* South Korean won posts best day since March 23 * Philippine shares post biggest gain in 3 weeks * Investors await Indonesia's interest rate decision By Navya Mittal Aug 24 (Reuters) - Asia's emerging market currencies strengthened on Thursday, boosted by a retreat in U.S. bond yields after indicators signalled slowing inflation, clouding the interest rate outlook for the world's largest economy. The Indonesian rupiah and Malaysian ringgit appreciated 0.3% each. The South Korean won rose 1.5%, its best day since March 23. Soft manufacturing surveys had fanned hopes that central banks globally may be done tightening, however that may change depending on what clues Federal Reserve Chairman Jerome Powell gives about interest rates at the annual central bank summit in Jackson Hole on Friday. Robert Carnell, regional head of research, Asia Pacific at ING, sees an impact on treasury yields across the curve, especially among longer-dated bonds where yields have been lifted by higher for longer rate expectations. "If we can start seeing more easing price back in there as the macro economy shows more signs of softening ... we can see a softer dollar," Carnell said Investors are also on the lookout for interest decision from Indonesia later in the day, which is expected to stand pat for the seventh consecutive meeting. Meanwhile, South Korea's central bank held rates steady for the fifth straight meeting but kept a hawkish stance despite risks of slowing economic growth. "Given that the negative rate gap between Korea and the U.S. is the widest on record ... Bank of Korea will probably be quite cautious about pivoting ahead of the US Fed without a robust improvement in Korea's external position," said analysts at ANZ in a note. Equities across the region bumped higher, with stocks in Manila jumping 1.2%, its sharpest gains in three weeks. Shares in Malaysia and South Korea rose 0.3% and nearly 1%, respectively. HIGHLIGHTS ** ANALYSIS-After limbo, Thailand's new prime minister faces weakened economy ** Indonesian 10-year benchmark yields are down 2.6 basis points at 6.588% ** Sri Lanka c.bank holds rates; imposes lending caps on some sectors Asia stock indexes and currencies at 0415 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD X S S YTD % % DAILY % % Japan -0.11 -9.5 <.N2 0.39 24.96 7 25> China0 EC> India +0.27 +0.3 <.NS 0.54 7.98 2 EI> Indones +0.26 +2.0 <.JK 0.00 1.03 ia 7 SE> Malaysi +0.30 -5.1 <.KL 0.25 -3.46 a 7 SE> Philipp -0.06 -1.7 <.PS 1.20 -4.76 ines 1 I> S.Korea 8 11> Singapo +0.07 -0.8 <.ST 0.18 -2.20 re 7 I> Taiwan +0.49 -3.3 <.TW 0.78 18.17 5 II> Thailan +0.07 -0.8 <.SE 0.76 -6.46 d 7 TI> (Reporting by Navya Mittal in Bengaluru. Editing by Sam Holmes)
MSCI TAIWAN (STRD)
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Real-time MSCI 03:01:09 2024-06-05 EDT | 5-day change | 1st Jan Change | ||
752.7 USD | +1.25% | -3.89% | +16.39% |
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Stocks mentioned in the article
Price
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Change
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5d. change
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Capi.
| ||
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2,748 PTS | -1.41% | -0.73% | - | ||
1,370 KRW | -0.22% | +0.71% | - | ||
1,002 KRW | -0.18% | +0.53% | - | ||
910.6 KRW | -0.26% | +0.64% | - | ||
752.7 USD | +1.25% | -3.89% | - | ||
16.44 KRW | -0.05% | +0.43% | - | ||
7.247 CNY | +0.11% | +0.03% | - | ||
1.277 USD | -0.04% | +0.22% | - | ||
1.087 USD | -0.14% | +0.32% | - | ||
0.7294 USD | -0.16% | -0.46% | - | ||
0.6634 USD | -0.16% | 0.00% | - | ||
0.6189 USD | +0.25% | +0.78% | - | ||
0.012 USD | +0.18% | 0.00% | - | ||
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