Asian currencies, equities jump on soft US data; Indonesian rupiah leads gains
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Indonesian rupiah top gainer
Malaysian ringgit up 0.5%
Bangkok stocks gain 0.4%
By Sherin Sunny and Echha Jain
Aug 14 (Reuters) -Most Asian currencies and equities rallied on Wednesday after soft U.S. producer prices data stirred hopes of benign consumer price inflation, with the Indonesian rupiah and Malaysian ringgit leading gains in the region.
The Indonesian rupiah IDR= appreciated 1% against the greenback to hit its highest level since March 21, whilelocal equities jumped 0.8%.
Indonesian government's revenue stabilised in July, the finance minister said on Tuesday, amid higher spending, including for a new capital named Nusantara that is expected to potentially attract investor interest.
Analysts also expect Bank Indonesia (BI) to cut interest rates at its next policy meeting.
"In addition to the rupiah staying well behaved, BI may also need greater confidence that Federal Reserve easing is at hand before starting its own cuts," said Barclays analysts.
The Malaysian ringgit MYR= closely followed the rupiah's lead and gained 0.5%. Equities .KLSE were flat.
The country's economy likely grew at its fastest pace in 18 months in the second quarter on a strong rebound in exports and higher household consumption, according to a Reuters poll.
Malaysia's gross domestic product data is due on Friday.
Other stock markets in emerging Asia rose, with the exception of China and Malaysia, ahead of key inflation numbers from the U.S. that could add to expectations for a September rate cut.
Equities in Singapore .STI and Philippines .PSI gained 0.4% and 0.6%, respectively.
Currencies in the region were mostly upbeat with both the Taiwan dollar TWD=TP and the South Korean won KRW=KFTC appreciating 0.5%.
Stocks in Bangkok .SETI surged 0.4% and the Thai baht <THB=TH>was last up 0.2% against the U.S. dollar, whichremained on the back foot after softer U.S. producer prices reinforced bets on Federal Reserve interest rate cuts this year.
A Thai court is expected to rule later in the day on whether Prime Minister Srettha could be dismissed after less than a year in office by deciding if he violated "ethical standards" by appointing previously jailed Pichit Chuenban to cabinet.
"If the PM survives the case, it could be quite positive for Thai assets as it could mean subsided political uncertainty," Poon Panichpibool, a markets strategist at Krung Thai Bank, said, pointing to theturmoil in Southeast Asia's second-largest economy.
HIGHLIGHTS:
** Indonesia's July trade surplus expected to rise to $2.45 bln,Reuters poll shows
** Japan's Prime Minister Kishida toresign, paving way for new leader
** Singapore's Olam Grouplogs marginal rise in profit despite higher costs
Asia stock indexes and currencies as of 0700 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | -0.26 | -4.18 | .N225 | 0.58 | 8.90 |
China | CNY=CFXS | +0.07 | -0.72 | .SSEC | -0.42 | -4.00 |
India | INR=IN | +0.05 | -0.86 | .NSEI | 0.10 | 11.18 |
Indonesia | IDR= | +1.02 | -1.75 | .JKSE | 0.82 | 1.98 |
Malaysia | MYR= | +0.52 | +3.78 | .KLSE | -0.04 | 10.60 |
Philippines | PHP= | -0.16 | -2.95 | .PSI | 0.57 | 3.70 |
S.Korea | KRW=KFTC | +0.46 | -5.32 | .KS11 | 0.88 | -0.41 |
Singapore | SGD= | +0.01 | +0.17 | .STI | 0.44 | 1.01 |
Taiwan | TWD=TP | +0.48 | -4.89 | .TWII | 1.06 | 22.85 |
Thailand | THB=TH | +0.20 | -2.16 | .SETI | 0.44 | -7.94 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Sherin Sunny and Echha Jain in Bengaluru; Editing by Kim Coghill and Janane Venkatraman
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