* FTSE Russel decision on Malaysia bonds due
* Vietnam Q1 GDP growth at 4.5% y/y
* Philippines to reimpose stricter COVID-19 curbs in capital
* U.S. futures down around 1%
March 29 (Reuters) - Philippine shares reversed early losses to rise 1% on Monday, leading Asia's emerging stock markets whose gains were clipped by U.S. futures falling late into the trading day.
Shares in Taiwan .TWII and Thailand .SETI held to 1% gains as investors await details of a proposed U.S. fiscal spending package that could spur the global economy. In Manila, shares .PSI initially fell 1.7% on stricter COVID-19 restrictions in the capital for this week.
U.S. futures, however, were down around 1% late into the Asian trading hours, keeping a cap on gains in the region.
"Risks to equity markets in the context of Friday's block sales could prove to be a counterbalancing force against supply-chain disruption in gauging the next steps for global yields," Stephen Innes, the chief global markets strategist at Axi, said.
He was referring to a series of block trades on Friday in the U.S. that caused stocks of companies to fall. Japan's Nomura Holdings Inc 8604.T and Credit Suisse CSGN.S have flagged a possible hit to earnings. concerns also remain and the dollar held firm with 10-year Treasury yields US10YT=TWEB still elevated, keeping pressure on Asia's risk-sensitive and higher-yielding currencies.
OCBC Bank expects Malaysia to stay in the index and be removed from the watchlist, which it says will see sentiment for bonds improve at the margin. A surprise removal could prompt outflows.
In other news, Malaysian exports in February rose a higher-than-expected 17.6% on shipments of electrical and electronic goods as well as commodity-based products. shares .VNI rose after data showed the economy grew 4.5% in the first quarter, supported by robust exports. growth prospects will continue to outshine regional peers," Mizuho Bank said in a note.
The southeast Asian nation has been successful in controlling the spread of COVID-19 through stringent measures, which have helped it reopen its economy earlier than most other regional peers.
Indian markets were closed for a public holiday.
** Indonesian 10-year benchmark yields are down 0.5 basis points at 6.744%
Asia stock indexes and currencies at 0633 GMT COUNTRY
DAILY % YTD %
DAILY % YTD % Japan
-5.74 .N225 0.71
-0.42 .SSEC 0.34
+0.77 .NSEI -
-2.77 .JKSE 0.14
-2.99 .KLSE -0.18
-1.77 Philippines PHP=
-4.02 .KS11 -0.16
-0.16 .TWII 1.04
-3.88 .SETI 0.95
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