* Philippine peso, Malaysian ringgit hit near 1-month low
* Thai stocks hit over 3-year low
* Argentina devalues peso by 50%

By John Biju
       Dec 13 (Reuters) - Most Asian stocks retreated on
Wednesday with those in Thailand hitting an over three-year low,
while currencies were on the  defensive as markets awaited the
U.S. Federal Reserve's final policy decision of the year and its
monetary easing timeline.
    Stocks in Thailand slid 0.8% to their lowest level
since Nov. 18, 2020. Equities in Indonesia fell 0.7%,
while those in South Korea retreated 0.6%. 
    The Philippine peso and the Malaysian ringgit
declined 0.5% each, both hitting their lowest level in nearly
one month. 
    The broad focus in markets was on the Fed, which is due to
announce its rate decision at the conclusion of its two-day
policy meeting later on Wednesday. 
    Market expectations are for policymakers to keep rates on
hold, but investors will be waiting to see the Fed's view on the
timing of possible rate-cuts even as data overnight showed U.S.
consumer prices unexpectedly rose in November. 
    The slightly firmer inflation readings followed data last
week showing job gains accelerated in November.
    "The sticky U.S. CPI data slightly dampened rate cut
expectations. Against this backdrop, investors are tempted to
trim their position for Fed's dovish shift tonight and risk
assets in Asia dipped," Ken Cheung, chief Asia FX strategist at
Mizuho Bank said. 
    Investors in emerging market assets will also be watching
developments in Argentina, where new Economy Minister Luis
Caputo said the government will weaken the peso over 50% versus
the dollar, cut energy subsidies, and cancel tenders of public
works in efforts to fix the country's worst crisis in decades. 
    Back in Asia, data in India showed retail inflation in
November rose at its fastest pace in three months, bolstering
bets that the central bank will not ease interest rates anytime
soon. 
    That contrasted with price trends in other Asian countries
such as Thailand, Philippines and South Korea where data last
week showed inflation cooling in November.  
    "The inflation outlook in Asia may not allow the Asian
central banks to enter rate cut cycle very soon and the
narrowing yield gap between U.S. and EM Asia will favour capital
inflow to Asian region," Cheung said. 
    Stocks in Manila fell 0.4%. The Philippine central
bank's policy decision on Thursday is also on investors' radar,
with expectations that the Bangko Sentral ng Pilipinas (BSP)
will leave interest rates unchanged.
    

    HIGHLIGHTS:    
    ** Thai inflation to gradually speed up to within targeted
range -c.bank
    ** Taiwan's central bank is expected to leave its policy
rate unchanged on Thursday
    ** Japan's business mood hits near 2-year high, keeps BOJ
exit in focus
    
    
  Asia stock indexes and                                
 currencies at 0419 GMT                          
 COUNTRY  FX RIC        FX     FX  INDE  STOCKS   STOCKS
                     DAILY  YTD %     X   DAILY    YTD %
                         %                    %  
 Japan               -0.14  -9.97  <.N2   0.11    25.99
                                   25>           
 China                           EC>           
 India               +0.01  -0.79  <.NS   -0.10    15.35
                                   EI>           
 Indones             +0.01  -0.31  <.JK   -0.66     3.33
 ia                                SE>           
 Malaysi             -0.45  -6.44  <.KL    0.01    -3.22
 a                                 SE>           
 Philipp             -0.51  -0.22  <.PS   -0.42    -4.58
 ines                              I>            
 S.Korea             -0.62  -4.41  <.KS   -0.56    12.72
                                   11>           
 Singapo             -0.20  -0.31  <.ST   -0.06    -4.64
 re                                I>            
 Taiwan              -0.03  -2.58  <.TW    0.05    23.49
                                   II>           
 Thailan             -0.22  -3.20  <.SE   -0.78   -18.31
 d                                 TI>           
 
    
 (Reporting by John Biju in Bengaluru
Editing by Shri Navaratnam)