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Shreya Mariam Job

EM ASIA FX-Most Asian units firm on trade optimism; S.Korean won jumps

11 Oct 2019

* S.Korean won strengthens most * Malaysia 2020 budget awaited * World Bank cuts Philippines growth forecast (Adds text, updates prices) By Shreya Mariam Job Oct 11 Most Emerging Asian currencies strengthened on Friday as signs of progress in top-level negotiations between China and the United States spurred hopes that the two sides were moving towards a limited deal. U.S. President Donald Trump on Thursday described the talks as "very, very good," while a White House official said they were "probably better than expected", comforting markets that had been embroiled in uncertainty in the lead up to the meeting. "Investors are ready to celebrate any form of a U.S.-China trade deal, even a limited one, after having endured trade-related turmoil since May," Han Tan, market analyst at FXTM, said in a note. The improvement in sentiment pushed the trade-sensitive South Korean won 0.7% higher to a more than three-week peak. The won is the worst performing Asian currency this year, weighed down by the Sino-U.S. trade conflict and South Korea's trade tussle with Japan. "Investors are cognizant that a trade pact that marks a pause in tariff hikes without rolling back any of the tariffs imposed since last year would not solve all of the global economy's existing problems," Tan said. President Trump has said that U.S. tariffs on $250 billion worth of Chinese goods would rise to 30% from 25% on Oct. 15, as planned, if no progress is made in the ongoing negotiations. The Philippine peso reversed from gains earlier in the session to trade slightly lower. The World Bank on Thursday cut its forecasts for economic growth in the Philippines for 2019 and the next two years, citing external problems, including the U.S.-China trade war, and a slowdown in public investments. Financial markets in Taiwan were closed for a holiday. MALAYSIAN BUDGET AWAITED The Malaysian ringgit ticked up ahead of the country's budget due later in the day. In August, the country's finance minister had said that Malaysia may consider an expansionary budget for 2020 to mitigate the effects of the trade war between the United States and China. "It’s going to be difficult for the economy to continue to outperform as global headwinds are getting stronger and this demands greater policy support," ING had said in a note last week. "We don’t see them backtracking on the fiscal goals, though the planned 3% of GDP deficit for 2020 sounds optimistic for now." Data released earlier in the day showed the country's August factory output rose 1.9%, slightly below the 2% expansion forecast in a Reuters poll. CURRENCIES VS U.S. DOLLAR Change on the day at 0612 GMT Currency Latest bid Previous day Pct Move Japan yen 107.980 107.96 -0.02 Sing dlr 1.374 1.3746 +0.01 Korean won 1188.000 1196.2 +0.69 Baht 30.410 30.385 -0.08 Peso 51.590 51.55 -0.08 Rupiah 14140.000 14145 +0.04 Rupee 71.028 71.07 +0.06 Ringgit 4.183 4.187 +0.10 Yuan 7.107 7.1150 +0.12 Change so far in 2019 Currency Latest bid End 2018 Pct Move Japan yen 107.980 109.56 +1.46 Sing dlr 1.374 1.3627 -0.85 Taiwan dlr 30.850 30.733 -0.38 Korean won 1188.000 1115.70 -6.09 Baht 30.410 32.55 +7.04 Peso 51.590 52.47 +1.71 Rupiah 14140.000 14375 +1.66 Rupee 71.028 69.77 -1.77 Ringgit 4.183 4.1300 -1.27 Yuan 7.107 6.8730 -3.29 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Aditya Soni)

Most Asian currencies rise as dollar slips; trade signals mixed

10 Oct 2019

Most Asian currencies firmed on Thursday, as a volatile dollar weakened broadly on mixed signals over the state of trade talks between Washington and Beijing.

EM ASIA FX-Most Asian units firm; Thai baht hits over 6-year high

09 Oct 2019

* Thai baht firms to strongest level since June 2013 * Philippine c.bank may not cut rates further this year * High-level Sino-U.S. trade talks awaited (Adds text, updates prices) By Shreya Mariam Job Oct 9 Most Asian currencies edged higher against the dollar on Wednesday, with the Thai baht hitting a more than six-year peak, as investors held their ground amid a fresh escalation in Sino-U.S. tensions ahead of high-level trade talks. Relations between the world's two biggest economies worsened after the U.S. government widened its trade blacklist to include some of China's top artificial intelligence startups, which drew a sharp rebuke from Beijing. Such altercations just days ahead of the high-level talks dampened hopes of a deal to be struck at the negotiation. "Expectations for the high-level trade talks are very low. Thus, any news that suggests a further deterioration in the U.S.- China relationship has been broadly priced in," said Eugenia Fabon Victorino, head of Asia strategy at Skandinaviska Enskilda Banken. The Chinese yuan opened slightly weaker before firming 0.1%, while the Singapore dollar and the Taiwan dollar remained largely unchanged. Meanwhile, the Indonesian rupiah slipped 0.2%, while the Indian rupee and the Malaysian ringgit weakened marginally. South Korean financial markets were closed for a holiday. THAI BAHT The baht strengthened 0.3% against the dollar to its strongest since June 2013, with traders shrugging off the central bank's worries about the currency's strength. The baht has been the strongest performer among Asian units this year, driven by the country's hefty current account surplus and fund inflows. It has also shown a resilience to global volatility over the U.S.-China trade spat. PHILIPPINE PESO The peso firmed 0.3% after the central bank governor indicated that last month's rate cut may be the last for the year. However, Governor Benjamin Diokno said the central bank will deliver more cuts in the reserve requirement ratio (RRR) should the inflation outlook continue to improve. Inflation eased in September to the lowest in more than three years, putting this year's inflation target within reach. CURRENCIES VS U.S. DOLLAR Change on the day at 0601 GMT Currency Latest bid Previous day Pct Move Japan yen 107.170 107.07 -0.09 Sing dlr 1.382 1.3824 +0.04 Taiwan dlr 30.847 30.842 -0.02 Baht 30.330 30.41 +0.26 Peso 51.750 51.91 +0.31 Rupiah 14175.000 14150 -0.18 Rupee 71.110 71.02 -0.13 Ringgit 4.196 4.192 -0.10 Yuan 7.142 7.1465 +0.07 Change so far in 2019 Currency Latest bid End 2018 Pct Move Japan yen 107.170 109.56 +2.23 Sing dlr 1.382 1.3627 -1.38 Taiwan dlr 30.847 30.733 -0.37 Korean won 1193.100 1115.70 -6.49 Baht 30.330 32.55 +7.32 Peso 51.750 52.47 +1.39 Rupiah 14175.000 14375 +1.41 Rupee 71.110 69.77 -1.88 Ringgit 4.196 4.1300 -1.57 Yuan 7.142 6.8730 -3.76 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Subhranshu Sahu)

Most Asian currencies firm ahead of Sino-U.S. trade talks

08 Oct 2019

Most Asian currencies edged higher on Tuesday with the Chinese yuan firming the most after reopening from a week long holiday while investors held positions ahead of the high level Sino-U.S. trade talks on Thursday and Friday.

Most Asian currencies slip ahead of trade talks; Taiwan dollar gains

07 Oct 2019

Most Asian currencies edged lower on Monday after risk appetites were dented by a media report saying China wants the scope of this week's trade talks and any deal with the United States to be kept narrow.

SE Asia Stocks-Philippines jumps over 2%; most others fall

04 Oct 2019

* Philippine Sept inflation slows more than expected * Indonesia snaps five straight sessions of losses * Malaysian exports miss estimates by a wide margin By Shreya Mariam Job Oct 4 Philippine stocks jumped over 2% on Friday, their best in nearly two months, as soft inflation data raised scopes for policy easing by the central bank, while most other Southeast Asian stock markets edged lower. The Philippine headline inflation rate of 0.9% last month was the slowest in more than three years. It was below the 1.1% forecast in a Reuters poll and was within the central bank's 0.6% to 1.4% forecast for the month. Inflation peaked at a near-decade high of 6.7% in September and October last year. Overall prices have since eased, allowing the central bank to start reversing some of last year's 175 basis points of interest rate hikes. "With this environment, the BSP (Bangko Sentral ng Pilipinas) has scope to ease policy rates further should other data points warrant it, but for the most part the price objective remains well in hand," ING said in a note. Shares of SM Prime Holdings Inc rose 4% to a more than two-month closing high, while Ayala Land climbed 2.7%. Indonesian stocks snapped five consecutive sessions of losses, buoyed by materials and financials. Shares of Sinar Mas Multiartha and Semen Indonesia rose 7% and 6.55, respectively. Other Southeast Asian equity markets edged lower as investors grew wary ahead of U.S. jobs data and U.S. Federal Reserve Chair Jerome Powell's speech. Investors will look for signals on future rate cuts from these two events. Malaysian stocks closed 0.4% lower, partially recovering from earlier falls on weak August trade data. Exports fell 0.8% in August, contracting after an unexpected rebound in the previous month, and far worse than the 2.5% increase forecast in a Reuters poll. Among losers, Kuala Lumpur Kepong Bhd slumped 6.8% following a block trade of 31.6 million secondary shares of the plantation company. Singapore stocks shed 0.3% on the back of financials and telecoms. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3078.36 3087.97 -0.31 Bangkok 1605.96 1610.69 -0.29 Manila 7704.6 7545.55 2.11 Jakarta 6061.252 6038.529 0.38 Kuala Lumpur 1557.67 1564.12 -0.41 Ho Chi Minh 987.59 989.67 -0.21 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3078.36 3068.76 0.31 Bangkok 1605.96 1563.88 2.69 Manila 7704.6 7,466.02 3.20 Jakarta 6061.252 6,194.50 -2.15 Kuala Lumpur 1557.67 1690.58 -7.86 Ho Chi Minh 987.59 892.54 10.65 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Philippines jumps on policy easing hopes; weak data weighs on Malaysia

04 Oct 2019

* Philippines September annual inflation slower than expected * Indonesia set to snap five sessions of losses * Malaysia August exports fall 0.8% By Shreya Mariam Job Oct 4 Philippine shares rose over 1% on Friday as a slowing inflation in September raised hopes of further monetary easing by the country's central bank, while Malaysian stocks fell after its August exports widely missed estimates. Philippine inflation rate slackened to an over three-year low last month and was below the 1.1% forecast in a Reuters poll. Last year in September and October, inflation rate had peaked at a near-decade high of 6.7%. The current drop in prices gives room to the central bank to reverse some of last year's 175-basis points' worth of interest rate hikes. However, the index is set for its biggest weekly loss in nearly two months. Shares of Ayala Land and SM Prime Holdings gained 2.3% and 1.9%, respectively. Malaysian stocks fell 0.7% after its August exports slumped. The country's exports contracted after an unexpected rebound in the previous month. This compares to a Reuters poll estimate of a 2.5% increase. A 7% drop in shares of Kuala Lumpur Kepong Bhd to a four-year low also weighed on the market following a block sale of around 31.6 million secondary shares of the company at 21 Malaysian ringgit($5.02) per share. Telecom stocks, meanwhile, were buoyed by a 1.5% rise in shares of Maxis Bhd, the country's second-largest mobile network operator by subscribers. Southeast Asian markets now await U.S. September non-farm payrolls data and Fed chair Jerome Powell's speech for further signs concerning the central bank's next rate decision. A flood of weak data from the world's largest economy could prompt the U.S. Federal Reserve to cut interest rates again this month. "Powell's remarks will also be sieved for clues as to policymakers' bias over the coming months, especially following waning confidence over the health of the world's largest economy," said by Han Tan, market analyst at FXTM. Among other markets, Indonesia gained 0.3%, buoyed by financial and consumer stocks, and was on track to snap five consecutive sessions of losses. Unilever Indonesia and Bank Rakyat Indonesia gained 0.8% and 3.2%, respectively. Singapore stocks slipped 0.3%, with financials and telecoms dragging the index. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As at 0451 GMT Change on the day Market Current Previous close Pct Move Singapore 3077.7 3087.97 -0.33 Bangkok 1611.41 1610.69 0.04 Manila 7630.04 7545.55 1.12 Jakarta 6059.269 6038.529 0.34 Kuala Lumpur 1553.76 1564.12 -0.66 Ho Chi Minh 991.91 989.67 0.23 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3077.7 3068.76 0.29 Bangkok 1611.41 1563.88 3.04 Manila 7630.04 7,466.02 2.20 Jakarta 6059.269 6,194.50 -2.18 Kuala Lumpur 1553.76 1690.58 -8.09 Ho Chi Minh 991.91 892.54 11.13 ($1 = 4.1820 ringgit) (Reporting by Shreya Mariam Job in Bengaluru; editing by Uttaresh.V)

SE Asia Stocks-Fall as U.S. tariffs on EU goods fan slowdown fears

03 Oct 2019

* Philippines closes at over 4-1/2-month low * India, Malaysian stocks most expensive in Asia - Refinitiv * Indonesia falls for fifth consecutive session By Shreya Mariam Job Oct 3 Southeast Asian stock markets fell on Thursday, as the United States widened its trade war with tariffs on European Union goods, adding to fears over a global economic slowdown. The World Trade Organization gave Washington a green light to impose tariffs on $7.5 billion worth of EU goods annually, which threatens to ignite a tit-for-tat transatlantic trade war. The global economy is already reeling from the Sino-U.S. trade war and with the new front to tariff dispute, demand and slowdown woes are expected to deepen. Philippine shares declined 0.9% to their lowest close in more than 4-1/2 months, weighed down by real estate and financial stocks. Ayala Land shed 4.3% to a near six-month closing low, while Metropolitan Bank and Trust Co dipped 1.7%. Shares in trade-reliant Singapore dipped 0.5% on the back of losses in industrials and financials. Jardine Strategic Holdings Ltd slumped 1.7% to an over three-year closing low, while DBS Group Holdings Ltd , the city-state's biggest listed lender, slipped 0.8%. Meanwhile, financials dragged Malaysian shares 0.7%lower, with Public Bank Bhd extending losses into a third session to close at its lowest in more than three years. India and Malaysian equities were the most expensive in Asia on Oct. 2, based on their price-to-earnings valuation metrics, according to Refinitiv. Malaysia's price-to-earnings ratio was 15.66, the second highest in Asia. Indonesian shares closed lower for the fifth consecutive session, dragged down by financials. Bank Mandiri and Bank Rakyat Indonesia shed 1.9% and 3.1%, respectively. Indonesian President Joko Widodo said he would introduce sweeping changes to labour rules by the end of the year and open up more sectors of the economy to foreign investment, Bloomberg reported. However, shares ended the day in the red, pressured by sentiment in the broader market. "We see foreign net sell in Indonesian equities has not slowed down. In fact, today, there is more than IDR 650 billion of foreign net outflow," said Anugerah Zamzami Nasr, an equity research analyst at Phillip Sekuritas Indonesia. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3087.97 3103.45 -0.50 Bangkok 1610.69 1613.64 -0.18 Manila 7545.55 7610.68 -0.86 Jakarta 6038.529 6055.425 -0.28 Kuala Lumpur 1564.12 1574.9 -0.68 Ho Chi Minh 989.67 991.19 -0.15 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3087.97 3068.76 0.63 Bangkok 1610.69 1563.88 2.99 Manila 7545.55 7,466.02 1.07 Jakarta 6038.529 6,194.50 -2.52 Kuala Lumpur 1564.12 1690.58 -7.48 Ho Chi Minh 989.67 892.54 10.88 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Subhranshu Sahu)

SE Asia Stocks-Fall on widening trade war as U.S. imposes tariffs on EU goods

03 Oct 2019

* Philippine stocks set for fifth straight loss * Jardine Strategic drops to over three year low * Indonesian president to open up economy - report By Shreya Mariam Job Oct 3 Southeast Asian stock markets fell on Thursday, with Philippines losing the most after the United States opened a new front in its global trade tussle by slapping tariffs on European imports. The United States said on Wednesday it would slap 10% tariffs on European-made Airbus planes and 25% duties on French wine, Scotch and Irish whiskies, and cheese from across the continent as punishment for illegal EU aircraft subsidies. The move threatens to spark a tit-for-tat transatlantic trade war amid the Sino-U.S. trade dispute that has slowed global growth, with overnight data showing that hiring by U.S. private employers had slowed in September. Philippine stocks slumped to a 4-1/2-month trough, joining a global sell-off as real estate stocks languished. Shares of SM Prime Holdings and Ayala Land Inc dipped 2.1% and 3.7%, putting the country's benchmark index on track for its fifth consecutive session of losses. Trade-reliant Singapore stocks dropped 0.8%, with industrials and financials weighing on the index. Shares of Jardine Strategic Holdings fell as much as 2.9% to their lowest in over three years. Investors await Monetary Authority of Singapore's (MAS) rate decision due at its semi-annual meeting this month. "MAS will ease policy at its upcoming semi-annual meeting in October; the only question is how large the easing move will be and what form it will take," Societe Generale analysts said in a note. Malaysian stocks fell, pulled lower by financials, with Public Bank Bhd shedding 1.6%. Indonesian stocks pared some losses after hitting their lowest since May 23 earlier in the session. Indonesian President Joko Widodo said he’ll introduce sweeping changes to labor rules by the end of the year and open up more sectors of the economy to foreign investment, delivering on some of the major reforms investors have been demanding, Bloomberg reported. However, weak broader market sentiment kept stocks in the red, with Astra International Tbk Pt and Bank Mandiri slipping 1.2% and 1.9%, respectively. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS at 0352 GMT Change on the day Market Current Previous close Pct Move Singapore 3077.7 3103.45 -0.83 Bangkok 1609.37 1613.64 -0.26 Manila 7519.79 7610.68 -1.19 Jakarta 6021.938 6055.425 -0.55 Kuala Lumpur 1566.63 1574.9 -0.53 Ho Chi Minh 984.71 991.19 -0.65 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3077.7 3068.76 0.29 Bangkok 1609.37 1563.88 2.91 Manila 7519.79 7,466.02 0.72 Jakarta 6021.938 6,194.50 -2.79 Kuala Lumpur 1566.63 1690.58 -7.33 Ho Chi Minh 984.71 892.54 10.33 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Aditya Soni)

UPDATE 1-SE Asia Stocks-Fall as weak U.S. manufacturing data spurs global growth slowdown fears

02 Oct 2019

(Updates Singapore and Thailand to close, updates table) By Shreya Mariam Job Oct 2 Southeast Asian stock markets fell on Wednesday, tracking broader global markets as weak U.S. manufacturing data stoked fears of a global economic slowdown and reignited concern over the impact of the U.S.-China trade war. U.S. manufacturing activity tumbled to a more than 10-year low in September as lingering trade tensions weighed on exports. The news dragged most of the regional indexes to post losses of more than 1 percent. Joel Ng, an analyst at KGI securities said, "The moves are a bit more exaggerated because of lower liquidity." The Philippine index slumped 1.7% closing at a near four and a half month low following a large sell-off in the last 10 minutes of trade. Real estate and financial stocks weighed on the index, with top property stocks SM Prime Holdings and Ayala Land Inc shedding 1.8% and 2.4% respectively while BDO Unibank Inc dropped 4.5%. This comes after Philippines Central Bank Governor Benjamin Diokno said he would rather online gambling operators left the country. These firms known in Philippines as POGOs (Philippine offshore gambling operators) have been vital in drawing Chinese tourists to the country, boosting property demand and retail spending. However, the central bank chief said banning online gambling will have little impact on the Philippines economy. Singapore stocks shed 1.4% hurt by financials. DBS Group Holdings Ltd shed 1.9%, while its smaller lending peer United Overseas Bank dropped 1.6%. Indonesian shares deepened the fall over the session to end 1.4% lower, with bigger losses mainly among financials and materials stocks. An index of the country's 45 most liquid stocks fell 1.9%. Bank Mandiri Tbk Pt dropped as much as 5.8% to its lowest level in more than 11 months. Financial and industrial stocks pushed the Thai benchmark stock index 0.6% lower, with Airports of Thailand slipping 1.7% and Kasikornbank dipping 3.2%. Kasirkonbank said it will start giving digital loans to sellers on Sea Ltd's e-commerce business Shopee, in the bank's latest digital partnership. However, Thai bank earnings have been under pressure from a digital transaction fee waiver last year and slowing loan growth. Elsewhere, real estate and financials dragged Vietnam stocks , while Malaysian stocks were dragged lower by financial and consumer stocks. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3103.45 3146.03 -1.35 Bangkok 1613.64 1624.09 -0.64 Manila 7610.68 7739.86 -1.67 Jakarta 6055.425 6138.25 -1.35 Kuala Lumpur 1574.9 1589.44 -0.91 Ho Chi Minh 991.19 999.59 -0.84 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3103.45 3068.76 1.13 Bangkok 1613.64 1563.88 3.18 Manila 7610.68 7,466.02 1.94 Jakarta 6055.425 6,194.50 -2.25 Kuala Lumpur 1574.9 1690.58 -6.84 Ho Chi Minh 991.19 892.54 11.05 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Hugh Lawson)

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