Edition:
United Kingdom

Shriya Ramakrishnan

Sydney Airport plans to raise $1.4 billion to battle virus hit after H1 loss

11 Aug 2020

SYDNEY/BENGALURU Sydney Airport Holdings Pty Ltd said on Tuesday it would raise A$2 billion ($1.43 billion) of equity to lower its debt levels after swinging to a half-year loss, as the COVID-19 pandemic continues to hammer travel.

EMERGING MARKETS-Philippine shares falter as COVID-19 cases surge

17 Jul 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Malaysian stocks gain over 1% as Top Glove rallies * Philippine stocks set for weekly decline of over 2% * Indonesian rupiah hits near two-month low By Shriya Ramakrishnan July 17 Philippine shares were set for a second straight weekly drop on Friday following a surge in COVID-19 cases in the country, while the Indonesian rupiah weakened as uncertainty over future monetary policy dented investor sentiment. After a bout of bargain buying on Thursday, the Manila benchmark index resumed declines to fall nearly 1%, as the country reported its biggest daily spike in coronavirus infections in more than a week. President Rodrigo Duterte on Wednesday retained partial quarantine measures in the capital of Manila for two weeks until the end of July, but warned that stricter curbs would be reinstated if the rise in new cases and deaths did not slow. Foreign investors dumped Philippine shares worth $64.7 million as of Thursday, after a $114.9 million sell-off last week, according to exchange data. Among Asian currencies, the rupiah was the worst hit, falling to a near two-month low, a day after the central bank cut interest rates for the fourth time this year. Shares in Jakarta were down about 0.3%. After reducing its benchmark interest rate to 4%, Bank Indonesia Governor Perry Warjiyo said there would be no inflationary impact from a bond-buying scheme announced earlier this month, while stressing the importance of both fiscal and monetary levers to revive growth. Some analysts said that pointed to more cuts in rates. "While the burden sharing scheme could benefit Indonesia's economy, there is fear that the central government wouldn't be able to realise its planned spending," said Anthony Kevin, an economist at Mirae Asset Sekuritas Indonesia. "This is why market participants were also looking for clues regarding the possibility of another rate cut." Malaysian stocks were the top performers, advancing over 1%, driven primarily by gains in Top Glove Corp, the world's largest medical glove maker, which rose 16%. U.S. Customs on Wednesday placed a detention order on imports of products made by the company's units, but the company said it hoped to resolve the issue in two weeks and the surge in global demand meant it would be able to sell its product elsewhere. HIGHLIGHTS: ** Top gainers on FTSE Bursa Malaysia Kl Index include Top Glove Corporation Bhd up 15.53% at 22.76 ringgit, Hartalega Holdings Bhd up 5.9% at 16.52 ringgit, Hap Seng Consolidated Bhd up​ 2.32% at 8.83 ringgit ** In the Philippines, top index decliners are SM Prime Holdings Inc down 4.59% at 31.2 peso; Ayala Land Inc down 3.65% at 31.7 peso; and Metro Pacific Investments Corp down 2.1% at 3.26 peso ** Indonesian 10-year benchmark yields are up 1.4 basis points at 7.057% Asia stock indexes and currencies at 0659 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS DAILY % % DAILY YTD % % Japan +0.07 +1.32 -0.32 -4.06 China <CNY=CFXS -0.14 -0.51 -0.11 5.13 > India +0.13 -4.94 0.67 -11.15 Indonesi -0.61 -5.26 -0.34 -19.34 a Malaysia -0.05 -4.19 1.16 0.17 Philippi +0.24 +2.53 -0.96 -22.09 nes S.Korea <KRW=KFTC +0.04 -4.04 0.80 0.16 > Singapor +0.04 -3.39 -0.10 -18.67 e Taiwan +0.37 +2.10 0.20 1.54 Thailand -0.09 -5.59 0.32 -14.41 (Reporting by Shriya Ramakrishnan and Gaurav Dogra in Bengaluru; Editing by Patrick Graham, Bernard Orr)

EMERGING MARKETS-Philippine shares falter as COVID-19 cases surge

17 Jul 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Malaysian stocks gain over 1% as Top Glove rallies * Philippine stocks set for weekly decline of over 2% * Indonesian rupiah hits near two-month low By Shriya Ramakrishnan July 17 Philippine shares were set for a second straight weekly drop on Friday following a surge in COVID-19 cases in the country, while the Indonesian rupiah weakened as uncertainty over future monetary policy dented investor sentiment. After a bout of bargain buying on Thursday, the Manila benchmark index resumed declines to fall nearly 1%, as the country reported its biggest daily spike in coronavirus infections in more than a week. President Rodrigo Duterte on Wednesday retained partial quarantine measures in the capital of Manila for two weeks until the end of July, but warned that stricter curbs would be reinstated if the rise in new cases and deaths did not slow. Foreign investors dumped Philippine shares worth $64.7 million as of Thursday, after a $114.9 million sell-off last week, according to exchange data. Among Asian currencies, the rupiah was the worst hit, falling to a near two-month low, a day after the central bank cut interest rates for the fourth time this year. Shares in Jakarta were down about 0.3%. After reducing its benchmark interest rate to 4%, Bank Indonesia Governor Perry Warjiyo said there would be no inflationary impact from a bond-buying scheme announced earlier this month, while stressing the importance of both fiscal and monetary levers to revive growth. Some analysts said that pointed to more cuts in rates. "While the burden sharing scheme could benefit Indonesia's economy, there is fear that the central government wouldn't be able to realise its planned spending," said Anthony Kevin, an economist at Mirae Asset Sekuritas Indonesia. "This is why market participants were also looking for clues regarding the possibility of another rate cut." Malaysian stocks were the top performers, advancing over 1%, driven primarily by gains in Top Glove Corp, the world's largest medical glove maker, which rose 16%. U.S. Customs on Wednesday placed a detention order on imports of products made by the company's units, but the company said it hoped to resolve the issue in two weeks and the surge in global demand meant it would be able to sell its product elsewhere. HIGHLIGHTS: ** Top gainers on FTSE Bursa Malaysia Kl Index include Top Glove Corporation Bhd up 15.53% at 22.76 ringgit, Hartalega Holdings Bhd up 5.9% at 16.52 ringgit, Hap Seng Consolidated Bhd up​ 2.32% at 8.83 ringgit ** In the Philippines, top index decliners are SM Prime Holdings Inc down 4.59% at 31.2 peso; Ayala Land Inc down 3.65% at 31.7 peso; and Metro Pacific Investments Corp down 2.1% at 3.26 peso ** Indonesian 10-year benchmark yields are up 1.4 basis points at 7.057% Asia stock indexes and currencies at 0659 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS DAILY % % DAILY YTD % % Japan +0.07 +1.32 -0.32 -4.06 China <CNY=CFXS -0.14 -0.51 -0.11 5.13 > India +0.13 -4.94 0.67 -11.15 Indonesi -0.61 -5.26 -0.34 -19.34 a Malaysia -0.05 -4.19 1.16 0.17 Philippi +0.24 +2.53 -0.96 -22.09 nes S.Korea <KRW=KFTC +0.04 -4.04 0.80 0.16 > Singapor +0.04 -3.39 -0.10 -18.67 e Taiwan +0.37 +2.10 0.20 1.54 Thailand -0.09 -5.59 0.32 -14.41 (Reporting by Shriya Ramakrishnan and Gaurav Dogra in Bengaluru; Editing by Patrick Graham, Bernard Orr)

EMERGING MARKETS-Indonesian rupiah lags Asia FX; Thai baht hovers at six-week lows

17 Jul 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Uncertain monetary policy clouds outlook for rupiah * Philippine stocks down nearly 2% * Other Asian risk assets boosted by hopes of global stimulus By Shriya Ramakrishnan July 17 Indonesia's rupiah fell to a near two-month low on Friday, a day after the central bank cut interest rates for a fourth time this year, trailing other Asian currencies that were supported by hopes of more stimulus to shore up the battered global economy. With Indonesia also recording one of the highest COVID-19 death rates in east Asia outside China, stocks in the country edged lower and the rupiah weakened 0.7% to 14,660 a dollar, on course for weekly declines of about 2%. Bank Indonesia cut its benchmark interest rate on Thursday to 4.00%, as expected, but said further reductions would depend on indicators such as inflation in Southeast Asia's largest economy. It also did not mention if it had changed its full-year outlook for gross domestic product. "While the burden sharing scheme could benefit Indonesia's economy, there is fear that the central government wouldn't be able to realise its planned spending," said Anthony Kevin, an economist at Mirae Asset Sekuritas Indonesia. "This is why market participants were also looking for clues regarding the possibility of another rate cut." In Thailand, the baht hovered near six-week lows, with investors growing concerned about the government's fiscal response to the coronavirus crisis following the resignation of finance chief Uttama Savanayana and two other ministers. "Some of the USD/THB selling in the last hour may be some profit taking and potentially owing to the fact that this surge in volatility could see increased scrutiny from the central bank," said Jingyi Pan, market strategist at IG Asia. Offering some relief, Thailand's central bank said on Thursday it expected headline inflation to recover to 1%-3% in the second quarter of 2021 after an expected minus 1.7% this year. Stocks across Asia's developing and emerging markets clocked modest gains, helped by a bounce back in U.S. stock futures as hopes of more government spending helped counter worries about the surge in global coronavirus cases. Philippine stocks, however underperformed, gripped by fears of further economic pain from the pandemic as the country reported its biggest daily spike in confirmed infections in more than a week. The benchmark stock index was down nearly 2% and was set for its second straight weekly decline. HIGHLIGHTS: ** Indonesian 10-year benchmark yields are up 1.4 basis points at 7.057% ** Top gainers on FTSE Bursa Malaysia Kl Index include Top Glove Corporation Bhd up 12.89% at 22.24 ringgit, Hartalega Holdings Bhd up 4.49% at 16.3 ringgit, Hap Seng Consolidated Bhd up ​ 2.78% at 8.87 ringgit ** In the Philippines, top index decliners are SM Prime Holdings Inc down 4.28% at 31.3 peso; Ayala Land Inc down 3.5% at 31.8 peso; Robinsons Land Corp down 2.43% at 16.06 peso Asia stock indexes and currencies at 0419 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS DAILY % % DAILY YTD % % Japan +0.06 +1.32 -0.33 -4.06 China <CNY=CFXS -0.16 -0.53 -0.51 4.71 > India 0.00 -5.06 0.66 -11.16 Indonesi -0.68 -5.32 -0.12 -19.16 a Malaysia -0.02 -4.17 0.92 -0.06 Philippi +0.16 +2.45 -1.83 -22.77 nes S.Korea <KRW=KFTC +0.04 -4.04 0.66 0.02 > Singapor +0.07 -3.36 0.13 -18.48 e Taiwan +0.36 +2.09 0.58 1.93 Thailand -0.03 -5.53 0.29 -14.44 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Kim Coghill)

EMERGING MARKETS-Indonesian rupiah lags Asia FX; Thai baht hovers at six-week lows

17 Jul 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Uncertain monetary policy clouds outlook for rupiah * Philippine stocks down nearly 2% * Other Asian risk assets boosted by hopes of global stimulus By Shriya Ramakrishnan July 17 Indonesia's rupiah fell to a near two-month low on Friday, a day after the central bank cut interest rates for a fourth time this year, trailing other Asian currencies that were supported by hopes of more stimulus to shore up the battered global economy. With Indonesia also recording one of the highest COVID-19 death rates in east Asia outside China, stocks in the country edged lower and the rupiah weakened 0.7% to 14,660 a dollar, on course for weekly declines of about 2%. Bank Indonesia cut its benchmark interest rate on Thursday to 4.00%, as expected, but said further reductions would depend on indicators such as inflation in Southeast Asia's largest economy. It also did not mention if it had changed its full-year outlook for gross domestic product. "While the burden sharing scheme could benefit Indonesia's economy, there is fear that the central government wouldn't be able to realise its planned spending," said Anthony Kevin, an economist at Mirae Asset Sekuritas Indonesia. "This is why market participants were also looking for clues regarding the possibility of another rate cut." In Thailand, the baht hovered near six-week lows, with investors growing concerned about the government's fiscal response to the coronavirus crisis following the resignation of finance chief Uttama Savanayana and two other ministers. "Some of the USD/THB selling in the last hour may be some profit taking and potentially owing to the fact that this surge in volatility could see increased scrutiny from the central bank," said Jingyi Pan, market strategist at IG Asia. Offering some relief, Thailand's central bank said on Thursday it expected headline inflation to recover to 1%-3% in the second quarter of 2021 after an expected minus 1.7% this year. Stocks across Asia's developing and emerging markets clocked modest gains, helped by a bounce back in U.S. stock futures as hopes of more government spending helped counter worries about the surge in global coronavirus cases. Philippine stocks, however underperformed, gripped by fears of further economic pain from the pandemic as the country reported its biggest daily spike in confirmed infections in more than a week. The benchmark stock index was down nearly 2% and was set for its second straight weekly decline. HIGHLIGHTS: ** Indonesian 10-year benchmark yields are up 1.4 basis points at 7.057% ** Top gainers on FTSE Bursa Malaysia Kl Index include Top Glove Corporation Bhd up 12.89% at 22.24 ringgit, Hartalega Holdings Bhd up 4.49% at 16.3 ringgit, Hap Seng Consolidated Bhd up ​ 2.78% at 8.87 ringgit ** In the Philippines, top index decliners are SM Prime Holdings Inc down 4.28% at 31.3 peso; Ayala Land Inc down 3.5% at 31.8 peso; Robinsons Land Corp down 2.43% at 16.06 peso Asia stock indexes and currencies at 0419 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS DAILY % % DAILY YTD % % Japan +0.06 +1.32 -0.33 -4.06 China <CNY=CFXS -0.16 -0.53 -0.51 4.71 > India 0.00 -5.06 0.66 -11.16 Indonesi -0.68 -5.32 -0.12 -19.16 a Malaysia -0.02 -4.17 0.92 -0.06 Philippi +0.16 +2.45 -1.83 -22.77 nes S.Korea <KRW=KFTC +0.04 -4.04 0.66 0.02 > Singapor +0.07 -3.36 0.13 -18.48 e Taiwan +0.36 +2.09 0.58 1.93 Thailand -0.03 -5.53 0.29 -14.44 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Kim Coghill)

EMERGING MARKETS-Rupiah hit by fourth rate cut, FinMin exit sinks baht

16 Jul 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Thai baht hits over 1-month low * Bank Indonesia cuts rates by 25 bps to 4.00% By Shriya Ramakrishnan July 16 The Indonesian rupiah retreated on Thursday after central bank officials cut interest rates by another quarter point, while the Thai baht sank following the surprise departure of its finance minister in an Asian morning marked by a dramatic dive in Chinese shares. Bank Indonesia (BI) cut its benchmark interest rate to 4.00%, the lowest since at least 2016 and in line with a slim majority of analysts in a Reuters poll, as it strives to do more to prop up an economy sliding towards recession. The move follows the launch of a $40 billion financing scheme earlier this month which also includes central bank bond buying. "(The bank) has shifted towards growth support ... cutting rates over two consecutive meetings," said Wei Liang Chang, a macro strategist at DBS Bank. "Lower rates may induce outflow pressures on the rupiah, especially if liquidity is to expand with BI’s government debt purchases." In military-controlled Thailand, the baht weakened as much as 0.8% to 31.74 per dollar and the benchmark stock index dropped 0.5%, after finance chief Uttama Savanayana and two other ministers resigned. The shake-up comes as the government rolls out billions of dollars of stimulus measures to support an ailing economy through the coronavirus pandemic at a time when investors are also eyeing its choice for the next governor of the Bank of Thailand. Thai Prime Minister Prayuth Chan-ocha said the cabinet reshuffle would take place by next month, having earlier said it would happen in September. "Political noise does not bode well for consumer and business sentiment," said Tim Leelahaphan, economist at Standard Chartered Bank. "While the government has sufficient borrowing room to support the economy, political stability is crucial – especially with the fiscal package being rolled out." Chinese stocks were the worst performers, plunging about 4.5% as concerns about deteriorating U.S.-China relations took some of the shine off better-than-expected economic growth data. Philippine stocks, however, gained as investors picked up blue-chip stocks after losses this month which have outstripped other Asian markets. The Manila benchmark index closed about 2.2% higher after steep declines a day earlier. HIGHLIGHTS: ** Indonesian 3-year benchmark yields are down 2.9 basis points at 5.867% ** In the Philippines, top index gainers are Bloomberry Resorts Corp up 12.48% at 7.48 peso, First Gen Corp up 6.28% at 23.7 peso, Megaworld Corp up ​ 5.33% at 3.16 peso ** Top losers on the Singapore STI include CapitaLand Commercial Trust down 2.79% at S$1.74; Genting Singapore Ltd down 2.55% at S$0.765; UOL Group Ltd down 1.73% at S$6.83 Asia stock indexes and currencies at 0758 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCK DAILY % % DAILY S YTD % % Japan -0.03 +1.55 -0.76 -3.75 China <CNY=CFXS -0.13 -0.49 -4.50 5.24 > India -0.06 -5.07 0.31 -12.4 7 Indonesi +0.10 -4.67 0.39 -19.1 a 1 Malaysia -0.19 -4.19 -0.76 -0.96 Philippi -0.20 +2.26 2.18 -21.3 nes 4 S.Korea <KRW=KFTC -0.42 -4.08 -0.82 -0.63 > Singapor -0.24 -3.43 -0.88 -18.5 e 3 Taiwan +0.02 +1.80 -0.37 1.34 Thailand -0.51 -5.50 -0.48 -14.6 9 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Patrick Graham)

EMERGING MARKETS-Rupiah hit by fourth rate cut, FinMin exit sinks baht

16 Jul 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Thai baht hits over 1-month low * Bank Indonesia cuts rates by 25 bps to 4.00% By Shriya Ramakrishnan July 16 The Indonesian rupiah retreated on Thursday after central bank officials cut interest rates by another quarter point, while the Thai baht sank following the surprise departure of its finance minister in an Asian morning marked by a dramatic dive in Chinese shares. Bank Indonesia (BI) cut its benchmark interest rate to 4.00%, the lowest since at least 2016 and in line with a slim majority of analysts in a Reuters poll, as it strives to do more to prop up an economy sliding towards recession. The move follows the launch of a $40 billion financing scheme earlier this month which also includes central bank bond buying. "(The bank) has shifted towards growth support ... cutting rates over two consecutive meetings," said Wei Liang Chang, a macro strategist at DBS Bank. "Lower rates may induce outflow pressures on the rupiah, especially if liquidity is to expand with BI’s government debt purchases." In military-controlled Thailand, the baht weakened as much as 0.8% to 31.74 per dollar and the benchmark stock index dropped 0.5%, after finance chief Uttama Savanayana and two other ministers resigned. The shake-up comes as the government rolls out billions of dollars of stimulus measures to support an ailing economy through the coronavirus pandemic at a time when investors are also eyeing its choice for the next governor of the Bank of Thailand. Thai Prime Minister Prayuth Chan-ocha said the cabinet reshuffle would take place by next month, having earlier said it would happen in September. "Political noise does not bode well for consumer and business sentiment," said Tim Leelahaphan, economist at Standard Chartered Bank. "While the government has sufficient borrowing room to support the economy, political stability is crucial – especially with the fiscal package being rolled out." Chinese stocks were the worst performers, plunging about 4.5% as concerns about deteriorating U.S.-China relations took some of the shine off better-than-expected economic growth data. Philippine stocks, however, gained as investors picked up blue-chip stocks after losses this month which have outstripped other Asian markets. The Manila benchmark index closed about 2.2% higher after steep declines a day earlier. HIGHLIGHTS: ** Indonesian 3-year benchmark yields are down 2.9 basis points at 5.867% ** In the Philippines, top index gainers are Bloomberry Resorts Corp up 12.48% at 7.48 peso, First Gen Corp up 6.28% at 23.7 peso, Megaworld Corp up ​ 5.33% at 3.16 peso ** Top losers on the Singapore STI include CapitaLand Commercial Trust down 2.79% at S$1.74; Genting Singapore Ltd down 2.55% at S$0.765; UOL Group Ltd down 1.73% at S$6.83 Asia stock indexes and currencies at 0758 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCK DAILY % % DAILY S YTD % % Japan -0.03 +1.55 -0.76 -3.75 China <CNY=CFXS -0.13 -0.49 -4.50 5.24 > India -0.06 -5.07 0.31 -12.4 7 Indonesi +0.10 -4.67 0.39 -19.1 a 1 Malaysia -0.19 -4.19 -0.76 -0.96 Philippi -0.20 +2.26 2.18 -21.3 nes 4 S.Korea <KRW=KFTC -0.42 -4.08 -0.82 -0.63 > Singapor -0.24 -3.43 -0.88 -18.5 e 3 Taiwan +0.02 +1.80 -0.37 1.34 Thailand -0.51 -5.50 -0.48 -14.6 9 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Patrick Graham)

EMERGING MARKETS-Thai baht hits one-month low as finance minister resigns

16 Jul 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Indonesian rupiah weakens ahead of c.bank meeting * Philippine stocks outperform other Asian economies By Shriya Ramakrishnan July 16 The Thai baht fell to a one-month low on Thursday after the surprise resignation of the country's finance minister, while the Indonesian rupiah weakened as investors braced for a fourth interest rate cut this year. Leading declines among Asian currencies, the baht fell as much as 0.6% to 31.69 against the greenback, while Thai stocks were flat following their best session in two weeks on Wednesday. The departure of Thailand's Finance Minister Uttama Savanayana comes as the government rolls out billions of dollars of stimulus to drive a post-pandemic recovery in Southeast Asia's worst performing economy. Christopher Wong, senior FX strategist at Maybank in Singapore, said Uttama's departure "raises concerns if the implementation of fiscal stimuli support would be affected in the near term." In Indonesia, the rupiah shed as much as 0.2%, while the stock index gained about half a percent ahead of a central bank meeting. A slim majority of analysts polled by Reuters expect Bank Indonesia (BI) to cut its benchmark rate by 25 basis points to 4.00%, the lowest since at least 2016, as it tackles a slowdown in growth and inflation in Southeast Asia's largest economy. The rupiah is down about 5% against the dollar so far this year, shedding 3% in the past three weeks alone. "While there has been a relative uptick in rupiah volatility of late, on balance, it is probably not enough for them to pause at this stage," analysts at OCBC Bank said in a note. The South Korean won and equities dipped as the Bank of Korea kept its key policy rate on hold but Governor Lee Ju-yeol outlined a bleak outlook for the trade-reliant economy due to weaker exports. Philippine stocks outperformed equity markets across Asia as investors bought into beaten down blue chip stocks following steep declines in the Manila benchmark index in the previous session. HIGHLIGHTS: ** Thailand's 10-year government bond yields are down 0.5 basis points at 1.27% ** In the Philippines, top index gainers are Bloomberry Resorts Corp up 9.32% at 7.27 peso, Metro Pacific Investments Corp up 5.68% at 3.35 peso, First Gen Corp up ​ 5.16% at 23.45 peso ** Top losers on the Singapore STI include: Genting Singapore Ltd down 1.91% at S$0.77; Comfortdelgro Corporation Ltd down 1.35% at S$1.46 Asia stock indexes and currencies at 0410 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCK DAILY % % DAILY S YTD % % Japan -0.04 +1.54 -0.70 -3.68 China <CNY=CFXS -0.11 -0.47 -1.41 8.65 > India 0.00 -5.01 0.15 -12.6 1 Indonesi -0.17 -4.93 0.39 -19.1 a 2 Malaysia -0.12 -4.13 0.21 0.01 Philippi -0.22 +2.24 1.63 -21.7 nes 6 S.Korea <KRW=KFTC -0.35 -4.01 -0.63 -0.44 > Singapor -0.21 -3.40 -0.57 -18.2 e 7 Taiwan +0.38 +2.16 -0.58 1.13 Thailand -0.54 -5.53 0.20 -14.1 1 (Reporting by Shriya Ramakrishnan in Bengaluru; editing by Jane Wardell)

EMERGING MARKETS-Thai baht hits one-month low as finance minister resigns

16 Jul 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Indonesian rupiah weakens ahead of c.bank meeting * Philippine stocks outperform other Asian economies By Shriya Ramakrishnan July 16 The Thai baht fell to a one-month low on Thursday after the surprise resignation of the country's finance minister, while the Indonesian rupiah weakened as investors braced for a fourth interest rate cut this year. Leading declines among Asian currencies, the baht fell as much as 0.6% to 31.69 against the greenback, while Thai stocks were flat following their best session in two weeks on Wednesday. The departure of Thailand's Finance Minister Uttama Savanayana comes as the government rolls out billions of dollars of stimulus to drive a post-pandemic recovery in Southeast Asia's worst performing economy. Christopher Wong, senior FX strategist at Maybank in Singapore, said Uttama's departure "raises concerns if the implementation of fiscal stimuli support would be affected in the near term." In Indonesia, the rupiah shed as much as 0.2%, while the stock index gained about half a percent ahead of a central bank meeting. A slim majority of analysts polled by Reuters expect Bank Indonesia (BI) to cut its benchmark rate by 25 basis points to 4.00%, the lowest since at least 2016, as it tackles a slowdown in growth and inflation in Southeast Asia's largest economy. The rupiah is down about 5% against the dollar so far this year, shedding 3% in the past three weeks alone. "While there has been a relative uptick in rupiah volatility of late, on balance, it is probably not enough for them to pause at this stage," analysts at OCBC Bank said in a note. The South Korean won and equities dipped as the Bank of Korea kept its key policy rate on hold but Governor Lee Ju-yeol outlined a bleak outlook for the trade-reliant economy due to weaker exports. Philippine stocks outperformed equity markets across Asia as investors bought into beaten down blue chip stocks following steep declines in the Manila benchmark index in the previous session. HIGHLIGHTS: ** Thailand's 10-year government bond yields are down 0.5 basis points at 1.27% ** In the Philippines, top index gainers are Bloomberry Resorts Corp up 9.32% at 7.27 peso, Metro Pacific Investments Corp up 5.68% at 3.35 peso, First Gen Corp up ​ 5.16% at 23.45 peso ** Top losers on the Singapore STI include: Genting Singapore Ltd down 1.91% at S$0.77; Comfortdelgro Corporation Ltd down 1.35% at S$1.46 Asia stock indexes and currencies at 0410 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCK DAILY % % DAILY S YTD % % Japan -0.04 +1.54 -0.70 -3.68 China <CNY=CFXS -0.11 -0.47 -1.41 8.65 > India 0.00 -5.01 0.15 -12.6 1 Indonesi -0.17 -4.93 0.39 -19.1 a 2 Malaysia -0.12 -4.13 0.21 0.01 Philippi -0.22 +2.24 1.63 -21.7 nes 6 S.Korea <KRW=KFTC -0.35 -4.01 -0.63 -0.44 > Singapor -0.21 -3.40 -0.57 -18.2 e 7 Taiwan +0.38 +2.16 -0.58 1.13 Thailand -0.54 -5.53 0.20 -14.1 1 (Reporting by Shriya Ramakrishnan in Bengaluru; editing by Jane Wardell)

EMERGING MARKETS-Philippine shares sink as traders eye new virus curbs

15 Jul 2020

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh * Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA * Philippine stocks hit over 1-month low * Indian, Singapore shares gain the most By Shriya Ramakrishnan July 15 Philippine stocks sold off heavily on Wednesday, with traders weighing the possibility of further restrictions related to the novel coronavirus as hospitals come under pressure from surging infections. Manila's main index fell more than 2.5% to a more than one-month low and is now down 23% so far this year, underperforming its peers across Asia. It was a mixed morning for the remaining Asian markets, as tensions with the United States weighed on China, while India, Singapore and South Korea all gained. In currency markets, the Indonesian rupiah was the worst performer, weakening over 1% against the greenback as investors priced in prospects of a fourth interest rate cut by the central bank on Thursday. A slim majority of analysts polled by Reuters expect Bank Indonesia to cut its benchmark rate by 25 basis points to 4.00%. A bond auction on Tuesday was also oversubscribed, indicating investor willingness to buy the country's high-yielding debt despite recent rate cuts and a fall in the value of the rupiah. Even as Philippines on Wednesday reported the lowest daily increase in virus cases in nearly two weeks, officials warned of more fatalities ahead and said critical care facilities in several hospitals had reached maximum capacity. COVID-19 infections have more than tripled since June 1 when restrictions started to ease and local media speculated President Rodrigo Duterte would announce new community quarantine classifications for cities later in the day. "An extension of partial lockdown measures will hurt the earnings outlook for listed companies with the economy in the midst of a recession," said Nicholas Mapa, ING's senior economist for the Philippines. Indian shares were the top performers, advancing about 1.6%, while strength in banking and real estate stocks helped Singapore shares rebound a day after data pointed to a record contraction in the economy for the second quarter. "The Singapore stock market has long been underperforming the U.S. and rest of Asia this year, and retail investors are probably eyeing bargain hunting opportunities," said Margaret Yang, a strategist with DailyFX. "The lack of substantial trading volume, however, suggests that institutional capital is not returning to the Singapore market yet." HIGHLIGHTS: ** Top gainers on the Singapore STI include SATS Ltd up 4.38% at S$2.86, Comfortdelgro Corp Ltd up 2.74% at S$1.5, Jardine Cycle & Carriage Ltd up ​ 2.44% at S$20.55 ** In the Philippines, top index losers are Bloomberry Resorts Corp down 12.61% at 6.65 peso; Metro Pacific Investments Corp down 5.65% at 3.17 peso ** Indonesian 3-year benchmark yields are up 2.7 basis points at 5.896% Asia stock indexes and currencies at 0711 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS DAILY % % DAILY YTD % % Japan +0.08 +1.37 1.59 -3.01 China <CNY=CFX +0.09 -0.54 -1.55 10.21 S> India +0.11 -5.25 1.58 -11.46 Indonesi -1.41 -4.80 -0.04 -19.41 a Malaysia +0.14 -4.06 -0.19 0.44 Philippi -0.10 +2.39 -2.53 -23.02 nes S.Korea <KRW=KFT +0.43 -3.67 0.84 0.19 C> Singapor +0.09 -3.32 1.07 -17.83 e Taiwan +0.51 +2.25 -0.05 1.71 Thailand +0.16 -5.11 0.68 -14.54 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Patrick Graham and Shounak Dasgupta)

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