EMERGING MARKETS-Philippine stocks weighed down by virus surge; U.S. inflation data awaited

  • Reuters
  • Stock Market News
EMERGING MARKETS-Philippine stocks weighed down by virus surge; U.S. inflation data awaited

* Singapore stocks on track to snap 5-day losing streak

* Indian shares rebound after sharp decline on Monday

* Malaysia, Philippines, Indonesia equities down

By Sameer Manekar

April 13 (Reuters) - Philippine shares fell more than 1% on Tuesday as concerns over rising COVID-19 cases sapped risk appetite, while most emerging Asian currencies were muted and stock markets mixed as investors awaited U.S. March inflation data before making further bets.

Rising virus cases across Asia are reviving concerns over economic growth as potential lockdowns threaten to derail recovery and test the limits of central banks' accommodative policies.

Shares in the Philippines .PSI , which is battling one of the worst outbreaks in Asia, slid as much as 1.2%, even after some virus-led curbs were eased on Monday. sentiment is still cautious even as lockdown restrictions have already been eased," said Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines.

"The market may still be looking at daily infections count... vaccine rollout developments are also being monitored and it is likely that the market is not yet confident about the efficiency of vaccinations and consistency of supply."

The Indian rupee INR=IN was near an eight-month low as the country reported the world's highest daily tally of new coronavirus infections. Stocks .NSEI , however, bounced back from a 3% drop in the previous session to rise as much as 1%. .BO

India's annual retail inflation jumped to a four-month high of 5.52% in March, data showed on Monday. 5.5% March inflation, we continue to expect the Reserve Bank of India's (RBI) Monetary Policy Committee to support recovery, especially with industry still contracting and COVID-19 cases rising," analysts at Bank of America (NYSE: BAC ) said in a note.

"RBI will continue to buy FX when the U.S. dollar weakens and let the rupee slip towards 75/USD when it strengthens to buffer the economy from contagion."

Singapore shares .STI advanced as much as 0.4% after five straight sessions of losses, while South Korea's KOSPI .KS11 jumped to a two-month high. .KS

Central banks in both countries are expected to keep rates unchanged this week. consumer inflation data for March due later in the day may spur some moves, as a likely acceleration could push Treasury yields and the dollar higher. markets were closed for a public holiday.

HIGHLIGHTS:

** Indonesia's 10-year benchmark yields at 6.548%

** U.S. benchmark 10-year benchmark yields up 1.30 basis points to 1.6890%

** S&P Dow Jones Indices removes India's Adani Ports and Special Economic Zone APSE.NS from sustainability index stock indexes and

currencies at 0616 GMT

COUNTRY FX RIC

FX

FX INDE STOCK STOCK

DAILY YTD

X

S S YTD

%

%

DAILY

%

%

Japan

JPY=

-0.22 -5.8 <.N2 +0.8 8.43

1 25>

China

S>

5 EC>

India

INR=IN

+0.00 -2.6 <.NS 0.12 2.48

6 EI>

Indones IDR=

-0.07 -3.8 <.JK -0.72 -1.23 ia

4 SE>

Malaysi MYR=

-0.05 -2.7 <.KL -0.48 -1.63 a

3 SE>

Philipp PHP=

-0.01 -1.1 <.PS -0.93 -9.55 ines

0 I>

S.Korea

C>

1 11>

Singapo SGD=

-0.09 -1.5 <.ST 0.24 11.88 re

7 I>

Taiwan

TWD=TP

-0.01 +0.0 <.TW -0.21 14.20

7 II>

Thailan THB=TH

0.00 -4.8 <.SE 0.00 6.33 d

6 TI>

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