Edition:
United Kingdom

Shashwat Awasthi

EMERGING MARKETS-Asian stocks jump on upbeat factory data, vaccine news

7:34am GMT

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Malaysia, Philippine shares see best day since Nov. 10 * Thai shares jump more than 1% By Shashwat Awasthi Dec 1 Philippines and Malaysia spearheaded a rally in emerging Asian equities on Tuesday, as upbeat factory activity across the region and optimism around coronavirus vaccines helped stocks make a roaring start to December. Shares in Kuala Lampur were on track for their best day in three weeks, while those in the Philippines soared more than 3% after profit-taking plunged equities into the red in the previous session. The gains rekindled November's spectacular rally, which was broadly supported by easing uncertainty after the U.S. election and hopes of an effective coronavirus treatment. On Tuesday, data showed activity in China's factory sector accelerated at the fastest pace in a decade in November, while factory activity also grew in Taiwan, Indonesia and the Philippines. "I think the market recognised the better print of the Philippines Purchasing Managers' Index (of 49.9)," Ruben Carlo O. Asuncion, chief economist at The Union Bank of the Philippines, said of the gains in the country's stocks. "It was better than the previous month. Although it is not on or above 50, it is still better and the market sees the improvement." In vaccine updates, U.S. pharmaceutical company Moderna said on Monday it had applied for U.S. emergency authorization for its COVID-19 vaccine and would also seek European approval for the treatment. "A potential vaccine is definitely a game-changer," said Frank Benmirza, head of Asia equity strategy at Societe Generale, adding that news on timing, production and distribution would be taken positively. Shares in Indonesia, which has seen a record daily spike in coronavirus infections since last week, bounced back from Monday's steep losses to surge as much as 2%. The country's annual inflation rate accelerated to a five-month high in November, though core inflation eased. The data suggests domestic demand has remained weak in Q4, ANZ Research analysts said in a note. "Weak growth and inflation dynamics back the case for continued policy accommodation, but we expect quantitative easing to be Bank Indonesia's primary tool of support," they said. Investors also took stock of news that an Indonesian parliamentary panel would likely drop a plan to revise the central bank's law to expand its mandate. The Thai baht edged higher ahead of the central bank's briefing next week to unveil additional measures to contain the currency, which has firmed more than 4.5% since October. Moves among other currencies were tepid, though the tech-reliant Taiwan's dollar stood out with a more than 1% gain. HIGHLIGHTS: ** Thailand's three-year benchmark yield is down 1 basis points at 0.61% ** Top gainers on FTSE Bursa Malaysia Kl Index include PETRONAS Chemicals Group up 9.03%, Tenaga Nasional up 7.74% and Axiata Group up​ 6.48% ** In the Philippines, top index gainers are GT Capital up 6.9%, Manila Electric up 6.53% and International Container Terminal Services up​ 6.16% Asia stock indexes and currencies at 0654 GMT COUNTRY FX RIC FX FX YTD INDE STOCK STOC DAILY % X S KS % DAILY YTD % % Japan -0.07 +4.09 <.N2 1.34 13.2 25> 3 China <CNY=CFX +0.12 +5.96 <.SS 1.93 13.3 S> EC> 4 India +0.66 -2.89 <.NS 0.83 7.47 EI> Indones -0.07 -1.56 <.JK 1.68 -9.4 ia SE> 1 Malaysi -0.10 +0.29 <.KL 2.53 0.85 a SE> Philipp +0.15 +5.41 <.PS 3.21 -10. ines I> 31 S.Korea <KRW=KFT +0.03 +4.54 <.KS 1.66 19.8 C> 11> 7 Singapo +0.18 +0.40 <.ST 0.26 -12. re I> 71 Taiwan +1.08 +5.58 <.TW 1.19 15.7 II> 4 Thailan +0.10 -1.12 <.SE 1.53 -9.4 d TI> 9 (Reporting by Shashwat Awasthi in Bengaluru; editing by Saumyadeb Chakrabarty and Ramakrishnan M.)

EMERGING MARKETS-Asian stocks jump on upbeat factory data, vaccine news

7:33am GMT

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Malaysia, Philippine shares see best day since Nov. 10 * Thai shares jump more than 1% By Shashwat Awasthi Dec 1 Philippines and Malaysia spearheaded a rally in emerging Asian equities on Tuesday, as upbeat factory activity across the region and optimism around coronavirus vaccines helped stocks make a roaring start to December. Shares in Kuala Lampur were on track for their best day in three weeks, while those in the Philippines soared more than 3% after profit-taking plunged equities into the red in the previous session. The gains rekindled November's spectacular rally, which was broadly supported by easing uncertainty after the U.S. election and hopes of an effective coronavirus treatment. On Tuesday, data showed activity in China's factory sector accelerated at the fastest pace in a decade in November, while factory activity also grew in Taiwan, Indonesia and the Philippines. "I think the market recognised the better print of the Philippines Purchasing Managers' Index (of 49.9)," Ruben Carlo O. Asuncion, chief economist at The Union Bank of the Philippines, said of the gains in the country's stocks. "It was better than the previous month. Although it is not on or above 50, it is still better and the market sees the improvement." In vaccine updates, U.S. pharmaceutical company Moderna said on Monday it had applied for U.S. emergency authorization for its COVID-19 vaccine and would also seek European approval for the treatment. "A potential vaccine is definitely a game-changer," said Frank Benmirza, head of Asia equity strategy at Societe Generale, adding that news on timing, production and distribution would be taken positively. Shares in Indonesia, which has seen a record daily spike in coronavirus infections since last week, bounced back from Monday's steep losses to surge as much as 2%. The country's annual inflation rate accelerated to a five-month high in November, though core inflation eased. The data suggests domestic demand has remained weak in Q4, ANZ Research analysts said in a note. "Weak growth and inflation dynamics back the case for continued policy accommodation, but we expect quantitative easing to be Bank Indonesia's primary tool of support," they said. Investors also took stock of news that an Indonesian parliamentary panel would likely drop a plan to revise the central bank's law to expand its mandate. The Thai baht edged higher ahead of the central bank's briefing next week to unveil additional measures to contain the currency, which has firmed more than 4.5% since October. Moves among other currencies were tepid, though the tech-reliant Taiwan's dollar stood out with a more than 1% gain. HIGHLIGHTS: ** Thailand's three-year benchmark yield is down 1 basis points at 0.61% ** Top gainers on FTSE Bursa Malaysia Kl Index include PETRONAS Chemicals Group up 9.03%, Tenaga Nasional up 7.74% and Axiata Group up​ 6.48% ** In the Philippines, top index gainers are GT Capital up 6.9%, Manila Electric up 6.53% and International Container Terminal Services up​ 6.16% Asia stock indexes and currencies at 0654 GMT COUNTRY FX RIC FX FX YTD INDE STOCK STOC DAILY % X S KS % DAILY YTD % % Japan -0.07 +4.09 <.N2 1.34 13.2 25> 3 China <CNY=CFX +0.12 +5.96 <.SS 1.93 13.3 S> EC> 4 India +0.66 -2.89 <.NS 0.83 7.47 EI> Indones -0.07 -1.56 <.JK 1.68 -9.4 ia SE> 1 Malaysi -0.10 +0.29 <.KL 2.53 0.85 a SE> Philipp +0.15 +5.41 <.PS 3.21 -10. ines I> 31 S.Korea <KRW=KFT +0.03 +4.54 <.KS 1.66 19.8 C> 11> 7 Singapo +0.18 +0.40 <.ST 0.26 -12. re I> 71 Taiwan +1.08 +5.58 <.TW 1.19 15.7 II> 4 Thailan +0.10 -1.12 <.SE 1.53 -9.4 d TI> 9 (Reporting by Shashwat Awasthi in Bengaluru; editing by Saumyadeb Chakrabarty and Ramakrishnan M.)

EMERGING MARKETS-Asian stocks surge on upbeat China data, further vaccine optimism

5:24am GMT

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Malaysia stocks set for best day since Nov. 10 * Thai shares jump more than 1% By Shashwat Awasthi Dec 1 Emerging Asian equities rallied on Tuesday on the back of upbeat Chinese data and positive vaccine news, recovering from a bout of profit-taking in the previous trading session. Data on Tuesday showed China's factory activity accelerated at the fastest pace in a decade in November, helping factories across the region to steadily recover from the COVID-19 crisis. Malaysia led gains, with shares in Kuala Lampur on track for their best day in three weeks, while those in the Philippines and South Korea advanced more than 1% each. Regional stock markets had a stellar run in November, as the outcome of the U.S. election and progress on a coronavirus vaccine prompted investors to snap up riskier assets. Adding to recent vaccine optimism, U.S. pharmaceutical company Moderna said on Monday it had applied for U.S. emergency authorisation for its COVID-19 vaccine and would also seek European approval for the treatment. The data and vaccine progress "could be helping to anchor buy-risk on-dips narratives," analysts at Maybank said in a note. Meanwhile, developments regarding a potential vaccine were being closely watched by financial markets as investors try to gauge how quickly and when the global economy will fully recover. "A potential vaccine is definitely a game changer," said Frank Benmirza, head of Asia equity strategy at Societe Generale. "The market is aware of hurdles including timing, distribution, production, whether people will want to have a vaccination. Any news addressing these issues is positively taken." Shares in Indonesia, which has seen a record daily spike in coronavirus infections since last week, bounced back from Monday's steep losses to surge as much as 2%. Investors also took stock of news that an Indonesian parliamentary panel would likely drop a plan to revise the central bank's law to expand its mandate. Thai equities rebounded after sliding in the previous session amid persistent anti-government protests, while the baht edged higher. Thailand's central bank said on Monday it will hold a briefing on Dec. 9 to unveil additional measures to contain the baht, which has firmed more than 4.5% since October. Moves among other currencies were tepid, though the tech-reliant Taiwan's dollar stood out with a more than 1% gain. Data on Tuesday also showed factory activity grew in Taiwan and in Indonesia in November. HIGHLIGHTS: ** Indonesian 10-year benchmark yields are up 3.1 basis points at 6.219% ** Top gainers on FTSE Bursa Malaysia Kl Index include PETRONAS Chemicals Group up 9.03%, Tenaga Nasional up 7.34% and Hong Leong Bank up​ 4.77% ** In the Philippines, top index gainers are Robinsons Land up 5.42%, GT Capital up 5% and Manila Electric up​ 4.12% Asia stock indexes and currencies at 0420 GMT COUNTRY FX RIC FX FX YTD INDE STOCK STOC DAILY % X S KS % DAILY YTD % % Japan -0.14 +4.01 <.N2 1.48 13.3 25> 9 China <CNY=CFX +0.04 +5.88 <.SS 1.31 12.6 S> EC> 5 India +0.09 -3.44 <.NS 0.36 6.97 EI> Indones -0.07 -1.56 <.JK 0.99 -10. ia SE> 03 Malaysi -0.10 +0.29 <.KL 2.56 0.88 a SE> Philipp +0.02 +5.28 <.PS 1.79 -11. ines I> 54 S.Korea <KRW=KFT -0.02 +4.49 <.KS 1.36 19.5 C> 11> 2 Singapo +0.18 +0.40 <.ST 0.49 -12. re I> 51 Taiwan +1.07 +5.56 <.TW 0.93 15.4 II> 5 Thailan +0.10 -1.12 <.SE 1.26 -9.7 d TI> 4 (Reporting by Shashwat Awasthi in Bengaluru; Editing by Ana Nicolaci da Costa)

EMERGING MARKETS-Asian stocks surge on upbeat China data, further vaccine optimism

5:21am GMT

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Malaysia stocks set for best day since Nov. 10 * Thai shares jump more than 1% By Shashwat Awasthi Dec 1 Emerging Asian equities rallied on Tuesday on the back of upbeat Chinese data and positive vaccine news, recovering from a bout of profit-taking in the previous trading session. Data on Tuesday showed China's factory activity accelerated at the fastest pace in a decade in November, helping factories across the region to steadily recover from the COVID-19 crisis. Malaysia led gains, with shares in Kuala Lampur on track for their best day in three weeks, while those in the Philippines and South Korea advanced more than 1% each. Regional stock markets had a stellar run in November, as the outcome of the U.S. election and progress on a coronavirus vaccine prompted investors to snap up riskier assets. Adding to recent vaccine optimism, U.S. pharmaceutical company Moderna said on Monday it had applied for U.S. emergency authorisation for its COVID-19 vaccine and would also seek European approval for the treatment. The data and vaccine progress "could be helping to anchor buy-risk on-dips narratives," analysts at Maybank said in a note. Meanwhile, developments regarding a potential vaccine were being closely watched by financial markets as investors try to gauge how quickly and when the global economy will fully recover. "A potential vaccine is definitely a game changer," said Frank Benmirza, head of Asia equity strategy at Societe Generale. "The market is aware of hurdles including timing, distribution, production, whether people will want to have a vaccination. Any news addressing these issues is positively taken." Shares in Indonesia, which has seen a record daily spike in coronavirus infections since last week, bounced back from Monday's steep losses to surge as much as 2%. Investors also took stock of news that an Indonesian parliamentary panel would likely drop a plan to revise the central bank's law to expand its mandate. Thai equities rebounded after sliding in the previous session amid persistent anti-government protests, while the baht edged higher. Thailand's central bank said on Monday it will hold a briefing on Dec. 9 to unveil additional measures to contain the baht, which has firmed more than 4.5% since October. Moves among other currencies were tepid, though the tech-reliant Taiwan's dollar stood out with a more than 1% gain. Data on Tuesday also showed factory activity grew in Taiwan and in Indonesia in November. HIGHLIGHTS: ** Indonesian 10-year benchmark yields are up 3.1 basis points at 6.219% ** Top gainers on FTSE Bursa Malaysia Kl Index include PETRONAS Chemicals Group up 9.03%, Tenaga Nasional up 7.34% and Hong Leong Bank up​ 4.77% ** In the Philippines, top index gainers are Robinsons Land up 5.42%, GT Capital up 5% and Manila Electric up​ 4.12% Asia stock indexes and currencies at 0420 GMT COUNTRY FX RIC FX FX YTD INDE STOCK STOC DAILY % X S KS % DAILY YTD % % Japan -0.14 +4.01 <.N2 1.48 13.3 25> 9 China <CNY=CFX +0.04 +5.88 <.SS 1.31 12.6 S> EC> 5 India +0.09 -3.44 <.NS 0.36 6.97 EI> Indones -0.07 -1.56 <.JK 0.99 -10. ia SE> 03 Malaysi -0.10 +0.29 <.KL 2.56 0.88 a SE> Philipp +0.02 +5.28 <.PS 1.79 -11. ines I> 54 S.Korea <KRW=KFT -0.02 +4.49 <.KS 1.36 19.5 C> 11> 2 Singapo +0.18 +0.40 <.ST 0.49 -12. re I> 51 Taiwan +1.07 +5.56 <.TW 0.93 15.4 II> 5 Thailan +0.10 -1.12 <.SE 1.26 -9.7 d TI> 4 (Reporting by Shashwat Awasthi in Bengaluru; Editing by Ana Nicolaci da Costa)

EMERGING MARKETS-Thai stocks slide after protests as virus concerns dominate

30 Nov 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Thai stocks set for best month since Dec. 2003 * Indonesia shares track best month since Sept. 2010 * India, Philippines stock markets shut By Shashwat Awasthi June 8 Thailand's stock market led losses of more than 1% across Asia on Monday after another series of anti-government protests over the weekend in Bangkok added to concerns over rising coronavirus case numbers. Thousands of anti-government protesters called for an end to coups in Thailand on Friday and once again demanded the resignation of Prime Minister Prayuth Chan-ocha, as months of protests fuel rumours of a military takeover. The stock index in Bangkok, among the region's most exposed to further global restrictions on travel due to its dependence on tourism, snapped a three-day winning run to drop as much as 1.3%. "The market could reverse into a risk-off mindset easily given recent strong performances in Thai assets," said Poon Panichpibool, markets strategist at Krung Thai Bank, putting the emphasis on coronavirus risks over those from the protests. "I think taking profits are the major force today," he added. Stock markets in Singapore, South Korea and Taiwan all slid more than 1% as investors booked profits at the end of a stellar month driven by hopes of swift distribution of COVID-19 vaccines next year. A surge in regional virus cases, however, was led by record infections in Indonesia and Jakarta stocks dropped as much as 0.7%, putting them on track for their worst day in more than two weeks. The rupiah eased after three straight days of gains. Many regional markets were set to record their best monthly performance in years as positive efficacy data from three separate COVID-19 vaccine trials and hopes of more central bank stimulus supported expectations of an economic rebound. Signs of a recovery were strengthened by data that showed China's November factory activity expanded at the fastest pace in more than three years, pushing Chinese shares to their highest since mid-July. "Vaccines offer the promise that the major disruptions of the pandemic will fade from the scene in 2021," Frederic Neumann, co-head of Asian Economics Research at HSBC, wrote. "Central bankers have signalled greater tolerance for 'inflation overshoots' than in the past. Potential fiscal constraints and the lasting scars from an unprecedented growth disruption surely point to a continuation of loose policies." Trading in most regional currencies was muted, even as the U.S. dollar plumbed more than two-year lows. HIGHLIGHTS: ** Indonesian 3-year benchmark yields are up 8.2 basis points at 4.925% ** Top losers on Thailand's SETI include NEP Realty and Industry down 11.11%, Wyncoast Industrial Park down 8.82% and Luxury Real Estate Investment Fund down 5.76% ** Top losers on the Jakarta stock index include Bali Towerindo Sentra down 6.99%, Nusantara Pelabuhan Handal down 6.98% and Binakarya Jaya Abadi down 6.9% Asia stock indexes and currencies at 0643 GMT COUNTRY FX RIC FX FX YTD INDE STOCK STOC DAILY % X S KS % DAILY YTD % % Japan +0.14 +4.51 <.N2 -0.79 11.7 25> 4 China <CNY=CFX -0.28 +5.60 <.SS -0.24 11.4 S> EC> 8 India -0.01 -3.46 <.NS -0.14 6.58 EI> Indones -0.07 -1.42 <.JK -1.40 -9.4 ia SE> 8 Malaysi -0.07 +0.47 <.KL 0.03 1.22 a SE> Philipp +0.00 +5.28 <.PS -1.97 -13. ines I> 10 S.Korea <KRW=KFT -0.30 +4.51 <.KS -1.60 17.9 C> 11> 1 Singapo +0.10 +0.55 <.ST -1.10 -12. re I> 36 Taiwan +1.08 +5.63 <.TW -1.04 14.3 II> 8 Thailan +0.20 -1.16 <.SE -1.31 -10. d TI> 19 (Reporting by Shashwat Awasthi in Bengaluru; editing by Patrick Graham)

EMERGING MARKETS-Asian stocks ease on profit taking, spike in virus cases

30 Nov 2020

(.) * Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Thai stocks set for best month since Dec. 2003 * Indonesia shares track best month since Sept. 2010 * India, Philippines stock markets shut By Shashwat Awasthi Nov 30 Most emerging Asian stock markets fell on Monday as coronavirus cases across the region continued to surge, and investors booked profits at the end of a stellar month of gains underpinned by optimism about an effective COVID-19 vaccine. Indonesia on Sunday reported a record rise in daily virus cases for the third time in a week, Hong Kong recorded its highest case count in four months, and infections in South Korea also jumped. Jakarta stocks dropped as much as 0.7% and were on track for their worst day in more than two weeks, and the rupiah eased after three straight sessions of gains. The KOSPI gave up half a percent, while shares in tourism-reliant Thailand snapped a three-day winning run to tumble 1%. "Asia-Pacific stocks trade broadly lower on the last trading day in November, retracing from recent highs. A vaccine-led rally appears to be overstretched, calling for profit-taking," said Margaret Yang, a strategist at Singapore-based DailyFX. Despite the losses, many regional markets were set to record their best monthly performance in years as positive efficacy data from COVID-19 vaccine trials and hopes of more central bank stimulus support expectations of an economic rebound. "Vaccines offer the promise that the major disruptions of the pandemic will fade from the scene in 2021," Frederic Neumann, co-head of Asian Economics Research at HSBC, wrote. "Central bankers have signalled greater tolerance for 'inflation overshoots' than in the past. Potential fiscal constraints and the lasting scars from an unprecedented growth disruption surely point to a continuation of loose policies." Signs that a recovery was underway were strengthened by data that showed China's November factory activity expanded at the fastest pace in more than three years, pushing Chinese shares to their highest since mid-July. Analysts warned, however, that a spike in virus cases could still hamper future growth. "Though the data is not bad for November, we believe that the spread of COVID-19 in the rest of the world will continue to limit export orders and delivery of export orders in December if there are lockdowns in the export destinations," analysts at Dutch bank ING said in a note. Trading in most regional currencies was muted, even as the U.S. dollar plumbed more than two-year lows. HIGHLIGHTS: ** Indonesian 3-year benchmark yields are up 17.8 basis points at 5.021% ** Top losers on Thailand's SETI include Wyncoast Industrial Park down 11.76%, NEP Realty and Industry down 7.41% and Luxury Real Estate Investment Fund down 5.76% ** Top losers on the Jakarta stock index include Bali Towerindo Sentra down 6.99%, Nusantara Pelabuhan Handal down 6.98% and Binakarya Jaya Abadi down 6.9% Asia stock indexes and currencies at 0410 GMT COUNTRY FX RIC FX FX YTD INDE STOCK STOC DAILY % X S KS % DAILY YTD % % Japan +0.17 +4.54 <.N2 0.03 12.6 25> 7 China <CNY=CFX -0.15 +5.74 <.SS 1.07 12.9 S> EC> 4 India -0.07 -3.52 <.NS 0.00 6.58 EI> Indones -0.07 -1.42 <.JK -0.64 -8.7 ia SE> 9 Malaysi +0.02 +0.57 <.KL 0.17 1.36 a SE> Philipp +0.00 +5.28 <.PS 0.00 -13. ines I> 10 S.Korea <KRW=KFT -0.12 +4.70 <.KS -0.41 19.3 C> 11> 4 Singapo +0.11 +0.56 <.ST -0.50 -11. re I> 83 Taiwan -0.04 +4.45 <.TW 0.04 15.6 II> 3 Thailan +0.17 -1.19 <.SE -1.07 -9.9 d TI> 6 (Reporting by Shashwat Awasthi in Bengaluru; Editing by Stephen Coates)

EMERGING MARKETS-Asian stocks ease on profit taking, spike in virus cases

30 Nov 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Thai stocks set for best month since Dec. 2003 * Indonesia shares track best month since Sept. 2010 * India, Philippines stock markets shut By Shashwat Awasthi Nov 30 Most emerging Asian stock markets fell on Monday as coronavirus cases across the region continued to surge, and investors booked profits at the end of a stellar month of gains underpinned by optimism about an effective COVID-19 vaccine. Indonesia on Sunday reported a record rise in daily virus cases for the third time in a week, Hong Kong recorded its highest case count in four months, and infections in South Korea also jumped. Jakarta stocks dropped as much as 0.7% and were on track for their worst day in more than two weeks, and the rupiah eased after three straight sessions of gains. The KOSPI gave up half a percent, while shares in tourism-reliant Thailand snapped a three-day winning run to tumble 1%. "Asia-Pacific stocks trade broadly lower on the last trading day in November, retracing from recent highs. A vaccine-led rally appears to be overstretched, calling for profit-taking," said Margaret Yang, a strategist at Singapore-based DailyFX. Despite the losses, many regional markets were set to record their best monthly performance in years as positive efficacy data from COVID-19 vaccine trials and hopes of more central bank stimulus support expectations of an economic rebound. "Vaccines offer the promise that the major disruptions of the pandemic will fade from the scene in 2021," Frederic Neumann, co-head of Asian Economics Research at HSBC, wrote. "Central bankers have signalled greater tolerance for 'inflation overshoots' than in the past. Potential fiscal constraints and the lasting scars from an unprecedented growth disruption surely point to a continuation of loose policies." Signs that a recovery was underway were strengthened by data that showed China's November factory activity expanded at the fastest pace in more than three years, pushing Chinese shares to their highest since mid-July. Analysts warned, however, that a spike in virus cases could still hamper future growth. "Though the data is not bad for November, we believe that the spread of COVID-19 in the rest of the world will continue to limit export orders and delivery of export orders in December if there are lockdowns in the export destinations," analysts at Dutch bank ING said in a note. Trading in most regional currencies was muted, even as the U.S. dollar plumbed more than two-year lows. HIGHLIGHTS: ** Indonesian 3-year benchmark yields are up 17.8 basis points at 5.021% ** Top losers on Thailand's SETI include Wyncoast Industrial Park down 11.76%, NEP Realty and Industry down 7.41% and Luxury Real Estate Investment Fund down 5.76% ** Top losers on the Jakarta stock index include Bali Towerindo Sentra down 6.99%, Nusantara Pelabuhan Handal down 6.98% and Binakarya Jaya Abadi down 6.9% Asia stock indexes and currencies at 0410 GMT COUNTRY FX RIC FX FX YTD INDE STOCK STOC DAILY % X S KS % DAILY YTD % % Japan +0.17 +4.54 <.N2 0.03 12.6 25> 7 China <CNY=CFX -0.15 +5.74 <.SS 1.07 12.9 S> EC> 4 India -0.07 -3.52 <.NS 0.00 6.58 EI> Indones -0.07 -1.42 <.JK -0.64 -8.7 ia SE> 9 Malaysi +0.02 +0.57 <.KL 0.17 1.36 a SE> Philipp +0.00 +5.28 <.PS 0.00 -13. ines I> 10 S.Korea <KRW=KFT -0.12 +4.70 <.KS -0.41 19.3 C> 11> 4 Singapo +0.11 +0.56 <.ST -0.50 -11. re I> 83 Taiwan -0.04 +4.45 <.TW 0.04 15.6 II> 3 Thailan +0.17 -1.19 <.SE -1.07 -9.9 d TI> 6 (Reporting by Shashwat Awasthi in Bengaluru; Editing by Stephen Coates)

CORRECTED-Australia shares end lower as vaccine doubts weigh

29 Nov 2020

Nov 27 Australian shares ended lower on Friday as renewed doubts about a promising coronavirus vaccine dented investor sentiment, while Treasury Wine dived on China's plans to impose temporary anti-dumping measures on Australian wine imports.

POLL-Investors trim long bets on Asia FX ahead of U.S. election

29 Oct 2020

* Investors nearly neutral on five of nine emerging Asian currencies * Long positions on S.Korean won at near three-year high By Shashwat Awasthi Oct 29 Investors scaled back bullish positions in several emerging Asian currencies, a Reuters poll showed, as they adopt a wait-and-watch approach on uncertainty ahead of the U.S. presidential election and rising coronavirus cases globally. Market participants turned almost neutral on the Philippine peso and the Indian rupee, while long positions in the Chinese yuan and the Singapore dollar were snipped, the fortnightly poll of 13 respondents showed. The U.S. dollar, considered a safe-haven asset during times of uncertainty, has strengthened in recent sessions as escalating coronavirus cases, particularly in Europe, stoked fears of fresh lockdowns that would hamper a global economic rebound. The greenback's appeal may be enhanced further in the near-term as markets brace for the Nov. 3 election in the United States, which analysts have warned could induce even more volatility. "There are two dimensions of risk as we head into the U.S. elections - election outcome and outcome uncertainty," analysts at Singapore-based bank DBS said in a note last week. "The prospect of a contested election leading to risk aversion is significant." Investors also cut long bets on the Malaysian ringgit, as a leadership challenge to Prime Minister Muhyiddin Yassin stokes political uncertainty at a time when the country is already grappling with rising coronavirus infections. Taiwan's dollar and South Korea's won continued to be the stand out picks, with long bets on both currencies nudged higher, as increased demand for tech gadgets during the pandemic supports exports and spurs growth. Bullish positions in the won were at their highest since November 2017, while those in the Taiwanese dollar remained a more than two-and-a-half year high. Investors also turned slightly less bearish on the Indonesian rupiah, the region's worst performing currency so far this year. Indonesia's central bank said earlier this week that it had room to further cut its benchmark interest rate and reiterated that the rupiah's exchange rate remains undervalued. The Asian currency positioning poll is focused on what analysts and fund managers believe are the current market positions in nine Asian emerging market currencies: the Chinese yuan, South Korean won, Singapore dollar, Indonesian rupiah, Taiwan dollar, Indian rupee, Philippine peso, Malaysian ringgit and the Thai baht. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3. A score of plus 3 indicates the market is significantly long U.S. dollars. The figures include positions held through non-deliverable forwards (NDFs). The survey findings are provided below (positions in U.S. dollar versus each currency): DD/MM CNY KRW SGD IDR TWD INR MYR PHP THB 29/10 -0.86 -1.14 -0.49 0.09 -1.23 -0.07 -0.03 -0.09 -0.02 15/10 -1.07 -0.94 -0.72 0.35 -1.12 -0.44 -0.33 -0.15 0.10 01/10 -0.47 -0.53 -0.25 0.61 -0.68 -0.31 -0.31 -0.68 0.38 17/09 -1.25 -0.60 -0.61 0.39 -0.51 -0.54 -0.89 -1.07 -0.17 03/09 -1.41 -0.71 -0.99 -0.19 -0.40 -0.91 -0.96 -1.34 -0.15 20/08 -1.02 -0.71 -0.69 0.43 -0.31 -0.35 -0.62 -1.12 -0.21 06/08 -0.81 -0.44 -0.57 0.45 -0.54 -0.31 -0.29 -0.76 -0.2 23/07 -0.8 -0.19 -0.09 0.61 -0.34 -0.38 -0.22 -0.61 0.24 09/07 -0.37 -0.06 0.13 0.26 -0.22 -0.33 -0.07 -0.48 -0.09 25/06 0.08 0.16 -0.05 -0.05 -0.28 0.10 0.07 -0.05 -0.24 (Reporting by Shashwat Awasthi in Bengaluru; Editing by Rashmi Aich)

EMERGING MARKETS-Thai stocks kip up after govt lifts emergency measures

22 Oct 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I * Baht hits two-week low * Manila shares touch more than 3-month high By Shashwat Awasthi Oct 22 Thai shares bounced from earlier losses on Thursday after the government lifted emergency measures aimed at ending months-long protests against Prime Minister Prayuth Chan-ocha and the monarchy. Uncertainty over whether U.S. lawmakers would be able to agree on and deliver a new coronavirus relief deal weighed on other emerging Asian markets, as most currencies dipped between 0.1% and 0.3% against the dollar. Thailand's stock market, the region's worst performer so far this year, gained as much as 0.4% after falling almost 1% earlier, as the government rolled back its emergency decree to de-escalate simmering tensions. "Indeed, lifting of emergency to curb protests is positive news for the markets," said Prakash Sakpal, senior Asia economist at Dutch bank ING. However, Sakpal warned that the move was unlikely to result in a swift resolution of matters and would "further strengthen protesters' resolve in their anti-government movement." Protesters had continuously defied the measures imposed last week, including bans on political gatherings of five or more people. On Wednesday, they gave the prime minister a three-day deadline to step down or face more protests. "The lifting of the state of emergency is a small relief rally... But key demands have not changed, especially for the PM to step down within three days from yesterday," said Kobsidthi Silpachai, head of capital markets research at Kasikornbank. "Still, the market will take any good news it can." Investors have been dumping Thai stocks of late and the country has already seen record equity outflows so far this year, while analysts have also warned of the risk of an even deeper sell-off. The baht weakened 0.3%, in line with other regional currencies. Elsewhere in the region, Taiwan's dollar was the only outlier as it firmed 0.9% to continue its bullish rise. Malaysian equities were subdued, but fared slightly better than the rest of the region on the back of some signs of easing political worries. The biggest party in Malaysia's ruling alliance on Wednesday pledged its support for Prime Minister Muhyiddin Yassin, providing him temporary reprieve following opposition leader Anwar Ibrahim's recent claim to form a new government. The Philippines recorded its lowest daily increase in coronavirus cases in more than six weeks on Wednesday, helping stocks rise more than 1% to their highest since July 7. HIGHLIGHTS: ** Thailand's 3-year benchmark yield is down 2 basis points at 0.66% ** Top gainers on Thailand's SETI include Gold Property Fund Lease Hold up 17.65%, Thai-German Products up 16.67% and TU Dome Residential Complex Leasehold Property Fund up​ 10.96% ** In the Philippines, top index gainers are LT Group up 6.98%, Robinsons Land up 6.04% and San Miguel Corp up ​3.63% Asia stock indexes and currencies at 0655 GMT COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS DAILY % STOCKS YTD % Japan -0.02 +3.85 -0.70 -0.77 China -0.21 +4.49 -0.35 8.63 India -0.05 -3.05 -0.34 -2.23 Indonesia -0.27 -5.26 -0.26 -19.31 Malaysia -0.14 -1.40 -0.03 -6.09 Philippines -0.08 +4.33 1.05 -18.82 S.Korea -0.09 +2.07 -0.67 7.16 Singapore -0.15 -0.86 -0.03 -21.66 Taiwan +0.88 +5.12 0.31 7.67 Thailand -0.29 -4.32 0.44 -22.66 (Reporting by Shashwat Awasthi in Bengaluru; Editing by Subhranshu Sahu)

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