Asian stocks, currencies rise ahead of US inflation data
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Singapore stocks hit six-year high
Taiwanese stocks touch all-time high
Malaysia's c.bank holds rate at 3%
By Shivangi Lahiri
July 11 (Reuters) -Most Asian stocks markets rose on Thursday, tracking a rally in world equities on an improved global interest rate outlook, while currencies firmed as the dollar slipped ahead of crucial U.S. inflation data.
In Malaysia, the central bank kept rates steady, as expected, and flagged a pickup in inflation over the second half of 2024 following changes in diesel subsidies.
The ringgit MYR= held steady at a one-month high after the decision, while stocks .KLSE pared early gains and were last up 0.3%.
Meanwhile, stocks in Taiwan .TWII jumped 1.7% to a record high, underpinned by TSMC 2330.TW after the chip giant reported upbeat second-quarter revenue growth.
Singaporean stocks .STI climbed for a third straight session to hit a six-year high, helped by surging bank stocks as investors turned to the city-state for lucrative and reliable dividend yields.
Overnight, Federal Reserve Chair Jerome Powell sent some dovish hints on monetary policy, saying that "more good data" would build the case for rate cuts. That puts the focus on inflation data, due at 1230 GMT.
"Any surprise resurgence in inflation will be a key risk to markets, given that markets have been firm of a September rate cut ... and a lack of inflation progress may likely throw the dovish view into disarray," IG analysts wrote in a note.
Equities in the Philippines .PSI jumped 1.9% to their highest since late May, while those in Thailand .SETI advanced 0.2%.
Regional currencies also gained, with the Indonesian rupiah IDR= strengthening 0.2%.
The South Korean won KRW=KFTC firmed 0.3%, as the central bank stood pat on rates and said it was time to prepare for a pivot to cuts, although it needed more evidence to "strengthen confidence".
ING analysts said that signalled a dovish shift in the Bank of Korea's policy stance.
"Given the confidence in the slowdown in inflation, the market's view on rate cuts is likely to strengthen for now," they wrote, adding that they are leaning towards an October cut.
HIGHLIGHTS:
** Indonesia's Prabowo to allow debt-to-GDP to reach 50%, FT reports
** Taiwan central bank has no plans at the moment to cut interest rates, chief says
** Thai consumer confidence falls for fourth straight month in June
Asia stock indexes and currencies at 0724 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.02 | -12.73 | .N225 | 0.94 | 26.18 |
China | CNY=CFXS | +0.06 | -2.39 | .SSEC | 1.06 | -0.15 |
India | INR=IN | -0.02 | -0.40 | .NSEI | -0.19 | 11.72 |
Indonesia | IDR= | +0.22 | -4.97 | .JKSE | 0.24 | 0.44 |
Malaysia | MYR= | +0.21 | -2.09 | .KLSE | 0.33 | 11.62 |
Philippines | PHP= | -0.11 | -5.01 | .PSI | 1.85 | 2.47 |
S.Korea | KRW=KFTC | +0.31 | -6.65 | .KS11 | 0.81 | 8.89 |
Singapore | SGD= | +0.06 | -2.13 | .STI | 0.50 | 7.32 |
Taiwan | TWD=TP | +0.25 | -5.45 | .TWII | 1.60 | 36.02 |
Thailand | THB=TH | +0.21 | -5.75 | .SETI | 0.32 | -6.24 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Shivangi Lahiri in Bengaluru; Editing by Sherry Jacob-Phillips and Savio D'Souza
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