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EMERGING MARKETS-Singapore shares sink on record output slump

    * Graphic: World FX rates tmsnrt.rs/2egbfVh
    * Graphic: Foreign flows into Asian stocks tmsnrt.rs/3f2vwbA
    * Singapore shares hit near two-week low
    * Export-focused Asian FX decline the most 

    By Shriya Ramakrishnan
    July 14 (Reuters) - Singapore shares fell nearly 1% on
Tuesday as the city-state reported its deepest second-quarter
contraction in history, while simmering Sino-U.S. tensions and
rising coronavirus infections dented confidence across the
region.
    Preliminary Singapore data showed economic growth in one of
the world's biggest trading hubs plunged by a record 41.2% from
the previous three months as the coronavirus pandemic took a
heavy toll on businesses.
    Singapore's FTSE Straits Times Index, which has
largely underperformed in the region so far this year, hit a
near two-week low with the financial and real estate sector
dominating losses. 
    The Singapore dollar dipped 0.2%.
    "Even with a widely expected bottoming in Q2, the worry is
about a long hard slog back, with the path to recovery littered
with uncertainty," Mizuho Bank analysts said in a note.
    Losses in China outpaced those elsewhere, with the Shanghai
Composite index down over 1%, as investors worried about
the huge rise in coronavirus infections globally - up by 1
million in the just five days. 
    The moves in Asian stock markets followed Wall Street where
a selloff accelerated after California Governor Gavin Newsom
ordered a massive retrenchment of the state's reopening,
shutting bars and banning indoor restaurant dining statewide.

    South Korean and Thai shares were down about
half a percent while the Philippines, the region's worst
performer in recent days, lost another quarter of a percent.
    "The California rollback will spur worries about broader and
more wide-sweeping lockdowns," said Stephen Innes, chief global
market strategist at AxiCorp. 
    Diplomatic tensions also lurked in the background after the
United States rejected China's disputed claims to offshore
resources in most of the South China Sea - a shift in tone which
prompted a rebuke from Beijing.
    That pulled investors toward the relative security of the
dollar and took some of the shine off
better-than-expected trade figures from China.
    The Chinese yuan, Thai baht and South
Korean won were the worst hit, weakening between 0.2%
and 0.5% against the dollar.
    
    HIGHLIGHTS:
    
    ** Philippine 10yr-yields are down more than 200 basis
points since March  
    ** Top losers on the Singapore STI include Singapore
Technologies Engineering Ltd down 1.83% at S$3.21;
SATS Ltd down 1.8% at S$2.73; Hongkong Land Holdings
Ltd down 1.73% at S$3.98   
    ** Top losers on Thailand's SETI include Surapon
Foods PCL down 13.28% at 5.55 baht; Samui Buri Property
Fund down 7.5% at 2.22 baht    
    
 Asia stock indexes and                                    
 currencies at  0405 GMT                             
 COUNTRY   FX          FX   FX YTD    INDEX  STOCKS  STOCKS
           RIC    DAILY %        %            DAILY   YTD %
                                                  %  
 Japan     <JPY=    +0.09    +1.35            -1.04   -4.68
           >                                         
 China     <CNY=    -0.18    -0.67            -1.10   11.64
           CFXS>                                     
 India     <INR=     0.00    -5.07            -0.64  -11.79
           IN>                                       
 Indonesi  <IDR=    -0.07    -3.34            -0.09  -19.68
 a         >                                         
 Malaysia  <MYR=    -0.12    -4.17             0.40    1.52
           >                                         
 Philippi  <PHP=    -0.24    +2.22            -0.06  -21.07
 nes       >                                         
 S.Korea   <KRW=    -0.49    -4.18            -0.61   -1.14
           KFTC>                                     
 Singapor  <SGD=    -0.22    -3.49            -0.68  -18.92
 e         >                                         
 Taiwan    <TWD=    +0.35    +2.12            -0.30    1.48
           TP>                                       
 Thailand  <THB=    -0.38    -5.02            -0.51  -15.47
           TH>                                       
 

 (Reporting by Shriya Ramakrishnan in Bengaluru; editing by
Patrick Graham and Simon Cameron-Moore)
  
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