XM does not provide services to residents of the United States of America.

EM stocks rally; Manila, Bangkok up on rate-cut bets



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>EMERGING MARKETS-EM stocks rally; Manila, Bangkok up on rate-cut bets</title></head><body>

Singapore stocks hit highest level since Nov 2007

Ringgit rises 0.3%, Taiwan dollar gains 0.4%

BSP on course for more rate cuts, says governor

Updates at 0638 GMT

By Sneha Kumar

Nov 19 (Reuters) -Emerging Asian stock markets rallied on Tuesday, with Bangkok and Manila trading higher on expectations of rate cuts in the near future, while Singapore stocks hit a 17-year high.

Thailand stocks .SETI gained as much as 1.3% to hit their highest since Nov. 8, after third-quarter economic growth data highlighted slowing private consumption, ramping up pressure on the central bank to lower interest rates.

Analysts at TISCO Securities expect the Bank of Thailand to stay pat on rates in December. However, they see a high chance of a 25-basis-point rate cut in the first quarter of next year.

Philippine stocks .PSI rose as much as 1.1% to hit their highest since Nov. 12, after the central bank governor said Bangko Sentral ng Pilipinas (BSP) was on course for more rate cuts. The peso PHP= was trading flat.

BSP Governor Eli Remolona told reporters that a third rate cut was likely either at the central bank's December meeting or at its first meeting next year, and further reductions beyond that could be expected in 2025.

Citi analysts expect a 25-bp easing in borrowing costs in December and a total of 75 bps of rate cuts over the course of next year.

Losses in stocks .MSCIEF and currencies .MIEM00000CUS in developing nations around the world, and especially in emerging Asia, had widened since Donald Trump won the U.S. presidential election, as traders weighed his touted policies of tariffs and the dollar rallied on expectation of slow interest rate cuts.

Singapore shares .STI hit their highest in 17 years, led by financials. Analysts expect Southeast Asia's top performing stock market in 2024 to continue its momentum next year as the central bank unveils stimulus measures to further boost the market.

The city-state's Straits Times Index rose as much as 0.9%, while the Singapore dollar SGD= was trading unchanged.

"New measures to strengthen Singapore's equities market will be announced in phases through 2025, likely delivering a much needed boost to trading liquidity and valuation multiples," Morgan Stanley analysts said in a note.

Among other stock markets, Taipei .TWII recouped Monday's losses and was trading 1.3% higher, while Jakarta .JKSE and Mumbai .NSEI gained 1.1% and 1.3%, respectively.

Currencies in developing nations were mostly upbeat, with the Malaysian ringgit MYR=, Indonesian rupiah IDR= and South Korean won KRW=KFTC gaining 0.3%, 0.2% and 0.2%, respectively.



HIGHLIGHTS:

** Beijing, Shanghai announce tax breaks to boost ailing property markets

** Thai PM speaks to U.S. President-elect Trump, both parties pledge support to each others' administrations

** Indonesia considering another tax amnesty programme, lawmaker says


Asian stocks and currencies as of 0638 GMT







COUNTRY

FX RIC

FX DAILY %

FX YTD %

INDEX

STOCKS DAILY %

STOCKS YTD %

Japan

JPY=

+0.09

-8.70

.N225

0.43

15.31

China

CNY=CFXS

-0.05

-1.89

.SSEC

0.25

12.01

India

INR=IN

-0.02

-1.42

.NSEI

1.33

9.36

Indonesia

IDR=

+0.22

-2.62

.JKSE

1.10

-0.83

Malaysia

MYR=

+0.25

+2.75

.KLSE

0.15

10.44

Philippines

PHP=

0.00

-5.63

.PSI

0.70

5.56

S.Korea

KRW=KFTC

+0.19

-7.40

.KS11

0.12

-6.90

Singapore

SGD=

+0.01

-1.44

.STI

0.74

16.05

Taiwan

TWD=TP

+0.37

-5.17

.TWII

1.34

27.43

Thailand

THB=TH

-0.09

-1.21

.SETI

1.03

3.67




Graphic: World FX rates https://tmsnrt.rs/2RBWI5E

Asian stock markets https://tmsnrt.rs/2zpUAr4


Reporting by Sneha Kumar in Bengaluru; Editing by Subhranshu Sahu

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.