EM stocks mixed after weak China data; Philippine peso steady following rate cut
Updated at 0816 GMT
China factory output, new home prices fall; retail sales rise
Philippine central bank cuts rates by 25 bps
U.S. retail sales due Thursday
Rand at one-month high
By Lisa Pauline Mattackal
Aug 15 (Reuters) -Emerging market stock indexes were mixed on Thursday after economic data in China cast doubt on a recovery in the world's second-largest economy, while the Philippine peso recouped ground after its central bank cut interest rates.
Closely watched June factory output data in China slowed for a third straight month, below analysts' forecasts while separate data showed July new home prices fell at the fastest pace in nine years. However, July retail sales quickened more than expected.
"Despite the slight beat of expectations, there was not too much to cheer in this month's data," said Lynn Song, chief economist, greater China at ING.
The weak data, however, raised expectations for more government stimulus, which helped lift Chinese stocks .SSEC 0.9%.
"However, it is uncertain if policymakers have found a suitable fit in terms of specific policies to implement on this front yet," Song said.
The Philippine peso PHP= reversed earlier losses and was little changed against the dollar after its central bank eased its key interest rates by 25 basis points to 6.25%, while flagging easing inflation. Expectations had been split between a rate cut and no change.
China's data was the latest in a series of key releases this week, with emerging market investors also closely eyeing key economic figures from the U.S. for signals on global economic growth.
U.S. retail sales are on deck, a day after in-line inflation data kept bets on a September start to Federal Reserve rate cuts firm.
Equity indexes were mixed, with Turkey's .XU100 Bist 100 down 0.2%, South African stocks .JTOPI up 0.7% and the PX Prague Index .PX up 0.2%.
Meanwhile, Russia's rouble RUB= continued to recover ground against the dollar, rising 1% even as Ukraine continued its advance into the Kursk region.
The euro EUR= hovered around seven-month highs touched Wednesday, rising 0.1% against the Czech crown EURCZK=.
South Africa's rand ZAR= touched a one-month high of 18.011 per dollar, while the Turkish lira TRYTOM=D3 hovered around a record low.
MSCI's index of emerging market stocks .MSCIEF edged down 0.1% while an index of broader currencies .MIEM00000CUS was flat.
In Asia, Thai markets weakened with the baht THB=TH down 0.2% and stocks .SETI dipping 0.4% as worries about political turmoil increased following Wednesday's dismissal of Prime Minister Srettha Thavisin.
Elsewhere, a group representing foreign holders of Ethiopia's $1 billion international bond said on Wednesday it was disappointed with recent government comments regarding a possible 20% principal haircut on their holdings.
The eurobond ET115197487=, was little changed on Thursday after slipping 0.75 cent on Wednesday.
Local markets in South Korea, India, Poland, and Romania were closed for holidays.
HIGHLIGHTS:
** Summer market shock not quite over as investors brace for more turmoil
** PBOC injects $81 bln, delays MLF as seen re-aligning rate framework
** Indonesia's July trade surplus at 14-mth low on surge in imports
For TOP NEWS across emerging markets nTOPEMRG
For CENTRAL EUROPE market report, see CEE/
For TURKISH market report, see .IS
For RUSSIAN market report, see RU/RUB
For GRAPHIC on emerging market FX performance in 2024 http://tmsnrt.rs/2egbfVh
For GRAPHIC on MSCI emerging index performance in 2024 https://tmsnrt.rs/2OusNdX
Reporting by Lisa Mattackal in Bengaluru; Editing by Christian Schmollinger
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