability, with depositors being given the fairly clear signal that they’re not going to lose out.”

Investors were also relieved after February’s US inflation report on Tuesday showed consumer prices rose 0.4%, with a year-on-year gain of 6% – in line with analyst expectations. There were worries that stronger-than-expected data might lead the Fed to go for jumbo-sized hikes to battle inflation.

As recently as last week, markets were braced for the return of large Fed hikes but the swift collapse of SVB has changed those expectations, with market pricing in an 80% chance of a 25 basis point hike next week.

“It does feel like the 50 basis point move for this month’s meeting that was speculated about especially after Powell’s commentary to the Senate Banking Committee – nobody’s expecting that anymore,” said Carnell.

Also, helping boost sentiment was data on China’s economic activity that picked up in the first two months of the year due to a recovery in consumption and infrastructure investment and signs the beleaguered property sector is starting to recover.

Chinese shares gained with Shanghai Composite Index 0.46% higher, while Hong Kong’s Hang Seng index up 1.75%1.4%.

Australia’s S&P/ASX 200 index rose 0.86%, while Japan’s Nikkei was flat.

US Treasury yields extended gains into Asian hours after sharp declines at the start of the week. The yield on 10-year Treasury notes was up 2.1 basis points to 3.657%. .

The two-year US Treasury yield, which typically moves in step with interest rate expectations, was up 7.1 basis points at 4.296%, but far off last week’s peak of 5.084%.

In the currency market, the greenback held steady, with the dollar index, which measures the US currency against six rivals, at 103.69, with the euro mostly flat at USD 1.0737.

The Japanese yen weakened 0.4% to 134.75 per dollar, while sterling was last trading at USD 1.2156, down 0.03% on the day.

Oil prices rebounded more than 1% on Wednesday due to a stronger OPEC outlook on China’s demand. Brent crude futures climbed 1.2% to USD 78.38 a barrel. US West Texas Intermediate crude futures (WTI) gained 1.4% to USD 72.29 a barrel. On Tuesday, the benchmarks fell more than 4% to three-month lows.

(Editing by Sam Holmes and Sonali Paul)

Pride and prudence expected in UK budget

The relief rally in the market will be tested when British finance minister Jeremy Hunt presents the UK spring budget as he tries to speed up the world’s sixth-biggest economy, with business lobbies clamouring for sweeteners.

Hunt, who was drafted in last year after former Prime Minister Liz Truss’s mini budget in September shook UK markets, is due to speak at 1230 GMT and is expected to stay away from big tax cuts or spending increases.

That may sour risk appetite for investors after the relief rally got a leg up on Wednesday from China’s economic activity data that showed gradual, but uneven recovery. Rising expectations that the Fed will not go back to jumbo hikes after Tuesday’s inflation data also helped lift sentiment.

The market is now pricing in a roughly 80% chance of a 25 basis point increase, compared with last week when it priced in a 70% chance of a 50 bps hike. Some in the market still hope that the Fed will stay pat on rates. Retail sales data later in the day will shed more light on the state of economy.

European stocks may struggle to sustain the rally with futures indicating the market is due for a slightly higher open.

Banking stocks clawed back some of their steep losses as traders bet (or hope) that the worst of the SVB fallout is over as the contagion fears that gripped the market eased.

In the corporate world, focus will be on Credit Suisse after the Swiss bank said it had identified “material weaknesses” in internal controls over financial reporting.

Meanwhile, Facebook-parent Meta Platforms announced it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs.

(Ankur Banerjee)

*****

Nikkei snaps 3-day losing run as Japan banks rise on easing contagion fears

TOKYO, March 15 (Reuters) – Japanese banking stocks closed higher on Wednesday, helping the Nikkei share average snap a three-day losing streak, as markets recovered some composure after investors tempered their fears of contagion from the Silicon Valley Bank meltdown.

The Tokyo Stock Exchange’s banking index rose 3.3%, led by regional lenders including Suruga Bank and Shimane Bank, which climbed more than 5% each.

The Nikkei had a volatile session, but recovered in the final 15 minutes of trade to close steady at 27,229.48. Over the previous three days, the benchmark had slumped nearly 5%.

The broader Topix, which is more influenced by banking shares, gained 0.7% to 1,960.12.

“For the time being, calm has returned to the market, but the SVB problem still needs to be monitored closely – that seems to be the feeling among investors,” said Kazuo Kamitani, a strategist at Nomura Securities.

Kamitani also pointed to looming US retail sales data and the Federal Reserve’s rate-setting meeting next week as reasons not to chase stock prices higher.

“Ultimately, the market is still cautious,” he said.

The TSE’s banking index had plunged almost 16% over the previous three sessions. But it had started from an elevated position, touching a more than seven-year high on Thursday amid growing conviction that the Bank of Japan would soon let up on the yield curve controls that have crushed profits from lending.

Japanese officials reiterated assurances on the health of the financial sector on Wednesday, with Finance Minister Shunichi Suzuki telling the parliament that a similar crisis to SVB won’t happen in the country.

Notable drags on the Nikkei included startup investor SoftBank Group, which fell 1.4%, and Uniqlo store operator Fast Retailing, which slide 1.7%.

(Reporting by Kevin Buckland; Editing by Rashmi Aich and Sherry Jacob-Phillips)

UPDATE 11-Oil slumps $5/bbl to lowest in more than a year as banking fears mount

Crude benchmarks extend losses, hit lowest since Dec. 2021

Credit Suisse unease sparks global sell-off

U.S. crude stockpiles build more than expected

China reopening expected to boost oil demand -IEA

Updates with settlement price, comment

By Arathy Somasekhar

HOUSTON, March 15 (Reuters) – Oil prices plunged more than $5 a barrel on Wednesday to their lowest in more than a year as unease over Credit Suisse spooked world markets and offset hopes of a Chinese oil demand recovery.

Early signs of a return to market stability faded after Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance, sending its shares and other European equities sliding.

“It doesn’t matter what your risk asset is: at this point people are pulling the plug across different instruments here,” said Robert Yawger, director of energy futures at Mizuho in New York.

“Nobody wants to go home with a big position on anything today. … You have nowhere to hide really.”

Both crude benchmarks hit their lowest since December 2021 and have fallen for three straight days.

Brent crude LCOc1 was down $3.76, or 4.9%, to $73.69 a barrel. U.S. West Texas Intermediate crude (WTI) CLc1 was down $3.72, or 5.2%, at $67.61, breaking through technical levels of $70 and $68 and extending the sell-off.

Volatility in Brent and WTI was at its highest in more than a year and both entered technically oversold territory on Wednesday.

On Tuesday, both benchmarks shed more than 4%, pressured by fears that the collapse of Silicon Valley Bank (SVB) last week and other U.S. bank failures could spark a financial crisis that would weigh on fuel demand.

Hedge funds were liquidating due to rising interest rates and economic uncertainty, said Dennis Kissler, senior vice president of trading at BOK Financial, adding that heavy pressure on U.S. stocks early Wednesday was adding to the fund liquidation in crude.

The U.S. dollar =USD also strengthened against a basket of currencies, making it more expensive for holders of those currencies to purchase crude. USD/

Adding to the bearishness in the market, U.S. crude stockpiles USOILC=ECI rose by 1.6 million barrels last week, government data showed, more than the expected rise of 1.2 million barrels in a Reuters poll of analysts.

Stacey Morris, head of energy research at data analytics company VettaFi, said oil prices would remain weak in the short term, given current uncertainty, adding that there may be a buying opportunity.

Oil had rallied earlier in the session on figures showing that China’s economic activity picked up in the first two months of 2023 after the end of strict COVID-19 containment measures.

Wednesday’s monthly report from the International Energy Agency provided support by flagging an expected boost to oil demand from China, a day after OPEC increased its Chinese demand forecast for 2023.

“We definitely have seen the oil market separate themselves from oil inventories and we’re more focused on a larger meltdown of the global economy,” said Phil Flynn, an analyst at Price Futures Group.

(Reporting by Alex Lawler; Additional reporting by Florence Tan in Singapore and Yuka Obayashi in Tokyo; Editing by Alexandra Hudson, Mark Potter and Richard Chang)

((alex.lawler@thomsonreuters.com; +44 207 542 4087; Reuters Messaging: alex.lawler.reuters.com@reuters.net))

Door slams on Japan bank rally as focus turns to bond holdings in wake of SVB

SINGAPORE, March 14 (Reuters) – Tokyo banking stocks stood within sight of decade highs last week, testing the top of a range that has bound them since the 2008 global financial crisis — then Silicon Valley Bank collapsed, dashing hopes of a new dawn for banking in Japan.

Losses in Silicon Valley Bank’s bond portfolio have highlighted similar risks for Japanese lenders’ gigantic foreign bond holdings, which are carrying over 4 trillion yen (USD 30 billion) in unrealized losses.

At the same time, a radical shift in the global interest rate outlook has dashed bets on policy normalization – and more lucrative lending – any time soon in Japan.

Three days of selling has the Tokyo Stock Exchange banks index down 16% – its sharpest drop since the days after the 2011 earthquake and tsunami struck Japan. The index led falls in Asia on Tuesday while other markets steadied.

“Japanese banks share with SVB the characteristic of having substantial holdings of bonds, whose prices fall when bond yields rise, creating solvency risk,” said Michael Makdad, a senior equity analyst at Morningstar in Tokyo.

Most, he said, have hedged their exposure and stand prepared to manage losses. Japan’s banks have also said as much.

But sharp falls in the shares of Japan Post Bank 7182.T, which Makdad calculated as the most exposed, and some slight wobbles in bond prices for the unlisted Norinchukin – also with heavy exposure – illustrate concern and Japan’s vulnerability.

Japan’s bond holdings are also huge. Japanese investors are the largest foreign owners of US Treasuries, with financial firms chief among big holders since low domestic loan rates and low yields drive them to find better, but safe, returns elsewhere.

“The difference comes from the loan-to-deposit ratio,” said Norihiro Yamaguchi, senior economist at Oxford Economics.

“In Japan, it’s quite low compared to other banks in the Asian region, so it means that they rely heavily on bond investments,” he said. “With the chronic low interest rate environment in Japan, they actively invest in US Treasuries.”

BONDS GETTING HIT

Most of the time, bond losses aren’t a problem for banks, which typically hold their investments to maturity.

But after the worst year in global bond markets for decades, the losses are very big — foreign bond losses totaled about 3 trillion at the end of December at Japan’s top three banks, and analysts at SMBC Nikko calculated another 1.4 trillion yen in unrealized foreign bond losses for regional banks.

Most analysts agree these risks are in hand. An annual Bank of Japan report published on Tuesday said Japanese financial institutions have sufficient capital buffers.

But it also said portfolio losses have swelled at regional banks, and that is where selling pressure has been heaviest as investors fret that smaller lenders will find it harder to navigate market volatility.

Share prices for such lenders had rallied hardest through the autumn as speculation mounted that a shift out of ultra-easy policy settings in Japan was in the offing and the prospect of higher interest rates and better margins lay ahead.

Japan’s top regional bank, Resona Holdings 8308.T, was the biggest loser on the Nikkei on Tuesday, dropping 9.2%, and is now falling harder than peers with a 21% loss in three days.

Japan’s biggest financial firm, Mitsubishi UFJ Financial Group 8306.T fell 8.6% on Tuesday and has lost more than 2 trillion yen in market value with a 17% drop in three sessions.

“I think it’s about bonds getting hit,” said Joshua Crabb, head of Asia-Pacific equities at Robeco. “And maybe some concerns Japanese banks have exposures, and some profit taking,” he said. The banking index rose 40% from September to February.

(USD 1 = 134.0900 yen)

(Reporting by Summer Zhen in Hong Kong, Rae Wee and Vidya Ranganathan in Singapore and Makiko Yamazaki in Tokyo; Writing by Tom Westbrook; Editing by Simon Cameron-Moore)

Oil falls to three-month low on inflation worries, US bank shutdowns

NEW YORK, March 14 (Reuters) – Oil prices dropped over 4% to a three-month low on Tuesday after a US inflation report and the recent US bank failures sparked fears of a fresh financial crisis that could reduce future oil demand.

Brent futures fell USD 3.32, or 4.1%, to settle at USD 77.45 a barrel, while US West Texas Intermediate (WTI) crude fell USD 3.47, or 4.6%, to settle at USD 71.33.

They were the lowest closes for both benchmarks since Dec. 9 and their biggest one-day percentage declines since early January. In addition, both contracts fell into technically oversold territory for the first time in weeks.

Shockwaves from Silicon Valley Bank’s collapse triggered big moves in bank shares as investors fretted over the financial health of some lenders, in spite of assurances from US President Joe Biden and other global policymakers.

“The market is either anticipating a recession in the future or it could be that one or more funds had to raise cash and reduce the risk on their books because they are concerned about liquidity after the bank failures,” said Phil Flynn, an analyst at Price Futures Group. He has not heard of any fund in trouble.

US consumer prices increased solidly in February as Americans faced persistently higher costs for rents and food, posing a dilemma for the US Federal Reserve whose fight against inflation has been complicated by the collapse of two regional banks.

“Crude prices are falling after a mostly in-line inflation report sealed the deal for at least one more Fed rate hike,” said Edward Moya, senior market analyst at data and analytics firm OANDA.

Data showed the US Consumer Price Index (CPI) rose 0.4% in February from 0.5% in January. That slight slowdown in consumer price growth prompted investors to price in a smaller rate hike by the Fed in March.

The Fed is now seen raising its benchmark rate by just a quarter of a percentage point next week, down from a previously expected 50-basis points, and delivering another hike of the same size in May. The Fed’s next two-day meeting starts next Tuesday.

“The Fed’s tightening work is not done just yet and the chances are growing that they will send the economy into a mild recession, and risks remain that it could be a severe one,” OANDA’s Moya said.

The US central bank uses higher interest rates to curb inflation. But those higher rates increase consumer borrowing costs, which can slow the economy and reduce demand for oil.

Tuesday’s crude price decline also came ahead of US data expected to show energy firms added about 1.2 million barrels of oil to crude stockpiles during the week ended March 10.

The American Petroleum Institute (API), an industry group, will publish its inventory data at 4:30 p.m. EDT on Tuesday and the US Energy Information Administration at 10:30 a.m. on Wednesday.

Limiting crude’s price decline – at least earlier in the day – was a monthly report from the Organization of the Petroleum Exporting Countries (OPEC) projecting higher oil demand in China, the world’s biggest oil importer, in 2023.

Chinese consumers, unshackled from COVID-19 restrictions, are returning to hotels, restaurants, and some shops, but they are choosy about what they buy, disappointing hopes for an immediate post-pandemic splurge.

OPEC, however, left unchanged its forecast for world oil demand to increase by 2.32 million barrels per day, or 2.3%, in 2023.

The International Energy Agency (IEA) will publish its monthly report on Wednesday.

(Additional reporting by Emily Chow in Singapore; Editing by Mark Potter, Sharon Singleton and Emelia Sithole-Matarise)

Gold bulls hope short-term bank contagion sparks longer-term rally: Russell

LAUNCESTON, Australia, March 14 (Reuters) – The gold bulls are running again, hoping that a short-term boost from the collapse of Silicon Valley Bank can be translated into a longer-term rally for the precious metal.

The spot price of gold rallied strongly on Monday after US regulators enacted a series of emergency measures after the failure of Silicon Valley Bank (SIVB) and Signature Bank (SBNY) in New York.

Gold ended at USD 1,913.24 an ounce on Monday, having gained 4.5% since its close on March 9, and closing in on the high so far in 2023 of USD 1,959.60 on Feb. 2.

The rally was driven by investors buying into gold Exchange Traded Funds (ETFs), with the largest such vehicle, the SPDR Gold Trust reporting that its holdings rose 1.31% on Monday to 913.27 tons from 901.42 tons on March 10.

This is equivalent to 29.03 million ounces, but it’s worth noting that the SPDR holdings have been in a declining trend since April last year, when they peaked at 35.58 million ounces.

The broader question for the gold market is whether worries of a wider contagion in US financial markets will persist, or whether the actions of the Federal Reserve and the move by President Joe Biden to assuage fears will prevent the spread.

Even if the market is reassured that the problem is limited to the two collapsed banks, there may be implications that are positive for the price of gold.

Any suggestion that the Federal Reserve will pare back its current tightening of monetary policy is likely to be a longer-term positive for gold, especially if this occurs before the market is confident that high inflation is tamed.

So far it appears that gold is once again fulfilling its traditional role as a safe haven against volatility and risk, but it’s probably too early to say that the current buying will persist.

Nonetheless, the likely ramifications of the bank collapse are positive for gold, which was already being supported by other bullish factors.

CHINA, INDIA DEMAND

Chief among those is the expectation that physical demand will rebound in China, traditionally the world’s largest consumer of the precious metal.

China’s economy is recovering from the now abandoned strict zero-COVID policies that crimped growth last year, and there is likely some pent-up demand for gold jewelry, bars and coins that provides upside for demand.

China’s gold jewelry demand slumped 14%, or 101 tons, to 598.3 tons in 2022, according to data from industry group the World Gold Council.

This meant China’s jewelry demand dropped below that of India, which saw demand of 600.4 tons in 2022, a decline of 2% from the prior year.

This was the first time since 2011 that India’s jewelry demand exceeded that of China, indicating that there is plenty of upside should the expectations for a rebound in China’s economy come to fruition.

The outlook for India is also fairly upbeat as the country’s economy continues to perform strongly, with gross domestic product expected to rise 7% in the current 2022-23 fiscal year that ends on March 31.

China and India play an outsize role in the physical gold jewelry market, accounting for about two-thirds of the global total in 2022, with the next biggest country being the United States, which had jewelry demand of 143.7 tons last year.

Central bank buying is the wildcard for gold, having risen a strong 152% in 2022 to 1,135.7 tons.

Whether this trend continues is hard to predict, given that some of the biggest players in this space, such as China and Russia, provide little to zero public commentary on their intentions.

Overall, the risks for gold are skewed to the upside assuming that investors are drawn back to gold as a hedge against risk and inflation, China and India boost their physical demand, and central bank buying also holds up.

The opinions expressed here are those of the author, a columnist for Reuters.

(Editing by Sonali Paul)

European stocks log strongest one-day gain this year after three-day rout

March 14 (Reuters) – European shares on Tuesday posted their biggest single-day gain in nearly three months, helped by a resilient outlook for the region’s banking sector in the face of Silicon Valley Bank’s (SVB) collapse and growing optimism over a slowdown in the Federal Reserve’s rate-hiking cycle.

The pan-European STOXX 600 index closed 1.5% higher amid a broad-based rally, rebounding from its worst three-day selloff of 3.9% this year.

European banks rebounded 2.5% after recording their worst single-day sell-off in over a year on Monday, as US regulators’ moves to guarantee SVB’s deposits failed to reassure investors.

The index also notched its worst two-day selloff of 9.4% on Monday since the Russia-Ukraine war broke out early last year.

“The selloff (in banks) was well and truly overdone,” said Gerry Fowler, head of European equity strategy at UBS.

“The market realizes that there may well have been a path of sentiment contagion, but the resilience of the European banking sector is greater than people thought and the squeezing out of positions is perhaps reversing somewhat today.”

Further, Chancellor Olaf Scholz believes that Germans should not have major concerns about the SVB fallout and that regulators had learned lessons from the global financial crisis in 2008.

On the data front, US consumer prices rose in line with expectations and bolstered bets of a smaller rate hike by the Fed next week, boosting Wall Street’s main indexes on Tuesday.

Investors are also keenly awaiting the European Central Bank’s interest rate hike decision on Thursday, which is expected to be a 50-basis point.

Meanwhile, Deutsche Bank sees a higher likelihood of the ECB raising its key rate by 25 basis points, in light of the SVB collapse.

Industrial goods spearheaded the gains among European sector indexes, boosted by a 7% jump in Rolls-Royce (RR) and 3.3% rise in Britain’s biggest defense company BAE Systems (BAES) on plans to build the vessels for nuclear-powered attack submarines for Australia.

German arms maker Rheinmetall (RHMG), Italy’s Leonardo (LDOF), France’s Thales (TCFP) and Sweden’s SAAB (SAABb) also advanced between 3% and 4.6%.

Among others, Casino (CASP) soared 7.3% after the French supermarket retailer launched a sale of shares in Brazilian supermarket chain Assai (ASAI3) to cut debt.

Italy’s Assicurazioni Generali (GASI) gained 3.6% after the insurer surprised investors by hiking its dividend payout.

Meanwhile, Close Brothers (CBRO) dropped 6% to the bottom of the STOXX 600 as higher Novitas provision weighed on its profit.

Credit Suisse (CSGN) slipped 0.8% after the embattled Swiss lender said customer “outflows stabilized to much lower levels but had not yet reversed” in its 2022 annual report.

(Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Editing by Subhranshu Sahu)

Philippines posts biggest trade deficit in 5 months

MANILA, March 14 (Reuters) – The Philippines posted its widest trade deficit in five months for January as exports fell sharply, pointing to a worsening trade balance that could put pressure on the peso in the near term.

The trade gap in January ballooned to USD 5.74 billion, the biggest since the record monthly deficit of $6 billion in August, preliminary government data showed on Tuesday.

Exports saw the steepest decline in nearly three years, down 13.5% to USD 5.2 billion from a year earlier, while imports grew 3.9% to USD 11 billion from the same period in 2022.

It was the first monthly rise for imports in three months.

The January trade gap was worse than the deficit of around USD 4.3 billion that ING had projected.

“The persistent trade deficit in the Philippines points to depreciation pressure for…the Philippine peso in the near term,” ING senior economist Nicholas Mapa said.

The peso has fallen more than 2% since hitting 53.65 per US dollar on Feb. 3, which was the strongest close so far this year. It was at 55.03, as of 0216 GMT.

(Reporting by Neil Jerome Morales and Enrico Dela Cruz; Editing by Martin Petty)

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