Asian stocks, currencies track global rally; US data in focus
Singapore stocks hit six-year high
Taiwanese stocks touch all-time high
Malaysia's central bank rate decision awaited
By Shivangi Lahiri
July 11 (Reuters) -Most Asian stocks rose on Thursday, tracking a rally in world equities on improved global rate outlook, while currencies firmed as the dollar slipped ahead of a U.S. inflation reading later in the day.
Stocks in Taiwan .TWII hit a record high with a 1.7% jump, underpinned by TSMC 2330.TW after the chip giant reported upbeat growth in its second-quarter revenue.
Singaporean markets .STI extended their climb to a third session, rising as much as 0.8% to a six-year high, as investors continue to buy banking stocks amid higher dividend yields.
Equities in the Philippines .PSI jumped 1.4% and those in Indonesia .JKSE climbed 0.6%, both marking their highest levels since late-May.
Federal Reserve Chair Jerome Powell sent some dovish hints on rate policy overnight and said that "more good data" would build the case for the U.S. central bank to cut interest rates.
"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," analysts at IG wrote in a note.
Regional currencies also gained, with the Indonesian rupiah IDR= strengthening 0.3% to a one-month high.
The South Korean won KRW=KFTC firmed 0.5% after the central bank stood pat on its interest rates, saying it was time to prepare for a pivot to rate cuts, but more evidence was needed to "strengthen confidence".
Analysts at ING said the Bank of Korea's statement signalled a dovish shift in their 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.
The Malaysian ringgit MYR= rose as much as 0.4% to a one-month high, and equities .KLSE advanced as much as 0.6% to touch a seven-week high, ahead of the Bank Negara Malaysia's (BNM) policy rate decision.
The BNM is expected to keep rates on hold for a seventh consecutive meeting and until at least 2026, as inflation looks set to pick up in the second half of this year, according to a Reuters poll.
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 0433 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.01 | -12.74 | .N225 | 0.98 | 26.25 |
China | CNY=CFXS | +0.06 | -2.39 | .SSEC | 0.77 | -0.44 |
India | INR=IN | +0.02 | -0.35 | .NSEI | 0.11 | 12.05 |
Indonesia | IDR= | +0.22 | -4.97 | .JKSE | 0.32 | 0.52 |
Malaysia | MYR= | +0.28 | -2.03 | .KLSE | 0.43 | 11.73 |
Philippines | PHP= | -0.07 | -4.97 | .PSI | 1.42 | 2.04 |
S.Korea | KRW=KFTC | +0.37 | -6.59 | .KS11 | 0.56 | 8.61 |
Singapore | SGD= | +0.10 | -2.09 | .STI | 0.42 | 7.23 |
Taiwan | TWD=TP | +0.23 | -5.46 | .TWII | 1.67 | 36.12 |
Thailand | THB=TH | +0.22 | -5.74 | .SETI | 0.30 | -6.26 |
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
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